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Sponsored LinksTravel reviews & great deals at TripAdvisor: EconomyLatvia has been engaged in transforming the state-run economy, inherited from its years as a Soviet republic, into a market economy; reforms include the abolishing of price controls and the initiation of privatization. The country has encouraged foreign investment. Dairying and stock raising remain integral to the agricultural sector, which employs almost 15% of the labor force. Grain, sugar beets, potatoes, and vegetables are also important. The nation has valuable timber resources. Latvia is an important industrial center; industry employs about 20% of the workforce. The nation's industries are extremely diversified and include food processing and the manufacture of buses, vans, street and railroad cars, synthetic fibers, agricultural machinery, fertilizers, electrical appliances, electronics, pharmaceuticals, and textiles. Distilling and shipbuilding are also significant, and tourism has developed as a source of foreign income. Exports include wood and wood products, machinery, metals, textiles, and foodstuffs. Raw materials, equipment, chemicals, fuels, and vehicles are imported. Trade is primarily with Lithuania, Germany, Estonia, and Russia. Sections in this article: The Columbia Electronic Encyclopedia, 6th ed. Copyright © 2007, Columbia University Press. All rights reserved.
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