The Latvian Economy

Daniel B, Aaron E, Julianne J, & Rabekah M

Big image

Where is Latvia?

  • Europe
  • Bordered by Russia, Lithuania, Estonia, and Belarus
  • Citizens speak Latvian, Russia, and Lithuanian
  • Gained independence from Soviet Union in 1991


Latvian Economy

  • Economic downfall after gaining independence
  • Second largest bank crashed in 2008
  • Economy recovering, but unemploment still high
  • 15 billion dollars in debt
  • Open economy
  • Transitioning to market economy for stability


Products & Services

  • Chocolate
  • Vodka
  • Textiles
  • Equipment
  • Locomotives
  • Tram cars
  • Dairy products
  • Lumber
  • Metals


How Are These Products & Services Produced?

  • Factories
  • Wood products & textiles made by hand


For Whom Are These Products Produced?

  • Germany
  • Lithuania
  • Russia
  • Estonia
  • Sweden
  • Denmark


Conclusion

  • Latvia is a country with broad cultures
  • Export to many countries
  • Economy relies on it