Latvia - Market OverviewLatvia - Market Overview
Latvia is a member of the European Union, NATO, Eurozone, and the Organization for Economic Cooperation and Development (OECD).
Geographically, Latvia is a natural gateway between the United States, the EU, Russia, and Asia, with highly developed port, rail, and other transport infrastructure.
Latvia provides different tax, labor, and R&D incentives for foreign investors.
Latvia offers significant cost advantages to investors, including competitive labor and real estate expenses and competitive tax rates.
Foreign and domestic investments in Latvia are treated equally under the law.
According to the European Commission, Latvia’s GDP grew by 2.0 percent in 2016 and is forecast to grow by 3.2 percent in 2017. (European Commission - Latvia)
According to the U.S. Census Bureau’s Foreign Trade Division, in 2016, the main exports to Latvia from the United States were computer and electronic products, alcoholic beverages, and machinery.
Latvia’s main trading partners are Lithuania, Estonia, and Germany, while the United States is the 19th largest partner in trade in goods.
According to the European Union’s spring forecast, economic growth across the EU is expected to continue at a steady pace as a result of “very accommodative monetary policy, a broadly neutral fiscal stance (assuming no policy change), stronger confidence, the gradual recovery in global activity, and resilient domestic drivers such as robust job creation.” Euro Area GDP growth is projected to be 1.8% in 2017 and 1.7% in 2018.
Latvia Trade Development and Promotion