Latvia Economic and Fiscal Outlook

EXPOSURE TO RUSSIA IS RATHER LIMITED Latvia has steadily reduced its exposure to Russia; economy is well diversified Banking sector exposures to Russia, Belarus and Ukraine (% of total assets, July 2022) Export of goods and services to Russia (% of total) 2.0% 1.5% 1.0% 0.8% 12% 11.61% 1.6% 10% 8% 0.9% 6% 0.7% 4% 0.5% 0.3% 0.5% 0.1% 0.1% 0.1% 2% 0.0% Russia 20 Source: Latvijas Banka Belarus Ukraine Total (Russia, Belarus, Ukraine) 0% Assets Liabilities Assets (considering country risk transfer) 5.79% Export of services Export of goods - domestic origin Export of goods - transit trade Total export Source: Central Statistical Bureau of Latvia; Latvijas Banka calculations.

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