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Latvia

Welcome to the price transmission page for Latvia. This page enables you to look into the country and its crops more specifically to gain an understanding of the level of risk and also, to view its historic warning periods per commodity. Select a time range or a specific date to view the data in more detail.

Latvia

Historic Warnings per Commodity

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Background information

Latvia is a small, open country with a population of two million people. Due to its geographical location along the Baltic Sea, transit services are highly developed. Other successful industries include timber and wood-processing, agriculture and food products, and manufacturing of machinery and electronics industries. Exports generate nearly a third of GDP. Despite strong growth, Latvia has not returned to pre-crisis levels prior to the financial and economic crisis in 2008.

Most of the country’s geographical landscape is composed of fertile low-lying plains with some hills in the east, such that around one third of the national area is being cultivated. However, only a tenth of the total labor force is occupied in the agricultural sector and the contribution to GDP is as low as 3.4%. The range of agricultural products includes mainly grain, rapeseed, and potatoes next to pork and dairy products. Latvia is a net cereals exporter.

With a HDI score of 0.819 (2015), Latvia is a country with very high human development and above the world average. However, Latvia's decreasing population, on the one hand due to a negative population growth rate and on the other hand due to an overall negative net migration rate, is a major challenge to its long-term economic vitality. In terms of the GHI (2015), Latvia achieved one of the strongest relative reductions worldwide, reducing its score by more than 50% from 2000 to 2015.