Latvia: economy and key statistics
Latvia is number 100 in the 311 Nations Index, with a GDP of $48.6 billion in 2025. GDP per person is $26,312. The economy grew by 2.1% in 2025. Unemployment is 6.6%. The economy is 64% services, 19% industry, 4% agriculture. In 311 Institute directories: 12 R&D labs, 3 startups.
Part of the 311 Nations Index (311institute.com). Last updated .
National power
Latvia is number 71 in the 311 National Power Index, scoring 36.9 out of 100: economic 53, technology 21, military 28 and human capital 52.
Economy at a glance
| Indicator | Latest figure | Year |
|---|---|---|
| GDP | $48.6 billion | 2025 |
| GDP (purchasing power) | $85.3 billion | 2025 |
| GDP per person | $26,312 | 2025 |
| Economic growth | +2.1% | 2025 |
| Inflation | 3.7% | 2025 |
| Unemployment | 6.6% | 2025 |
| Population | 1.8 million | 2025 |
| Labour force | 0.9 million | 2025 |
| Services share of GDP | 64% | 2025 |
| Industry share of GDP | 19% | 2025 |
| Manufacturing share of GDP | 10% | 2025 |
| Agriculture share of GDP | 4% | 2025 |
| Exports share of GDP | 63% | 2025 |
| Foreign direct investment | 0.5% of GDP | 2025 |
| High-tech share of manufactured exports | 17% | 2024 |
| R&D spending | 0.82% of GDP | 2023 |
| Internet users | 93% of people | 2024 |
Startups in Latvia
Main export industries
Latvia exported goods worth about $19.7bn in 2024. Its biggest export industries:
- Wood and articles of wood: $3.2bn (16.1% of goods exports)
- Electrical machinery and equipment: $2.0bn (10.1% of goods exports)
- Mineral fuels, mineral oils and products of their distillation: $1.4bn (7.2% of goods exports)
- Machinery and mechanical appliances, boilers, nuclear reactors: $1.0bn (5.1% of goods exports)
- Vehicles: $1.0bn (5.1% of goods exports)
Source: UN Comtrade, goods only (services exports are not included).
Other economies in Europe
- Germany (#3)
- United Kingdom (#5)
- France (#7)
- Russia (#8)
- Italy (#9)
- Spain (#12)
- Türkiye (#16)
- Netherlands (#18)
- Switzerland (#20)
- Poland (#21)
- Belgium (#22)
- Ireland (#23)
- Sweden (#25)
- Austria (#28)
- Norway (#31)
Questions and answers
How big is the economy of Latvia?
Latvia had a GDP of $48.6 billion in 2025, ranking number 100 in the 311 Nations Index.
What is GDP per person in Latvia?
GDP per person in Latvia was $26,312 in 2025.
How fast is the economy of Latvia growing?
The economy of Latvia grew by 2.1% in 2025.
Source: World Bank, World Development Indicators (CC BY 4.0).
© 311 Institute 2026. Facts from Wikidata (CC0) and the sources linked on this page. The selection, classification and links are the proprietary work of the 311 Institute, protected by copyright and database rights.