In 2010, Latvia's economic growth exceeded the most optimistic forecasts. The ability of Latvian companies to reduce spending and faster-than-expected recovery in foreign markets fueled export growth and promoted industry as the main driver of the Latvian economy. The domestic market has also started to gradually recover. As a result, GDP growth was also observed year-on-year in the third quarter of 2010 – for the first time after a decline of more than two years.

Outside the traditional sphere of activity of banks, there is a high demand for credit funds, e.g. G. in the field of start-ups. As the economy strengthens, banks lend more actively.

On October 12, 2011, the Bank of Latvia held its annual Economic Development Conference. This year it was entitled Global Challenges and Local Opportunities: Achievements and Perspectives in the Baltic States.

Introduction of the euro
Completing the period of parallel circulation of lats and euro, i. e. the first two weeks of the year, the changeover to the euro in cash and in payment systems has taken place smoothly and without interruptions or other incidents.

As of 15 January, the euro is the only official tender in Latvia, yet the exchange of cash lats is continuing and is taking place as planned and stated:

in 302 post offices, mostly in the countryside — until the end of March,
in commercial banks — until the end of June,
at cash offices of the Bank of Latvia in Liepāja, Daugavpils, and Riga — for unlimited time.
The TNS survey data indicate that the overall level of information regarding the appearance of the banknotes was high even shortly before the changeover and probably has increased since, yet it will have to be improved even further: with the help of the media, the Bank of Latvia continued to educate people about the safety features of the new currency throughout January and February — first of all, by showing infomercials in all major TV channels.

Data
National Currency - EUR (Euro) since 1 January 2014.

GDP
Nominal GDP (2013) - 23.4 bln EUR

Real GDP Growth (2013) - 4.1% (above the Euro Area average - 0.5%, above the European Union average - 0,1%)

Real GDP per Capita (2012) - 6800.00 EUR

Government Bond Yield
Government Bond Yield (December 2013) - 3.62% (above the Euro Area average - 3.0%, above the European Union average - 3.0%)

Part I Economic Developments in Europe and their Impact on the Baltic States: Scientific and Political Perspectives was devoted to analyzing the introduction of the euro – the recent changeover to the single EU currency in Estonia and the expected changeover in Latvia.

Part II of Latvia's Exports: Potential, Challenges and Future Prospects included presentations from representatives of a company, an industry association, a bank and a public body promoting exports, which allowed us to assess the long-term sustainability of the pronounced export growth achieved to date.

There are currently 26 active credit institutions in Latvia.


Since January 1st, Latvia has used the euro as its sole legal tender.