Front Matter Page
© 2000 International Monetary Fund
August 2000
IMF Staff Country Report No. 00/100
Republic of Latvia: Selected Issues and Statistical Appendix
This Selected Issues and Statistical Appendix report on Republic of Latvia was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with this member country. As such, the views expressed in this document are those of the staff team and do not necessarily reflect the views of the Government of Republic of Latvia or the Executive Board of the IMF.
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Front Matter Page
INTERNATIONAL MONETARY FUND
REPUBLIC OF LATVIA
Selected Issues and Statistical Appendix
Prepared by a staff team consisting of Jerald Schiff (head), Johannes Mueller, Roman Zytek, Alexandra Merlino (all EU2), and Khaled Sakr (PDR)
Approved by European II Department
June 16, 2000
Contents
Basic Data
I. Introduction
II. Developments and Prospects of Nonbank Financial Institutions
A. Introduction
B. Development of Nonbank Financial Institutions—An Overview
C. Regulatory and Other Issues
III. Foreign Direct Investment in Latvia
A. Introduction
B. Trends in FDI in Latvia
C. Observed Benefits from FDI
D. Promoting FDI
E. Prospects for Future FDI
F. Conclusions
IV. Privatization: Role of the Latvian Privatization Agency
A. Introduction
B. Managing the Privatization Process
C. LPA Involvement in Social Assistance and Economic Development
D. Conclusions
Text Tables
1. Growth of the Nonbank Financial Sector
2. Credit Unions, 1996–2000
3. Foreign Direct Investment, 1995–99
4. FDI Inflow Per Capita and as a Percentage of GDP in Selected East European, Baltic and European CIS countries, 1997–98
5. Accumulated Foreign Direct Investment by Kind of Activity, 1995–99
6. Accumulated Foreign Direct Investment by Country of Origin, 1995–99
7. FDI Inflow as a Percentage of Current Account Balance in Selected East European, Baltic and CIS Countries, 1997–99
8. Export Share of FDI Companies by Sector, 1996–99
9. Share of FDI Companies in Total Sales and Employment by Sector, 1996–98
10. Labor Productivity by Sector, 1996–98
11. Annual Average Salaries, 1996–98
12. Fixed Assets per Worker, 1996–98
13. Economic Performance Indicators, 1996–98
14. Value Added per Employee, Wages and Depth of Privatization by Sector, 1994–99
15. Revenues and Expenditure of the State Property Privatization Fund, 1993–99
16. Use of Privatization Revenues by the Latvian Privatization Agency, 1994–2000
17. Summary of Public Offerings, 1995–99
18. Balance Sheet of the Latvian Privatization Agency, 1994–98
Figures
1. FDI by Activity and by Country of Origin, 1995–99
2. FDI as a Percentage of the Current Account Deficit in Selected East European and Baltic Countries, 1997–99
Text Box
1. Foreign Assistance to the LPA
Appendices
1. Tax Summary
2. Summary Overview of the Trade System, 1999
Statistical Appendix Tables
20. Savings-Investment Balance, 1995–99
21. Gross Domestic Product by Sector of Economic Activity at Current Prices, 1990–99
22. Gross Domestic Product by Sector of Economic Activity at Constant Prices, 1990–99
23. Gross Domestic Product by Expenditure at Current Prices, 1995–99
24. Gross Domestic Product by Expenditure at Constant Prices, 1995–99
25. Agricultural Production, 1995–99
26. Energy Consumption, 1995–99
27. Labor Market Indicators, 1995–2000
28. Average Employment by Sector of Economic Activity, 1990–99
29. Average Wages, 1995–2000
30. Average Gross Wages by Sector of Economic Activity, 1995–99
31. Consumer Price Inflation, 1995–2000
32. Summary of General Government Operations, 1995–99
33. Operations of the Central Government and Social Fund, 1995–99
34. Local Government Operations, 1995–99
35. General Government Consolidated Budget: Expenditure by Function, 1995–99
36. General Government Budget Tax Arrears, 1995–2000
37. Employment and Wages in Budget Organizations, 1995–99
38. Treasury Bill Auctions, 1995–2000
39. Pension System, 1995–99
40. Family Benefits, 1995–99
41. Reserve Money and Net Domestic Assets of the Bank of Latvia, 1996–2000
42. Broad Money and Net Domestic Assets of the Bank System, 1996–2000
43. Enterprise and Household Deposits, 1996–2000
44. Enterprise and Household Credits, 1996–2000
45. Sectoral, Currency, and Maturity Distribution of Credit, 1996–2000
46. Banking System Indicators, 1997–2000
47. Balance of Payments, 1995–99
48. Exports and Imports by Area and Country, 1995–99
49. Commodity Structure and Foreign Trade, 1996–99
50. Foreign Trade by Free Trade Agreement Countries, 1996–99
51. Domestic Arrears in the Energy Sector, 1995–2000