Chemical, Pharmaceutical and Biotechnological Industry in Latvia

Latvia in facts


Latvia is located at the crossroads of northern and eastern Europe, on the east coast of the Baltic Sea. A republic, Latvia is bordered by Estonia to the north, Russia and Belarus to the east and Lithuania to the south, and has a maritime border with Sweden to the west. Other neighbouring countries include Finland, Poland and Germany. Latvia's strategic location has been the major influence on the country’s diverse historical and cultural experiences. To this day, it is this location which underpins Latvia’s economic success.

Fact Sheet

Political system

Republic, parliamentary democracy

International membership

Member of OECD since 2016
Member of EU and NATO since 2004
Member of WTO since 1998



Other major cities

Daugavpils, Liepāja, Jelgava, Jūrmala, Ventspils, Rēzekne

Population (01.01.2021)

1.89 million


64 594 km2


Latvian (official); Russian, English and German are also widely spoken

Legal system

Based on civil law


1 'euro' (EUR) = 100 'cents'



GDP (2020)

EUR 29.3 billion

GDP growth (2020)

-3.6 %

GDP per capita (2020)

EUR 15,431

Inflation rate (2020)

0,2 %

Accumulated FDI (2020)

EUR 16.7 billion

Accumulated FDI per capita (2020)

EUR 8,739

Source: Central Statistical Bureau of Latvia, Central Bank of Latvia


Additional information at – Central Statistical Bureau of Latvia – Central Bank of Latvia – Latvian Institute – Investment and Development Agency of Latvia


Credit Ratings*




A- (Outlook: Stable) 


A3 (Outlook: Stable) 

S&P Global

A+ (Outlook: Stable) 


A (Outlook: Stable)

As at March 2021


Additional information on ratings

Last update 22.03.2021.