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Latvia
- Recruitment landscape
- Economic indicators
- Labor market
- Working life
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Latvia
Latvia, with a GDP of $43.63 billion, ranks 96th globally. The country's main industries include processed foods, wood products, and textiles. With unemployment at 6.5%, Latvia maintains a stable labor market. Despite its moderate number of recruitment agencies, labor market sustainability could face challenges due to a growing dependency ratio.
Latvia'S
AGENCY LANDSCAPE
500
Agencies operating in Latvia
A high number of agencies indicates a mature recruitment industry, marked by strong talent demand, established labor laws and economic stability.
Latvia'S
FEATURED AGENCIES
Keylime Consultants
Manpower Group
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Latvia'S
GROSS DOMESTIC PRODUCT (GDP) RATING
96
WORLD RANKED
Latvia ranks 96th in the world by current economic output
$44B
NOMINAL GDP (US$)
GDP reflects the overall size and economic strength of the country’s economy.
58
EMEA RANKED
Latvia is the 58th biggest GDP in EMEA out of 109 countries in the region
GDP GROWTH (%)
The above chart compares how Latvia's GDP has grown, compared to the rest of the world and the EMEA region in the last 7 years.
Positive growth indicates an expanding economy, while negative growth or recession signifies economic contraction. Strong growth can encourage hiring, but slower growth might lead to freezes or layoffs, influencing talent sourcing as businesses adapt to changing market conditions and demands.
Latvia'S
CURRENCY AND CODE
€
Country currency
LVA
Country ISO code
Latvia'S
INFLATION RATE
2.0%
CURRENT RATE
▼7.1% REDUCTION
Inflation represents the rate at which prices rise and purchasing power diminishes. High inflation may prompt employees to seek higher wages, potentially impacting company profitability. This situation could lead to budget constraints or hiring freezes, which might influence talent availability and sourcing strategies.
Latvia'S
COST OF LIVING
COST OF LIVING INDEX EXPLAINED
The cost of living has a direct impact on salary expectations and the competitiveness of compensation packages. It can influence the appeal of certain locations-while high-cost areas may attract highly skilled professionals looking for higher salaries, lower-cost areas can appeal to companies looking to minimize salary expenses or candidates seeking a better work-life balance.
Latvia'S
LABOUR STATISTICS
1.9M
POPULATION
With a population of 1,893,223, Latvia is a small sized country by global standards. Latvia's youth population is just below the world average, indicating it may face challenges in labor market sustainability over time. The working population in Latvia is close to the world average, suggesting a stable labor market that can adequately meet the economy's demands. Latvia's elderly population is just above the world average, suggesting a growing dependency ratio, which may strain the labor market.
Latvia'S
RELIGION AND ETHNICITY
Religion
In religiously diverse countries, a broad sourcing and engagement approach whilst appealing to inclusive practices resonates with this candidate market. In contrast, in a homogeneous religious environment, understanding dominant cultural norms is often more important when engaging with talent.
Ethnicity
In ethnically diverse countries, there may be a greater variety of candidates with different cultural backgrounds and experiences. Employers may need to focus more on inclusive hiring practices to ensure they attract talent from across different ethnic groups.
Latvia'S
UNEMPLOYMENT RATE
6.5%
CURRENT PERCENTAGE
▼0.28% REDUCTION
Latvia has an unhealthy unemployment rate, suggesting there may be some economic or structural challenges . Between 2022 and 2023, there was a small decrease in unemployment, suggesting continued economic stability with a slight improvement in job availability
Latvia'S
TOP PERFORMING INDUSTRIES
Top industries
Processed foods
Processed wood products
Electronics
Latvia'S
GENDER DEMOGRAPHICS
RATIO OF MALES TO FEMALES (BY AGE)
LABOUR PARTICIPATION BY GENDER (%)
68
/
56
Male | Female
In Latvia there is a medium gap in participation rates between males and females, indicating moderate inequality with some progress towards gender parity.
Latvia'S
WORKING LIFE
$21K
Average gross annual wage (US$)
This figure represents yearly income before taxes. Higher wage countries are above $50,000 USD. Attracting talent in lower-wage markets can be cost-effective; however, offering above-average compensation may be required for in-demand skills.
$1.8K
Average gross monthly wage (US$)
This figure represents monthly income before taxes. Higher-wage countries typically exceed $4,000 USD per month. Attracting talent in lower-wage markets can be cost-effective; however, offering above-average monthly compensation may be necessary for in-demand skills.
Latvia'S
WORKING LIFE
13DAYS
Minimum annual holidays
Minimum annual holidays reflect mandated leave. Hiring in countries with high allowances (over 25 days) will require emphasizing work-life balance when recruiting. In countries with fewer holidays (under 15 days), offering additional leave can enhance recruitment and set the organization apart.
40HRS
Average working full time week
Overtime payment is required for hours beyond standard work hours, capped at 8 hours/week, 48/month, and 200/year, with a minimum 100% wage rate supplement. Standard hours are 8/day, 40/week, Monday to Friday.
Latvia'S
TOP BENEFITS
112DAYS
Maternity leave
Maternity: 112 days leave at 80% pay by SSA; 56 pre- & post-birth. Extendable via parental leave. Paternity: 10 days leave at 80% pay by SSA, within 6 months of birth. Parental: Choice of 13 months at 60% pay or 19 months at 43.75% pay, with non-transferable periods for both parents until child is 8.
52WEEKS
Sick leave
In Latvia, sick leave is allowed for an unlimited number of days, capped at 52 weeks. Employees can be terminated after 6 months or a cumulative total of one year within three years. The first sick day is unpaid, days 2-3 are covered by employers at 75%, days 4-9 at 80%, and from day 10 to 26 weeks (extendable to 52 weeks) at 80% by the State Agency.
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