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Latvia

The Republic of Latvia declared the end of the transitional period and restored full independence on 21 August 1991, in the aftermath of the failed Soviet coup attempt.

The Saeima, Latvia’s parliament, was again elected in 1993. Russia ended its military presence by completing its troop withdrawal in 1994 and shutting down the Skrunda-1 radar station in 1998.

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Skrunda Abandoned

The major goals of Latvia in the 1990s, to join NATO and the European Union, were achieved in 2004. The NATO Summit 2006 was held in Riga.

Geography:

Latvia lies in Northern Europe, on the eastern shores of the Baltic Sea and northwestern part of the East European Craton (EEC). Latvia has a total area of 64,559 km2 (24,926 sq mi) of which 62,157 km2 (23,999 sq mi) land, 18,159 km2 (7,011 sq mi) agricultural land, 34,964 km2 (13,500 sq mi) forest land and 2,402 km2 (927 sq mi) inland water.

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Topographic Map of Latvia

The total length of Latvia’s boundary is 1,866 km (1,159 mi). The total length of its land boundary is 1,368 km (850 mi), of which 343 km (213 mi) is shared with Estonia to the north, 276 km (171 mi) with the Russian Federation to the east, 161 km (100 mi) with Belarus to the southeast and 588 km (365 mi) with Lithuania to the south. The total length of its maritime boundary is 498 km (309 mi), which is shared with Estonia, Sweden and Lithuania. Extension from north to south is 210 km (130 mi) and from west to east 450 km (280 mi).

Most of Latvia’s territory is less than 100 m (330 ft) above sea level. Its largest lake, Lubāns, has an area of 80.7 km2 (31.2 sq mi), its deepest lake, Drīdzis, is 65.1 m (214 ft) deep. The longest river on Latvian territory is the Gauja, at 452 km (281 mi) in length. The longest river flowing through Latvian territory is the Daugava, which has a total length of 1,005 km (624 mi), of which 352 km (219 mi) is on Latvian territory. Latvia’s highest point is Gaiziņkalns, 311.6 m (1,022 ft). The length of Latvia’s Baltic coastline is 494 km (307 mi). An inlet of the Baltic Sea, the shallow Gulf of Riga is situated in the northwest of the country.

Economy:

Latvia is a member of the World Trade Organization (1999) and the European Union (2004). On 1 January 2014, the Euro became the country’s currency, superseding the Lats. According to statistics in late 2013, 45% of the population supported the introduction of the euro, while 52% opposed it. Following the introduction of the Euro, Eurobarometer surveys in January 2014 showed support for the Euro to be around 53%, close to the European average.

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Latvian Lats Bank Notes

Since the year 2000, Latvia has had one of the highest (GDP) growth rates in Europe. However, the chiefly consumption-driven growth in Latvia resulted in the collapse of Latvian GDP in late 2008 and early 2009, exacerbated by the global economic crisis, shortage of credit and huge money resources used for the bailout of Parex bank. The Latvian economy fell 18% in the first three months of 2009, the biggest fall in the European Union.

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