Consulate of Latvia in Upper Austria

Consulate of Latvia in Upper Austria
Hirschgasse 28
4020 Linz, Austria
Fon: +43 732 67392919
Fax: +43 732 67392910

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Doing business in Latvia

Latvia is a member state of the European Union – the world’s largest single market. The average wage doubled with entry to the EU and in 2013 amounted to 546 euros (net). Latvia fulfilled the Maastricht criteria and entered the Eurozone on 1st January 2014. Latvia’s state budget has the third smallest deficit in the EU – 0.9%. The current national debt is the fifth smallest in the European Union. Strict budgetary discipline helped Latvia out of the global financial crisis 2008. The government fulfilled all obligations to international creditors and between 2011 and 2013 Latvia was once again on course. Already by 2014 the national credit rating reached a stable A-. In Summer 2014 the unemployment rate sank below double figures. In the same year all banks in Latvia passed the European Central Bank’s stress tests. Both the World Bank and the European Central Bank predict economic growth of ~4% by 2018. 

For further information please use following websites:

Central Bank of Latvia

Ministry of Economics

The Register of Enterprises of the Republic of Latvia