One of the Baltic states, Latvia shares borders with Estonia, Lithuania, Russia and Belarus. Situated on the Baltic sea, Latvia enjoys an excellent strategic location at the crossroads between eastern and western Europe. Riga, Latvia’s capital, is the country’s largest city, and main economic centre.
Latvia is a unitary state, divided into five ‘planning regions’ for economic purposes. The regions are designed to ensure that economic development is regionally balanced, with no one region being left behind economically.
Following independence, the Latvian economy underwent extensive liberalisation. By 2008, Latvia had the fastest growing economy in Europe. A member of the European Union since 2004, Latvia adopted the Euro in 2014.
A land of low, fertile plains and rolling hills, over half of Latvia is forested. Wood and charcoal are important export products. Much of Latvia’s coastline remains unspoilt.
Latvia scores highly on the Human Development Index. With the exception of certain large utilities, most of the economy is in private hands. At the time of the 2008 financial crisis, the Latvian economy was the fastest growing in Europe. A growing export sector played an important rule in helping Latvia’s economy recover, and by 2012 the country had resumed growth.
Important exports include electrical products and vehicle parts. Other important industries include textiles, metal processing and machinery manufacturing. Key export partners include Lithuania, Estonia, Russia and Germany.
Based in Riga, Latvia’s capital, HLB’s Latvian firm is one of the country’s best regarded audit and accountancy firms.
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