Latvia Economic and Fiscal Outlook

2 -4 NO ~ +600 0 -2 -6 -8 -10 2010 Net minerals Current account Source: Latvijas Banka. 23 2011 4 8 60% 6 HN 2012 2013 2014 2015 2016 2017 2018 2019 2020 External sector indicators (% of GDP) WHILE CURRENT ACCOUNT DEFICIT TEMPORARILY INCREASED, LATVIA'S EXTERNAL POSITION REMAINS SOUND Current account deficit driven by high energy prices and an increase in inventories; net external debt remains low 2021 2022 H1 Current account without minerals Net external debt (Right Side Axis) Source: Latvijas Banka. 11% 10 0 2010 20 20 1 2011 30 30 3 2 2012 2013 60 10 60 50 40 40 8 7 5 2014 2015 2016 2017 6 ■Foreign direct investment in Latvia ■Capital account inflows 2018 2019 2020 2021 2022 1H Investment inflows (% of GDP)

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