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This country note from Going for Growth 2017 for Latvia identifies and assesses progress made on key reforms to boost long-term growth, improve competitiveness and productivity and create jobs.
As part of the STI Outlook 2016, the OECD has released policy profiles by country. These include cross-country analyses that draw on the first joint EC-OECD survey on STI policies. They focus on major STI policy areas, instruments and trends.
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This review of Latvia by the OECD Working Party of Governmental Experts on Insurance examines Latvia’s position with respect to core principles related to insurance systems.
Tourism is considered to be one of Latvia’s main drivers of economic development, an important source of export revenue and a key contributor to GDP. In 2014, tourism directly contributed 3.8% of Latvia’s total GDP of EUR 24.1 billion. Tourism exports increased by 4.4% over 2013 to reach EUR 935.7 million in 2014, representing 6.7% of total exports.
GDP growth is projected to accelerate to 3.1% in 2016 and 3.5% in 2017, mainly driven by domestic demand. High wage growth will further sustain household consumption. Exports will pick up following the trade recovery in the European Union and support investment, but export performance will be weakened by increases in unit labour costs.