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Finance of Latvia

The minimum monthly wage in Latvia is 513 USD. Latvia has a government debt of 39.3% of the country's Gross Domestic Product (GDP), as assessed in 2012. With regard to consumer prices, the inflation rate in Latvia is 0.2%. The currency of Latvia is euro. There are several plural forms of the name 'euro'. These are euro, euros. The symbol used for this currency is €, and it is abbreviated as EUR. The euro is divided into cent; there are 100 in one euro. Each year, consumers spend around $15,930 million. The ratio of consumer spending to GDP in Latvia is 0.05%, and the ratio of consumer spending to the world consumer market is 4.59%. The corporate tax in Latvia is set at 15%. Personal income tax ranges from 24% to 24%, depending on your specific situation and income level. VAT in Latvia is 21%.

Gross Domestic Product

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Latvia is $48,362 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Latvia was last recorded at $25,058,836. PPP in Latvia is considered to be very good when compared to other countries. Very good PPP indicates that citizens in this country find it easy to purchase local goods. Local goods can include food, shleter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with very good PPP are safe locations for investments. The total Gross Domestic Product (GDP) in Latvia is 30,886 billion. Based on this statistic, Latvia is considered to have a medium economy. Countries with medium economies support an average number of industries and opportunities for investment. It should not be too difficult to find worthwhile investment opportunities in medium economies. The Gross Domestic Product (GDP) per capita in Latvia was last recorded at $16,003,623. The average citizen in Latvia has very high wealth. Countries with very high wealth per capita have an extended life expectancy and very high standard of living. Highly skilled workers can be found in many industries, and labor is very expensive in these countries. Countries with very high wealth offer opportunities for safe investments, as they are often supported by a diverse and thriving financial sector. GDP Annual Growth Rate in Latvia averaged 2.7% in 2014. According to this percentage, Latvia is currently experiencing modest growth. Countries that are experiencing modest growth offer safe opportunities for investment; their expanding economy indicates that businesses, jobs, and income will expand accordingly.