The economy of Latvia was until the middle of 2008 the fastest growing economy in Europe. It has had high GDP growth since 2000. In 2003, GDP growth was 7.5% and inflation was 2.9%. Unemployment was 8.8% in 2003, almost unchanged compared to the previous two years. Privatization is mostly complete, except for some of the large state-owned utilities. In May 2004, Latvia joined the European Union.
Riga is the capital and largest city of Latvia. Riga is a major industrial, commercial, cultural and financial centre of the Baltics, and an important seaport.
Riga has an overall cost of living index which equates it with middle cost of living locations. The overall cost of living index is comprised of the prices for defined quantities of the same goods and services across all 13 Basket Groups.
The latest cost of living rank for each of the 13 Basket Groups is now available.