The success of Latvia’s transport sector lies on a series of favorable circumstances. Latvia’s geographic location with access to both Russian and EU markets and its excellent infrastructure are the pillars of this success. Being located on the external border of the European Union, Latvia has quality infrastructure connecting the country to the Russian Federation, […]

Latvia is a net energy importer. Reforms continue in the electricity and gas sectors with the goal of opening competition in the domestic market. The government has made the full liberalization of the gas market a priority in 2017. Significant investments in gas and electricity infrastructure have been recorded to continue synchronization with the electricity grids […]

The turnover of the ICT sector is estimated at EUR 3 400 million, accounting for 4% of the total GDP. Approximately 6 200 companies operate within the sector. ICT related services, software, hardware, and telecom sub-sectors have grown significantly in recent years. The exportation of foreign-sourced computer hardware and software are a significant share of […]

Local demand for global financial services is limited. The banking sector makes up 90% of assets within Latvia’s financial system. The insurance sector represents 2.4% of assets while the State-funded pension scheme around 5%. Banks dominate the financial sector of Latvia, and Scandinavian banks have the dominant share of the domestic market. Latvia’s financial sector […]

The Republic of Latvia is a small country in Northern Europe and one of the three Baltic States. Latvia is a small open economy, and its exports account for the majority of its GDP. Due to the strategic geographical position of Latvia, the transport and transit sector is highly developed. Latvia became a success story […]

Latvia has enjoyed one of the fastest growths in the tourism sector in the EU. During the last five years alone, the number of tourists visiting Latvia has increased by 50%.  In 2016, Latvia recorded 2.3 million people in its tourist accommodation establishments. The statistics of Latvia’s Central Statistical Bureau (CSB) showed 1.3 million people […]