Food Industry in Latvia

Latvia in facts


Latvia is located at the crossroads of northern and eastern Europe, on the east coast of the Baltic Sea. A republic, Latvia is bordered by Estonia to the north, Russia and Belarus to the east and Lithuania to the south, and has a maritime border with Sweden to the west. Other neighbouring countries include Finland, Poland and Germany. Latvia's strategic location has been the major influence on the country’s diverse historical and cultural experiences. To this day, it is this location which underpins Latvia’s economic success.

Fact Sheet

Political system

Republic, parliamentary democracy

International membership

Member of OECD since 2016
Member of EU and NATO since 2004
Member of WTO since 1998



Other major cities

Daugavpils, Liepāja, Jelgava, Jūrmala, Ventspils, Rēzekne

Population (01.01.2017)

1.95 million


64 573 km2


Latvian (official); Russian, English and German are also widely spoken

Legal system

Based on civil law


1 'euro' (EUR) = 100 'cents'



GDP (2016)

EUR 24.9 billion

GDP growth (2016)

2.2 %

GDP per capita (2016)

EUR 12,691

Inflation rate (2016)

0.1 %

Accumulated FDI (2016)

EUR 13.5 billion

Accumulated FDI per capita (2016)

EUR 6,900

Source: Central Statistical Bureau of Latvia, Central Bank of Latvia


Additional information at – Central Statistical Bureau of Latvia – Central Bank of Latvia – Latvian Institute – Investment and Development Agency of Latvia


Investment Ratings (long term)*


Foreign Currency

Fitch Ratings

A- (Outlook: Stable) 


A3 (Outlook: Stable) 


A- (Outlook: Stable) 


BBB+ (Outlook: Stable)

As at October 2017


Additional information on ratings of particular industries and/or banks

Last update 11.10.2017.