Latvia Frontier
Europe · Riga · EUR (Euro)
Economy & industry overview
Latvia is a small, open, upper-middle-income economy in the Baltic region of Northern Europe, a member of the European Union and eurozone since 2014. Its economy is driven by services (approximately 74% of GDP), with significant contributions from transport and logistics, financial services, information technology, timber and wood processing, and food manufacturing. After contracting modestly in 2023 and 2024 due to high inflation and weaker external demand, growth is forecast to recover to around 2.4% in 2025. The country faces structural headwinds including demographic decline, emigration of skilled workers, and a relatively small domestic capital market. Latvia adopted the euro in 2014 and operates under EU regulatory and fiscal frameworks, providing macroeconomic stability.
Key sectors
Learn everything about Latvia →Macro
| GDP nominal, USD | $43.52B |
| GDP growth real, annual | -0.4% |
| Inflation annual | 1.3% |
| Population people | 1.9M |
| GDP per capita USD | $24,223 |
| Market cap total listed, USD | $1.60B |
| Market cap / GDP | 3.7% |
| Unemployment | 6.9% |
| Listed companies | 16 |
| Exchange | Nasdaq Riga (RSE) |
Data year: 2024. Sources: IMF World Economic Outlook (October 2024), Wikipedia – Economy of Latvia, StatisticsTimes.com – Latvia GDP 2024, Worldometer – Latvia GDP 2026, Nasdaq Baltic (nasdaqbaltic.com), Wikipedia – Nasdaq Riga, Global Citizen Solutions – Latvia Golden Visa 2026, Get Golden Visa – Latvia 2026, Karibi – Latvia Residency Law 2026, CitizenX – Latvia Citizenship by Investment, Wikipedia – Citadele Banka, Wikipedia – Latvijas Gāze, Crédit Agricole – Latvia Economic Overview.
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MaltaLargest listed companies
The biggest companies on the main local exchange, by market capitalisation.
| # | Company | Sector | Market capUSD | US listing |
|---|---|---|---|---|
| 1 | Latvenergo ASLVE1R · Nasdaq Riga (RSE) | Utilities – Electric Power | $620.00M | — |
| 2 | Citadele Banka ASCRD1R · Nasdaq Riga (RSE) | Financials – Banking | $310.00M | — |
| 3 | Grindeks ASGRD1R · Nasdaq Riga (RSE) | Health Care – Pharmaceuticals | $120.00M | — |
| 4 | Elko Grupa ASELK1R · Nasdaq Riga (RSE) | Consumer Goods – Electronics Distribution | $95.00M | — |
| 5 | Latvijas Balzams ASBAL1R · Nasdaq Riga (RSE) | Consumer Goods – Beverages | $78.00M | — |
| 6 | SAF Tehnika ASSAF1R · Nasdaq Riga (RSE) | Technology – Telecommunications Equipment | $55.00M | — |
| 7 | Olainfarm ASOLF1R · Nasdaq Riga (RSE) | Health Care – Pharmaceuticals | $52.00M | — |
| 8 | Latvian Shipping Company AS (Latvijas Kuģniecība)LSC1R · Nasdaq Riga (RSE) | Industrials – Marine Shipping | $38.00M | — |
| 9 | Signet Group ASSGN1R · Nasdaq Riga (RSE) | Consumer Goods – Retail (Jewellery) | $28.00M | — |
| 10 | DelfinGroup ASDFG1R · Nasdaq Riga (RSE) | Financials – Consumer Finance | $24.00M | — |
US-traded ETFs
Funds listed in the US that give exposure to this market, the simplest route for many US investors.
Local exchange & access
| Exchange | Nasdaq Riga |
| Code | RSE |
| Website | nasdaqbaltic.com |
| Currency | EUR |
Local broker access
Nasdaq Riga is part of the broader Nasdaq Baltic market alongside Tallinn and Vilnius, accessible through Baltic-connected brokers including Interactive Brokers, Swedbank Markets, SEB, Luminor, and various EU-licensed online brokers. The market is small and liquidity on individual stocks can be limited. Trading is conducted in euros. Most international retail brokers do not offer direct Nasdaq Riga access; specialist European or Baltic-focused brokers are generally required.
Global brokers with foreign-market access
- Interactive Brokers — Direct access to 90+ markets worldwide, including many emerging exchanges.
- Saxo Bank — Multi-market access across Asia, Europe and the Middle East.
- Charles Schwab (Global) — Foreign ordinary shares on select markets; US-listed ADRs and ETFs.
- Fidelity International Trading — International stock trading on a number of developed and emerging markets.
Listed for convenience only. Not a recommendation. Available markets, fees and onboarding rules differ by broker and by your country of residence.
Relocation & residency
Investment visa / residency programme
Grants Temporary residency (renewable, 5-year initial; pathway to permanent residency and eventual citizenship)
Latvia operates a residency-by-investment programme (commonly called a 'Golden Visa') granting temporary residence permits to qualifying foreign investors. As of mid-2026, active investment routes include equity capital investment in a Latvian company (minimum €50,000) and other qualifying investments, each requiring a €10,000 state fee. Real estate and government securities routes face potential legislative removal: Latvia's parliament passed a new Immigration Law on 11 June 2026 by 65 votes to 17 that would eliminate the real estate (€250,000 minimum) and bond purchase routes, but the president declined to sign it and returned it for parliamentary review, so the law is not currently in force. The programme has no minimum stay requirement; permanent residency may be applied for after five years of full-time residence and citizenship after ten years. Citizens of Russia and Belarus have been barred from first-time applications since April 2022.
Minimum investment: $54.00K
Need help applying? Specialist investment-migration advisers such as Henley & Partners.
Foreign-investor access
Latvia is an EU and Schengen member state with a relatively low cost of living compared to Western Europe. Riga is the largest city and economic hub. English is widely spoken in business. Latvia levies a flat personal income tax of 20–31% depending on income level. Non-EU nationals may apply for the investment residence permit; EU citizens may reside freely. The country has a growing tech and startup ecosystem, particularly in Riga.