Latvia

Latvia is a high-income EU and eurozone member that has rebuilt a market economy since regaining independence from the Soviet Union in 1991, weathering a severe 2008–09 recession to return to growth.

Its strategic Baltic location long made it a transit and logistics hub, but trade with Russia has collapsed since the invasion of Ukraine, accelerating a westward reorientation.

Key Sectors

Key sectors include transit and logistics (ports and rail), wood and timber products, food processing, machinery, and a growing information-technology sector.