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Economy—overview: Developments in 1998 include an invitation to join the World Trade Organization (the first Baltic country invited), GDP growth of 3.6% (down from 6% in 1997), and reduced inflation at 4.7% (from 8.4% in 1997). The drop in GDP growth is largely attributable to the impact of Russia's financial crisis and reduced investment in emerging markets following the Asian financial troubles. Unofficial sanctions that Russia imposed in the spring initially hit Latvia's exporters—Russia is among Latvia's top three trade partners—but also prompted them to seek alternative markets. Latvia continued its strict fiscal and monetary policy, including its second balanced budget and had a 1.8% budget surplus. Its draft 1999 budget is based on conservative projections of 2% to 4% GDP growth and 4.5% inflation. Unemployment climbed to 9.2% in 1998, a considerable increase over the 6.7% rate in 1997. Latvia continued to have a high current account deficit, estimated at about 9%. Privatization of large state utilities—especially the energy sector—was postponed and is unlikely to resume before late 1999. EU accession remains Latvia's top priority, and Latvia expects to be invited to start EU accession talks by the end of 1999. Continued troubles in the Russian and East Asian economies probably will hold growth to around 2.5% in 1999.
GDP: purchasing power parity—$9.7 billion (1998 est.)
GDP—real growth rate: 3.6% (1998 est.)
GDP—per capita: purchasing power parity—$4,100 (1998 est.)
GDP—composition
by sector:
agriculture:
7%
industry:
28%
services:
65% (1997)
Household
income or consumption by percentage share:
lowest
10%: 4.3%
highest
10%: 22.1% (1993)
Inflation rate (consumer prices): 4.7% (1998 est.)
Labor force: 1.4 million (1997)
Labor force—by occupation: industry 41%, agriculture and forestry 16%, services 43% (1990)
Unemployment rate: 9.2% (1998)
Budget:
revenues:
$1.33 billion
expenditures:
$1.27 billion, including capital expenditures of $NA (1998 est.)
Industries: buses, vans, street and railroad cars, synthetic fibers, agricultural machinery, fertilizers, washing machines, radios, electronics, pharmaceuticals, processed foods, textiles; dependent on imports for energy, raw materials, and intermediate products
Industrial production growth rate: 3% (1998 est.)
Electricity—production: 3.2 billion kWh (1996)
Electricity—production
by source:
fossil
fuel: 28.12%
hydro:
71.88%
nuclear:
0%
other:
0% (1996)
Electricity—consumption: 6.18 billion kWh (1996)
Electricity—exports: 300 million kWh (1996)
Electricity—imports: 3.28 billion kWh (1996)
Agriculture—products: grain, sugar beets, potatoes, vegetables; beef, milk, eggs; fish
Exports: $1.9 billion (f.o.b., 1998)
Exports—commodities: wood and wood products, machinery and equipment, textiles, foodstuffs
Exports—partners: Russia 21%, Germany 14%, UK 14%, Sweden 8% (1997)
Imports: $3.1 billion (f.o.b., 1998)
Imports—commodities: fuels, machinery and equipment, chemicals
Imports—partners: Russia 16%, Germany 16%, Finland 10%, Sweden 8% (1997)
Debt—external: $212 million (1998)
Economic aid—recipient: $96.2 million (1995)
Currency: 1 Latvian lat (LVL) = 100 santims
Exchange rates: lats (LVL) per US$1—0.570 (January 1999), 0.590 (1998), 0.581 (1997), 0.551 (1996), 0.528 (1995), 0.560 (1994)
Fiscal
year: calendar year
Communications
Telephones: 710,848 (1997)
Telephone
system: Lattelekom is 51% state owned, plans to privatize in 2000 to
satisfy EU concerns; 50,000 people are on the waiting list to receive telephone
service; Internet service is available throughout Latvia
domestic:
local—two cellular service providers; NMT-450 and GSM standards provide
service nationwide; over 75% of population covered; intercity—two synchronous
digital hierarchy fiber-optic rings form the national backbone; 11 digital
switching centers, 3 service centers
international:
Latvia has international fiber-optic connectivity to Belarus, Estonia,
Lithuania, and an undersea fiber-optic cable to Sweden
Radio broadcast stations: there are 25 stations of unknown type; 75% of commercial broadcasts must be in the Latvian language; remainder mostly in Russian and European languages
Radios: 1.4 million (1993 est.)
Television broadcast stations: 30 (origin of TV broadcasts must be 40% Latvian and 40% other European languages)
Televisions:
almost 100% of the population have TV access, 16% have VCRs, and 20% have
cable or satellite dishes (1995)
Transportation
Railways:
total:
2,412 km
broad
gauge: 2,379 km 1.520-m gauge (271 km electrified) (1992)
narrow
gauge: 33 km 0.750-m gauge (1994)
Highways:
total:
55,942 km
paved:
21,426 km
unpaved:
34,516 km (1997 est.)
Waterways: 300 km perennially navigable
Pipelines: crude oil 750 km; refined products 780 km; natural gas 560 km (1992)
Ports and harbors: Daugavpils, Liepaja, Riga, Ventspils
Merchant
marine:
total:
11 ships (1,000 GRT or over) totaling 42,429 GRT/44,583 DWT
ships
by type: cargo 3, oil tanker 4, refrigerated cargo 3, roll-on/roll-off
cargo 1 (1998 est.)
Airports: 50 (1994 est.)
Airports—with
paved runways:
total:
36
2,438
to 3,047 m: 6
1,524
to 2,437 m: 2
914
to 1,523 m: 1
under
914 m: 27 (1994 est.)
Airports—with
unpaved runways:
total:
14
2,438
to 3,047 m: 2
914
to 1,523 m: 2
under
914 m: 10 (1994 est.)
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Última actualització: 8 de juny de 2000