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Latvia (Latvija in Latvian) is located in Northern Europe, in the centre of the Baltic states. It has its border with Lithuania to the south, to the South East with White Russia, with Russia to the East, with Estonia to the North and to the West with the Baltic Sea.
Since January 1 2014 Latvia has been the 18th member of the Eurozone. The Republic of Latvia covers an area of 64,589km² and as such is slightly smaller than Bavaria. Population stands at around 2,023,800 (January 1 2013).

One third of electricity generated by water

Latvia produces more than a third of its electricity (38%) from hydropower which originates from three hydroelectric power plants on the Daugava River. The remainder of its self-generated electricity comes from two large combustion power plants near Riga which employ natural gas and, in cases of emergency if natural gas is not available, heavy oil (mazut) is utilised. Peat (apart from wood) is the only primary fuel Latvia produces and contributes a good fifth to the energy from fossil fuels. Petroleum, natural gas and coal have to be entirely imported (mainly from Russia). A small proportion of energy requirements is covered by electricity imported from Estonia (electricity generated from oil shale power plants near Narva).

Annual growth over six per cent

Growth in Latvia’s Gross Domestic Product (GDP) since overcoming the Russia crisis (from 2000), in particular after accession to the EU in 2004, has always stood at over six per cent. In 2005 growth proudly achieved 10.2 per cent. The global economic and financial crisis already became noticeable at the end of 2007. The government reacted with major cuts in state expenditure and received a capital injection from abroad equivalent to a third of Gross Domestic Product (GDP). In 2008 GDP retracted by 4.6%, in 2009 the economy was dented by 18% – the most significant downturn of all EU states. Between 2007 and 2010 the unemployment rate rose from seven up to a maximum of 21 per cent. Taken as a whole, 2010 retracted once again by 0.3%. The economic crisis was however defeated relatively quickly and as a result the Latvian economy rose by 5.5% in 2011 and 5.6% in 2012.

News

  • CPC Baltic A/S established
    CPC Baltic A/S established December 28, 2013

    CPC Baltic A/S was registered in the commercial register on November 27 2013 as a joint stock company according to Latvian law. The foundation stone was thus laid for the construction and operation of a coking plant in Latvia.