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Country data

Population:
2.3 million
Area:
64,500 sq km
Capital:
Riga
Currency:
Lat

Key developments and challenges

  • Latvia registered Europe’s strongest growth rate in 2012 and, while the growth rate declined in 2013 it has remained healthy. This growth was underpinned primarily by consumption on the back of a rapid improvement in the labour market. Net emigration has therefore fallen sharply.
  • Latvia was successful in securing the adoption of the euro in 2014. This will eliminate the remaining currency risk in the financial system, secure access to refinancing instruments from the European Central Bank (ECB), and provide greater credibility and institutional support to Latvia’s banking supervision regime. Achieving eurozone membership just a few years after Latvia’s major economic crisis in 2008-09 is a testament to the country’s highly successful macroeconomic adjustment effort and its overall resilience.
  • Governance of the numerous state-owned enterprises has been further strengthened. The initiation of membership discussions with the Organisation for Economic Co-operation and Development (OECD) should further strengthen such standards.

Latvia in the 2013 Transition Report

Statue of a cow in Latvia

Our work in Latvia

In Latvia we focus on energy security, infrastructure and the enterprise and financial sectors.

Latvia

Key facts about the EBRD's work in Latvia

No. of projects

71

Net EBRD investment

€568 million

Gross disbursements

€522 million

Portfolio in private sector

66%

 

Last updated 30 June 2014

View factsheet


Our strategy in Latvia

The Bank's priorities in Latvia will focus on energy (including energy efficiency) and infrastructure, and the enterprise and financial sectors.

We will support the strengthening of the competitiveness of Latvian enterprises, and investments in energy, energy efficiency and infrastructure.

Read strategy

CONTACTS

Šeimyniškiu 1A
4th Floor
LT-09312 Vilnius
Lithuania
Tel: +370 52 638480
Fax:+370 52 638481