• GDP: US$33.9 billion (2008).
• Main exports: Timber and wood products, machinery and equipment, metals, and textiles.
• Main imports: Machinery and equipment, chemicals, fuels and vehicles.
• Main trade partners: Germany, Lithuania, Estonia, Russia, and UK.

Latvia's transitional economy recovered from the 1998 Russian financial crisis, largely due to the government's strict budget and by moving exports toward EU countries, easing Latvia's trade dependency on Russia. The majority of companies, banks, and property have been privatised, although the state is still involved in a few large enterprises.

Latvia officially joined the World Trade Organisation in 1999. EU membership, a top foreign policy goal, came in May 2004.

In 2008 unemployment stood at 5.5%, compared to 6.8% in 2006. Inflation that ran as high as 10.1% in 2007 meant that Latvia was unable to join the Euro in January 2008.

Business cards are exchanged. Appointments should be arranged in advance. In general, business is conducted in a fairly formal manner.

Office hours: Mon-Fri 0830-1730.

Latvian Chamber of Commerce and Industry
Kr. Valdemāra iela 35, Riga, LV-1010, Latvia
Tel: 6722 5595.  
Website: www.chamber.lv

Investment and Development Agency of Latvia (LIAA)
Pērses iela 2, Riga, LV-1442, Latvia
Tel: 6703 9400.
Website: www.liaa.gov.lv

Association of Latvian Travel Agents (Information on Conferences/Conventions)
Skolas iela 3-201, Riga, LV-1010, Latvia 
Tel: 6721 0065.
Website: www.alta.net.lv