Latvia Frontier
Europe · Riga · EUR (Euro)
Economy & industry overview
Latvia is a small, open EU and eurozone economy in the Baltic region, with a nominal GDP of approximately USD 43.5 billion (World Bank, 2024). The economy is driven by services, transit and logistics, wood processing, food manufacturing, pharmaceuticals, and information technology. Latvia joined the EU in 2004 and adopted the euro in 2014, anchoring its monetary and trade policy to the eurozone. After a mild contraction in 2023–2024, growth resumed in 2025 underpinned by EU structural fund inflows, wage-driven consumption, and export recovery. Demographic decline and energy-security adjustments post-2022 remain structural challenges.
Key sectors
📘 Learn everything about Latvia →Macro
| GDP nominal, USD | $43.52B |
| GDP growth real, annual | 2.1% |
| Inflation annual | 1.3% |
| Population people | 1.9M |
| GDP per capita USD | $23,368 |
| Market cap total listed, USD | $440.00M |
| Market cap / GDP | 1.0% |
| Unemployment | 6.8% |
| Listed companies | 13 |
| Exchange | Nasdaq Riga (XRIS) |
Data year: 2024. Sources: World Bank National Accounts 2024, IMF World Economic Outlook October 2024, Nasdaq Riga / Nasdaq Baltic official statistics Q4 2025, Wikipedia – Economy of Latvia, Nasdaq.com Riga Exchange page, GetGoldenVisa.com Latvia 2026, ImmigrantInvest.com Latvia Golden Visa 2026, GlobalCitizenSolutions.com Latvia Golden Visa 2026, TradingEconomics.com Latvia, FocusEconomics Latvia, StatisticsTimes.com Latvia GDP 2024.
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EstoniaLargest listed companies
The biggest companies on the main local exchange, by market capitalisation.
| # | Company | Sector | Market capUSD | US listing |
|---|---|---|---|---|
| 1 | Latvenergo ASLVE1R · Nasdaq Riga | Utilities – Electricity | $4.90B | — |
| 2 | Conexus Baltic Grid ASCBG1R · Nasdaq Riga | Utilities – Natural Gas Infrastructure | $210.00M | — |
| 3 | Grindeks ASGRD1R · Nasdaq Riga | Pharmaceuticals | $130.00M | — |
| 4 | Olainfarm ASOLF1R · Nasdaq Riga | Pharmaceuticals | $95.00M | — |
| 5 | Amber Latvijas Balzams ASBAL1R · Nasdaq Riga | Consumer Staples – Beverages | $55.00M | — |
| 6 | SAF Tehnika ASSAF1R · Nasdaq Riga | Technology – Telecommunications Equipment | $32.00M | — |
| 7 | Latvijas Jūras medicīnas centrs ASLJM1R · Nasdaq Riga | Healthcare | $18.00M | — |
| 8 | Rīgas elektromašīnbūves rūpnīca AS (RER)RER1R · Nasdaq Riga | Industrials – Electrical Equipment | $14.00M | — |
| 9 | Siguldas ciltslietu un mākslīgās apsēklošanas stacija ASSCA1R · Nasdaq Riga | Agriculture | $8.00M | — |
US-traded ETFs
Funds listed in the US that give exposure to this market — the simplest route for many US investors.
| Ticker | ETF | Issuer | Scope | Expense ratioannual % | Exposure% of fund |
|---|---|---|---|---|---|
| VEA | Vanguard FTSE Developed Markets ETF | Vanguard | Broad EM | 0.03% | 0% |
| GUR | SPDR S&P Emerging Europe ETF | State Street Global Advisors (SPDR) | Regional Delisted Reference only | 0.45% | 0% |
| EEUR | iShares MSCI Eastern Europe Capped ETF | BlackRock iShares | Regional Reference only | 0.69% | 0% |
Local exchange & access
| Exchange | Nasdaq Riga |
| Code | XRIS |
| Website | nasdaqbaltic.com |
| Currency | EUR |
Local broker access
Nasdaq Riga is part of the Nasdaq Baltic integrated market; investors may access Latvian-listed equities through brokers with Baltic market connectivity such as Swedbank Markets, SEB, Luminor, Interactive Brokers (Baltic access), and Lynx Broker. Settlement is in EUR via Nasdaq CSD. Liquidity on individual Latvian listings is thin; most international investors access Baltic exposure via regional ETFs or pan-Baltic broker platforms. There are no US-listed ADRs for Latvian companies.
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); pathway to permanent residency after 5 years
Latvia operates a residency-by-investment programme (Golden Visa) under Section 23(1)(28) of the Immigration Law, originally established in 2010. Investment routes include: (1) €50,000 equity investment in a qualifying Latvian company that pays at least €40,000 per year in taxes, plus a one-time €10,000 government fee; (2) €250,000 real estate purchase; (3) €280,000 subordinated bank deposit. The programme grants a temporary residence permit (renewable). Permanent residency may be applied for after 5 years and citizenship after 10 years of continuous residence. No minimum physical residence requirement applies for the temporary permit itself. The programme recorded 201 approvals in 2025 and is under ongoing parliamentary review as of mid-2026.
Minimum investment: $54.00K
Need help applying? Specialist investment-migration advisers such as Henley & Partners.
Foreign-investor access
Latvia is a Schengen Area and EU member state. Residence permit holders may travel visa-free across 29 Schengen countries. Latvia operates a flat 20% personal income tax. The official language is Latvian; English is widely used in business and the tech sector. Riga offers a relatively low cost of living compared to Western European capitals. Healthcare and education are available in both Latvian and, to varying degrees, Russian and English. EU citizens may reside and work freely.