Human resources in Latvia

Human resources of Latvia, as is true with any country, are defined by its population. The total population of Latvia is approximately 1 986 000 people. Out of them, the working age population, that is people from 15 to 64 years old, is roughly 64% - 1 271 040 people. Approximately 14% are children under the age of 15 - 278 040 people. The rest of them, 22%, are the retired or pensioners - 436 920.

The unemployment rate in Latvia is approximately 9.5% (2016). This means that out of 1 271 040 people 90.5% are working - 1 150 291 people. These are the same people who could be considered consumers with the biggest purchasing potential. 120 749 people (those 9.5% unemployed) are potential workforce or labour force. Those under 15 years old are potential workforce (considering the future), but unlikely consumers. In Latvia, government pensions are not big, which is why those retired are mildly potential customers and an unlikely labour force.

Languages

The official language of Latvia is Latvian, therefore all the government-related documents (e.g. when forming a company) are to be submitted in Latvian. Most agreement sare also signed in Latvian, although often certified translations are available when dealing with foreign customers or partners. Latvian is also a primary language of transactions and marketing.

Another prominent language is Russian, due to the historical ties between Latvia and Russia. While it is not recognized as a minority language and is not used officially (e.g. on most of the price tags), it is recommended to use Russian to supplement Latvian advertisements, as Russian-speaking population comprises about 39% of the total population - a significant number of customers.

Public holidays

Latvia has 14 public holidays, of which two always fall on Sunday, not subtracting from the workweek. This number of public holidays roughly corresponds to the European average, and, because of the shared culture, they are also mostly the same: Christmas Eve, Midsummer, Easter, etc. As in other European countries, Latvian customers tend to make a lot of purchases before the holidays, especially before more traditional holidays such as the Midsummer festival.