Jump to content

Latvia: Difference between revisions

From The Austrian Economics Wiki, the global repository of classical-liberal thought
← Older editNewer edit →
m Internalized link.
m 5 revisions: Importing pages from Autrian Economics Wiki.
(No difference)

Revision as of 12:30, 6 November 2010

The name "Latvia" originates from the ancient Latgalians, one of four eastern Baltic tribes that formed the ethnic core of the Latvian people (ca. 8th-12th centuries A.D.). The region subsequently came under the control of Germans, Poles, Swedes, and finally, Russians. A Latvian republic emerged following World War I, but it was annexed by the USSR in 1940 - an action never recognized by the US and many other countries. Latvia reestablished its independence in 1991 following the breakup of the Soviet Union. Although the last Russian troops left in 1994, the status of the Russian minority (some 30% of the population) remains of concern to Moscow. Latvia joined both NATO and the EU in the spring of 2004.[1]

Economical characteristics

  • Currency: Lats (ISO code: LVL)
  • Central bank discount rate: 6% (31 December 2008)[1]
  • Commercial banks lending rate: 11.85% (31 December 2008)[1]
  • Stock of money (M1): $6.688 billion (31 December 2008)[1]
  • Quasi money (with M1 makes M2): $5.572 billion (31 December 2008)[1]


Statistics

Statistic / Year 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
GDP (million USD)[2] 7 289 7 833 8 313 9 315 11 186 13 762 16 042 19 935 28 766 33 784
Govt. debt (% of GDP)[3] 11.974 12.017 13.658 22.816
Govt. revenue (% of GDP)[4] 28.623 26.071 23.826 26.069 26.036 25.578 26.269 27.196 26.575 26.023
Govt. expenses (% of GDP)[5] 31.573 28.117 26.307 27.736 27.151 27.764 29.017 28.961 26.215 29.360
Debt to revenue (years) 0.418 0.461 0.573 0.877

Monetary Aggregates

Statistic @ End of year 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
M0 (million LVL)[6] 108.4 224.9 269.4 273.6 340.7 441.7 471.5 526.2 566.7 617.1 755.1 806.8 957.2 1350.7 2248.8 2471.2 2111.5 1645.8
M1 (million LVL)[7] 1,592.1 2,000.10 2,870.20 4,065.80 3,935.20 3,345.10 2,979.30
M2 (million LVL)[7] 2,220.3 2,816.50 3,905.80 5,456.00 6,242.00 5,964.90 5,796.20
M3 (million LVL)[7] 2,222.9 2,817.00 3,925.40 5,506.80 6,311.60 6,039.50 5,873.10

References

Note: statistical data was rounded. Different sources may use different methodologies for their estimates. Debt to revenue is calculated by dividing the two variables from their original ('unrounded') values. It represents how long it would a government take to repay its entire debt if it used its whole revenue for this purpose.

  1. ↑ 1.0 1.1 1.2 1.3 1.4 Cite error: Invalid <ref> tag; no text was provided for refs named CIA_LV
  2. ↑ World Bank. "Latvia: GDP", from World Bank Data. Referenced 2010-09-29.
  3. ↑ World Bank. "Latvia: government debt", from World Bank Data. Referenced 2010-09-29.
  4. ↑ World Bank. "Latvia: government revenue", from World Bank Data. Referenced 2010-09-29.
  5. ↑ World Bank. "Latvia: government expenses", from World Bank Data. Referenced 2010-09-29.
  6. ↑ Monetary Base [1] (xls, notes in Latvian), from The Bank of Latvia Banking and Monetary Statistics. Referenced 2010-10-06.
  7. ↑ 7.0 7.1 7.2 Monetary Aggregates and Counterparts (in Accordance with the Methodology of the ECB) [2] (xls, notes in Latvian), from The Bank of Latvia [3]. Referenced 2010-10-06.

External links

Retrieved from "https://wiki.freecapitalists.org/index.php?title=Latvia&oldid=3256"