Latvia 
May 26, 2011 | Posted by Owner | Filed under Latvia, Country Information 

Latvia
For Fatherland And Freedom 

General
Population: 2,204,708 (2011)
Land Area: 64,589 sq km
Natural Resources: Peat, limestone, dolomite, amber, hydropower, wood, arable land
Capital: Riga
Political System: Parliamentary Democracy
State Leader: Valdis Zatlers (2007)
Head of Government: Valdis Dombrovskis (2009)
Languages: Latvian, Russian, Lithuanian
Currency: Lat (LVL)
Major Religions: Lutheran 19.6% Orthodox 15.3%, Other Christian 1%, Other 0.4%, Unspecified 63.7%
Major Ethnicities: Latvian 57.7%, Russian 29.6%, Belarusian 4.1%, Ukrainian 2.7%, Polish 2.5%, Lithuanian 1.4%, Other 2%
Life Expectancy: 72.68 years (2011) 

Economy
GDP Official Exchange Rate: 23.39 billion (2010)
GDP Purchasing Power Parity: 32.2 billion (2010)
GDP Per Capita (PPP) : 14,300 (2010)
GDP Growth Rate: -1.8% (2010)
GDP Structure: Agriculture 4.2%, Industry 20.6%, Services 75.2% (2010)
Labour Force By Occupation: Agriculture 12.1%, Industry 25.8%, Services 61.8% (2005)
Industries: Buses, vans, street and railroad cars, synthetic fibers, agricultural machinery, fertilizers, washing machines, radios, electronics, pharmaceuticals, processed foods, textiles
Agriculture Products: Grain, sugar beets, potatoes; beef, pork, milk, eggs; fish
Human Development Index: 0.769 (48th) 
Tourism Revenue: 343 million (2004)
Unemployment Rate: 14.3% (2010)

Military
Army Size: 5 238 (2004)
Budget: 1.2% of GDP (2005)

Current Situation
Latvia is located in the Northern Baltic Europe. Latvia is bordered by Belarus, Estonia, Lithuania and Russia. Latvia has a very high growth rate, however its inflation is also equally high. Latvia's high growth rate is explained by increased inner consumption and not by increased trade, thus is not sustainable unless serious action is undertaken. The government however has pledged to stabilize the situation and Latvia hopes to adopt the Euro currency in 2012. Latvia was hit hard by the global recession, the GDP growth rate has been negative for the past two years. 

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Sources :
CIA World Factbook: Latvia 
Wikipedia: Latvia
http://hdrstats.undp.org/en/countries/profiles/LVA.html