The International Monetary Fund (IMF) on November 13 increased its forecasts for economic growth in Latvia both this year and next.
Latvia's economy is set to be one of the best-performing in the European Union over the next couple of years, according to latest predictions from the European Commission released November 9.
Data compiled by the Central Statistical Bureau (CSB) show that, compared to June 2015, industrial production output increased by 7.9 % in June 2016 (according to calendar adjusted data at constant prices). Production output in manufacturing rose by 8.2 %, in electricity and gas supply by 9.6 %, while in mining and quarrying there was a drop of 3.2 %.
Latvia is the world’s 37th most competitive country, according to the World Competitiveness Ranking that is organised by the IMD World Competitiveness Center in Switzerland.
More than 366,000 people spent at least one night in Latvia's hotels during the first quarter of 2016, which was by 1.6% more than during the corresponding period of the previous year, according to information from the Latvian Central Statistical Board (CSB).
Latvia ranks third after Estonia and Slovenia in democracy rankings by the U.S.-based think-tank Freedom House “Nations in Transit 2016” report. Latvia is classified as a “consolidated democracy” and has received a democracy score of 2.07 out of 7 (the lower the score, the higher the ranking).
Latvia’s forestry turnover reached 2.04 billion euros in 2015, which was 3.1 % more than the year before.
Exports of Latvian mechanical engineering and metalworking companies grew 7 % in 2015 in comparison with 2014 and reached turnover of 817.314 milli