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Latvia as a market

 

 


Export

Latvia was Denmark's 49th largest export market in 2022, totalling DKK 5,7 billion in revenues which accounted for 0,3% of Danish exports. In 2022, Latvia was Denmark's 37th largest export market for goods with 4,0 billion DKK (0,4%) and the 54th biggest market for services grossing 1,8 billion DKK (0,2%). Goods exports to Latvia rose by 21,6 % in 2022 in relation to 2021.  The top export in 2022 was cork and wood (DKK 360,5 million). In the first four months of 2023, Danish exports of goods to Latvia were worth DKK 980,2 million; a fall of 30,7% relative to the same time period in 2022 (DKK 1,42 billion).

Import

Imports of goods and services from Latvia totalled DKK 8,3 billion which accounted for 0,5% of Danish imports in 2022. Imports of goods from Latvia totalled DKK 6,5 billion in 2022; a rise of 26,9% relative to 2021.  The top import good in 2022 was cork and wood (DKK 1,14 billion). In the first four months of 2023, imports of goods from Latvia were worth DKK 1,94 billion; a rise of 1,1% in relation to the same time period in 2022 (DKK 1,92 billion). 

Foreign direct investments

Denmark's direct investments in Latvia were DKK 4,4 billion by the end of 2021. Latvia's direct investments in Denmark were DKK 0,3 billion by the end of 2021. In 2020, 127 Danish subsidiaries employed a total of 8.308 people in Latvia.

Economic key figures for Latvia

Latvia was the world's 99th largest economy in 2021 with a GDP of 40 billion USD. In 2021, the country had a population of 1,9 million. According to the World Bank's 2021 classification, Latvia belongs to the group of High-income countries. The GDP per capita of the country was 21.159 USD in 2021. In 2022, the real growth rate in GDP is expected to be 2,0 pct., and over the following two years, real GDP is expected to grow at a rate of 2.0 pct. p.a. In 2021, the current account had a deficit of 4,3 pct. of GDP. Towards 2024, the current account is expected to strongly improve, but remains negative. In 2021, the government budget balance had a deficit of 7,0 pct. Towards 2024, the budget balance is expected to strongly improve, but remains negative. Total government debt is expected to decrease to 36,4 pct. of GDP in 2024.

 

Last updated: 12. June 2023