Financial services still a relatively small sector in Latvia

Data published by Eurostat June 10 suggests that Latvia's banking, financial services and insurance sector remains a relatively small part of the economy compared with most EU peers, despite its high profile.

The figures, which relate to 2021, show the diverse landscape of market activities in the financial and insurance sector's contribution to value added in the business economy.

Relative importance of financial and insurance sector, 2021
Relative importance of financial and insurance sector, 2021

In 2021, this has varied from 5.2 % in Lithuania, 5.7 % in Poland and 5.9 % in Latvia to 18.9 % in Sweden, 31.5 % in the Netherlands and has reached the highest share at 34.0 % in Luxembourg.

The share in employment terms was much lower, varying from 1.8 % in Lithuania to 12.1 % in Luxembourg. The EU averages stood in 2021 at 10.9 % for value added and 3.1 % for employment.

In Latvia there were 2,300 enterprises involved in the financial and insurance sector, employing 15,700 persons. 

Key indicators of financial and insurance sectors, 2021
Key indicators of financial and insurance sectors, 2021

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