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- In 1930s, flax and flax seeds, butter, meat and other agriculture and food industry products, along with fabrics and textile goods, and timber formed a significant part of the Latvian export [15;16;19].
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In 1930s, flax and flax seeds, butter, meat and other agriculture and food industry products, along with fabrics and textile goods, and timber formed a significant part of the Latvian export.
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Industrialization in Latvia began in the latter part of the 19th century, and by the late 20th century the country was the most heavily industrialized of the Baltic states. Substantial economic changes occurred following Latvia’s independence in 1991, as the country transitioned to a market economy. Starting in the mid-1990s, the economy diversifie...
Industrialization in Latvia began in the latter part of the 19th century, and by the late 20th century the country was the most heavily industrialized of the Baltic states. Substantial economic changes occurred following Latvia’s independence in 1991, as the country transitioned to a market economy. Starting in the mid-1990s, the economy diversifie...
About one-third of agricultural land in Latvia is used for crop cultivation, and about one-tenth is dedicated to pasture for livestock. Of the crops, grain (mainly rye) is the most important. Wheat, oats, flax, and barley are also significant. Potatoes, onions, carrots, and sugar beets are the main crops produced for export.
Collectivization of agriculture was accomplished, against resistance, in 1947–50. Up to the time of independence, in 1991, there were collective farms (engaged mainly in the cultivation of grain crops and mixed farming) and state farms (usually specializing in the cultivation and processing of a particular crop). Decollectivization became a goal of the newly independent government. During the Soviet period Latvia was a net importer of agricultural products, albeit on a small scale. After independence it was hoped that the privatization of agriculture would lead to higher levels of production and a favourable balance of trade in agricultural commodities, but, as a result of the economic hardships of adjusting to a market economy and of the high cost of equipment required, agriculture contributed only a small percentage of the gross domestic product (GDP) in the early 1990s. By the early 21st century, agriculture had been completely privatized.
The principal mineral resources found in Latvia are sand, dolomite, limestone, gypsum, clay, and peat. Oil has been discovered in the Kurzeme Peninsula, and exploration of reserves has been undertaken. Latvia has hydropower plants on the Western Dvina River. Nonetheless, the country is highly dependent on imported sources of energy. Electric energy...
The production of furniture, foodstuffs, beverages, and textiles had replaced machine building and metal engineering as Latvia’s leading manufacturing activities by the late 1990s. The manufacture of chemicals and pharmaceuticals became important in the 21st century.
Under Soviet rule, Latvia used the Russian ruble as its monetary unit, but by 1993 the country had adopted its own currency, the lats. On January 1, 2014, Latvia adopted the euro as its official currency. The Central Bank of the Republic of Latvia is the centre of the banking system. There is a stock exchange in Riga. In the middle of the first dec...
Latvia’s main trading partners are Germany, Lithuania, Estonia, Russia, Poland, and the United Kingdom. Exports include wood and wood products, metals, foodstuffs, and textiles. Latvia imports machinery, oil, foodstuffs, and chemical products.
By the early 21st century the service sector accounted for the largest percentage of Latvia’s GDP and employed about one-fifth of the country’s workforce. Latvia’s tourist infrastructure, which was virtually nonexistent in the early 1990s, contributed a small percentage to the GDP. Major tourist attractions include the historic centre of Riga, whic...
Latvia’s favourable geographic location and temperate climate allow for year-round freight transport. Major ports are located in Riga, Ventspils, and Liepāja, and there are several smaller ports located along the coast. An east-west railway corridor allows for the easy passage of freight from inland Latvia out to its main ports. There is an international airport in Riga.
The telecommunications sector of Latvia is partially nationalized. The number of Internet users increased significantly from the late 1990s to the mid-2000s; however, it is still somewhat lower than the average for the European Union. Cellular phone usage in Latvia is much higher than fixed-line phone usage.
The Latvian constitution of 1922 provided for a republic with a president and a unicameral parliament, the Saeima. From 1940 to 1991 Latvia was a republic of the Soviet Union. On Aug. 21, 1991, the Latvian government declared independence, which the Soviet Union recognized shortly thereafter, and the 1922 constitution was restored. Latvia has a uni...
Latvia’s government did heavily subsidize agriculture since the Great Depression did hit Latvia’s economy in early 1930s, maintaining stable buying prices for bacon pigs, milk, flax, and food grain, which were (with partial exception for food grain) main staples of Latvia’s export.
- Zenonas Norkus
Latvia prospered economically during the 1920s, and began to export dairy and grain products to Europe. During the 1930s, as tensions in Europe escalated, the Soviet government allied itself with the UK and France, which in July 1939 granted the concession that Soviet troops could move into the Baltic States in case an indirect aggression was ...
Oct 26, 2020 · Considering this industrial production as Latvia’s export, this country can be considered the first case of export-oriented, FDI-driven industrialization, advertised by experts of World Bank and IMF as the “king’s road” for achieving growth since the late twentieth century.
The interwar independent Republic of Latvia was among the first ten pioneering states, where a national statistical office published official estimates of total output (1934–1936).
