Latvia Tenders


Capital Ryga
ISO 3166 Code LV
Population 1,989,500
Area, Sq KM 64,589
Currency Euro
Official Language Latvian
GDP, Billion USD 28,373
GDP Growth Rate, % 2.7
Inflation, Avg CP, % Chng N/A
Interest Rates, % N/A
Unemployement Rate, % 10.68
Exchange Rate, 1 USD Equals .88
International dial code 371
Time Zone GMT+03:00
Internet TLD .lv

Latvia is a country which is located in the Baltic region of Northern Europe and is one of the three Baltic States. Latvia shares its borders by Russia, Estonia, Lithuania and Belarus. It also shares a maritime border on its west with Sweden. The population of Latvia is 2,070,371 and it covers a land area of 64,589 square kilometers. The climate of this country is temperate and seasonal. Established in 1918, Latvia is a democratic parliamentary republic with its capital in Riga. Riga is considered to be the European Capital of Culture 2014. The official language of this country is Latvian. Latvia is a unitary state which is divided into 118 administrative divisions out of which 9 are cities and 109 are municipalities. This nation managed to maintain its identity despite the foreign rule during the 13th to 20th centuries. This country was a home to a large number of ethnic Russians too. Historically, Latvia has been predominantly Protestant Lutheran apart from the Latgale region which was predominantly Roman Catholic. In 1918, the Rpublic of Latvia was established. Latvia is a member of the European Union, NATO, the United Nations, International Monetary Fund, the Council of Europe, CBSS, , NB8, NIB, OSCE and World Trade Organization. In the year, 2013, Latvia wasranked 48th on the Human Development Index and was identified as a high income country till 2014. Latvian latswas used as its currency until it was replaced by the euro in the same year, 2014.According to statistics, 52% of the population opposed the introduction of the Euro while 45% supported it. Latvia has had one of the highest GDP growth rates since 2000, in Europe. However, due to global economic crisis and shortage of credit, the growth collapsed during the end of the year 2008 and beginning of 2009. The economy fell 18 percent in the first three months of 2009 which is considered to be the biggest fall in the European Union. Foreign investment is still modest in Latvia if compared with the levels in north-central Europe. A law was passed in the year 1997 which increases the possibility for selling land to foreigners. American companies have invested 127 million dollars in the year 1999 which solely represent 10.2% of the total foreign direct investment of Latvia. The United States of America exported 58.2 million dollars’ worth of goods and services to Latvia in the same year and imported $87.9 million as well.

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