Entrepreneurship in Latvia - GEM Global Entrepreneurship Monitor

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</div> </header> <div id="banner" class=" static " ></div> <div id="breadcrumb"> <div class="container"> <div class="container-inner"> <a href="https://www.gemconsortium.org/country-profiles" class="btn btn-primary"> <span class="gemicon gemicon-chevron-left white" aria-hidden="true"></span> Back to Economy Profiles </a> </div> </div> </div> <div id="main" class="country-profile"> <div class="container"> <div class="container-inner"> <div class="profile-inner"> <div class="profile-info"> <div class="profile-info-holder"> <div class="profile-info-left"> <div class="profile-flag pflag-logo"> <img src="https://www.gemconsortium.org/images/svg/flags/LV.svg" alt="Latvia" title="Latvia"> </div> <h4 class="profile-team-name">Latvia</h4> </div> <div class="profile-info-right"> <h6 class="profile-team-institution"> <div class="tooltip-key-indicator"> <div class="inner"> <a href="/data/key-indicator/4" class="open-indicator-tooltip"><strong>Region:</strong> Europe and North America</a> <div class="tooltip-information"> <div class="tooltip-heading"> <button type="button" class="close tooltip-close" aria-label="Close"><span aria-hidden="true">×</span></button> <h5 class="title"> </h5> </div> <div data-html="true" class="tooltip-body"> <p>Classification of economies by geographic region is based on that of the <a data-html="true" target="_blank" href="https://unstats.un.org/unsd/methodology/m49/#geo-regions">United Nations Statistics Division. </a></p> </div> </div> </div> </div> </h6> <h6 class="profile-team-institution"> <div class="tooltip-key-indicator"> <div class="inner"> <a href="/data/key-indicator/4" class="open-indicator-tooltip"><strong>High Income</strong></a> <div class="tooltip-information"> <div class="tooltip-heading"> <button type="button" class="close tooltip-close" aria-label="Close"><span aria-hidden="true">×</span></button> <h5 class="title"> </h5> </div> <div data-html="true" class="tooltip-body"> <p>Based on the income levels set out by the World Economic Forum (WEF) in its Global Competitiveness Report. However, the groupings are slightly different due to the numbers of economies covered. For GEM, the low income group contains both those classified as low income and lower middle by WEF, and the middle income group has those that WEF groups as upper middle. High income is the same for both GEM and WEF.</p> </div> </div> </div> </div> </h6> <h6 class="profile-team-institution"> <div class="tooltip-key-indicator"> <div class="inner"> <a href="/data/key-indicator/4" class="open-indicator-tooltip"><strong>Population:</strong> 1.9 million (2018)</a> <div class="tooltip-information"> <div class="tooltip-heading"> <button type="button" class="close tooltip-close" aria-label="Close"><span aria-hidden="true">×</span></button> <h5 class="title"> </h5> </div> <div data-html="true" class="tooltip-body"> <p> Population data is from the <a href="https://data.worldbank.org/indicator/sp.pop.totl" target="_blank">World Bank</a>, except Palestinian Territories <a href="http://worldpopulationreview.com/countries/palestine-population/" target="_blank">World Population Review</a> and Taiwan <a href="https://www.worldometers.info/world-population/taiwan-population/" target="_blank">Worldometers</a> </p> </div> </div> </div> </div> </h6> <h6 class="profile-team-vendor"> <div class="tooltip-key-indicator"> <div class="inner"> <a href="/data/key-indicator/4" class="open-indicator-tooltip"><strong>GDP Growth:</strong> 4.8% (2018)</a> <div class="tooltip-information"> <div class="tooltip-heading"> <button type="button" class="close tooltip-close" aria-label="Close"><span aria-hidden="true">×</span></button> <h5 class="title"> </h5> </div> <div data-html="true" class="tooltip-body"> <p> GDP growth data is from the <a href="https://www.imf.org/external/pubs/ft/weo/2019/01/weodata/index.aspx" target="_blank">World Economic Outlook Database</a>, except Palestinian Territories <a href="https://www.worldometers.info/gdp/state-of-palestine-gdp/" target="_blank">Worldometers</a> </p> </div> </div> </div> </div> </h6> <h6 class="profile-team-funders"> <div class="tooltip-key-indicator"> <div class="inner"> <a href="/data/key-indicator/4" class="open-indicator-tooltip"><strong>GDP Per Capita:</strong> $18,032 (2018)</a> <div class="tooltip-information"> <div class="tooltip-heading"> <button type="button" class="close tooltip-close" aria-label="Close"><span aria-hidden="true">×</span></button> <h5 class="title"> </h5> </div> <div data-html="true" class="tooltip-body"> <p> GDP per capita data is from the <a href="https://www.imf.org/external/pubs/ft/weo/2019/01/weodata/index.aspx" target="_blank">World Economic Outlook Database</a>, except Palestinian Territories <a href="https://www.worldometers.info/gdp/state-of-palestine-gdp/" target="_blank">Worldometers</a> </p> </div> </div> </div> </div> </h6>   <button type="button" class="btn btn-danger btn-block toggle-profile" data-type="team">Contact</button> <button type="button" class="btn btn-orange btn-block view-profile-reports">View Reports</button> </div> </div> </div> <div class="profile-details">  <div class="nav-tabs-panel" role="tabpanel"> <div class="nav-tabs-holder"> <ul class="nav nav-tabs grid-2" role="tablist"> <li class=""> <a href="#cp" class="tablist-cp" aria-controls="cp" role="tab" data-toggle="tab" >Economy Profile</a> </li> <li role="presentation" class="active" > <a href="#pb" class="tablist-pb" aria-controls="pb" role="tab" data-toggle="tab" >Policy Brief</a> </li> </ul> </div> <div class="tab-content min-height"> <div id="cp" role="tabpanel" class="tab-pane expanded fade " > <article > <h2>Entrepreneurial Behaviour and Attitudes</h2> <span class="pushbar">Most recent data: 2023</span> <ul class="color-index clickable" style="display:block;"> <li style="cursor:pointer;" data-trigger="measure"><span style="background:#4b92c3 url('../images/tick.png') center;background-size: 100%;"></span>Latvia 2023</li> <li style="cursor:pointer; " data-trigger="Latvia 2022"><span style="background:#f5eb05 url('../images/tick.png') center;background-size: 100%;"></span>Latvia 2022</li> <li style="cursor:pointer;" data-trigger="marker"><span style="background:#373737 url('../images/tick.png') center;background-size: 100%;"></span>Global Average</li> <li style="cursor:pointer;" data-trigger="Regional Average"><span style="background:#f9830e url('../images/tick.png') center;background-size: 100%;"></span>Regional Average</li> <li style="cursor:pointer;" data-trigger="Income Level Average"><span style="background:#acacac url('../images/tick.png') center;background-size: 100%;"></span>Income Level Average</li> </ul> <div class="data-entry-row"> <h2 class="table-title">Self-Perceptions</h2> <ul class="first-col"> <li> <div class="tooltip-key-indicator"> <div class="inner"> <a href="/data/key-indicator/4" class="open-indicator-tooltip hidden-xs">Perceived Opportunities Rate</a> <a href="/data/key-indicator/4" class="open-indicator-tooltip visible-xs">1</a> <div class="tooltip-information"> <div class="tooltip-heading"> <button type="button" class="close tooltip-close" aria-label="Close"><span aria-hidden="true">×</span></button> <h5 class="title"> </h5> </div> <div class="tooltip-body"> <span>Perceived Opportunities Rate:</span>Percentage of 18-64 population (individuals involved in any stage of entrepreneurial activity excluded) who see good opportunities to start a firm in the area where they live </div> </div> </div> </div> </li> <li> <div class="tooltip-key-indicator"> <div class="inner"> <a href="/data/key-indicator/5" class="open-indicator-tooltip hidden-xs">Perceived Capabilities Rate</a> <a href="/data/key-indicator/5" class="open-indicator-tooltip visible-xs">2</a> <div class="tooltip-information"> <div class="tooltip-heading"> <button type="button" class="close tooltip-close" aria-label="Close"><span aria-hidden="true">×</span></button> <h5 class="title"> </h5> </div> <div class="tooltip-body"> <span>Perceived Capabilities Rate:</span>Percentage of 18-64 population (individuals involved in any stage of entrepreneurial activity excluded) who believe they have the required skills and knowledge to start a business </div> </div> </div> </div> </li> <li> <div class="tooltip-key-indicator"> <div class="inner"> <a href="/data/key-indicator/6" class="open-indicator-tooltip hidden-xs">Fear of Failure Rate*</a> <a href="/data/key-indicator/6" class="open-indicator-tooltip visible-xs">3</a> <div class="tooltip-information"> <div class="tooltip-heading"> <button type="button" class="close tooltip-close" aria-label="Close"><span aria-hidden="true">×</span></button> <h5 class="title"> </h5> </div> <div class="tooltip-body"> <span>Fear of Failure Rate*:</span>Percentage of the 18–64 population who agree that they see good opportunities but would not start a business for fear it might fail. NOTE: this is a percentage of those seeing good opportunities, and not the total adult population </div> </div> </div> </div> </li> <li> <div class="tooltip-key-indicator"> <div class="inner"> <a href="/data/key-indicator/7" class="open-indicator-tooltip hidden-xs">Entrepreneurial Intentions Rate</a> <a href="/data/key-indicator/7" class="open-indicator-tooltip visible-xs">4</a> <div class="tooltip-information"> <div class="tooltip-heading"> <button type="button" class="close tooltip-close" aria-label="Close"><span aria-hidden="true">×</span></button> <h5 class="title"> </h5> </div> <div class="tooltip-body"> <span>Entrepreneurial Intentions Rate:</span>Percentage of 18-64 population (individuals involved in any stage of entrepreneurial activity excluded) who are latent entrepreneurs and who intend to start a business within three years </div> </div> </div> </div> </li> </ul> <div class="second-column"> <div class="gallery with-transitions" id="chart"></div> </div> <div class="data-titles clearfix"> <ul> <li>1. Perceived Opportunities Rate</li> <li>2. Perceived Capabilities Rate</li> <li>3. Fear of Failure Rate*</li> <li>4. Entrepreneurial Intentations Rate:</li> </ul> </div> </div> <div class="data-entry-row"> <h2 class="table-title">Activity</h2> <ul class="first-col"> <li> <div class="tooltip-key-indicator"> <div class="inner"> <a href="/data/key-indicator/1" class="open-indicator-tooltip hidden-xs">Total early-stage Entrepreneurial Activity (TEA)</a> <a href="/data/key-indicator/1" class="open-indicator-tooltip visible-xs">1</a> <div class="tooltip-information"> <div class="tooltip-heading"> <button type="button" class="close tooltip-close" aria-label="Close"><span aria-hidden="true">×</span></button> <h5 class="title"> </h5> </div> <div class="tooltip-body"> <span>Total early-stage Entrepreneurial Activity (TEA):</span>Percentage of 18-64 population who are either a nascent entrepreneur or owner-manager of a new business </div> </div> </div> </div> </li> <li> <div class="tooltip-key-indicator"> <div class="inner"> <a href="/data/key-indicator/2" class="open-indicator-tooltip hidden-xs">Established Business Ownership Rate</a> <a href="/data/key-indicator/2" class="open-indicator-tooltip visible-xs">2</a> <div class="tooltip-information"> <div class="tooltip-heading"> <button type="button" class="close tooltip-close" aria-label="Close"><span aria-hidden="true">×</span></button> <h5 class="title"> </h5> </div> <div class="tooltip-body"> <span>Established Business Ownership Rate:</span>Percentage of 18-64 population who are currently an owner-manager of an established business, i.e., owning and managing a running business that has paid salaries, wages, or any other payments to the owners for more than 42 months </div> </div> </div> </div> </li> <li> <div class="tooltip-key-indicator"> <div class="inner"> <a href="/data/key-indicator/3" class="open-indicator-tooltip hidden-xs">Entrepreneurial Employee Activity Rate</a> <a href="/data/key-indicator/3" class="open-indicator-tooltip visible-xs">3</a> <div class="tooltip-information"> <div class="tooltip-heading"> <button type="button" class="close tooltip-close" aria-label="Close"><span aria-hidden="true">×</span></button> <h5 class="title"> </h5> </div> <div class="tooltip-body"> <span>Entrepreneurial Employee Activity Rate:</span>Rate of involvement of employees in entrepreneurial activities, such as developing or launching new goods or services, or setting up a new business unit, a new establishment or subsidiary </div> </div> </div> </div> </li> </ul> <div class="second-column"> <div class="gallery with-transitions" id="chartone"></div> </div> <div class="data-titles clearfix"> <ul> <li>1. Total early-stage Entrepreneurial Activity (TEA)</li> <li>2. Established Business Ownership Rate</li> <li>3. Entrepreneurial Employee Activity Rate </li> </ul> </div> </div> <div class="data-entry-row"> <h2 class="table-title">Motivations</h2> <ul class="first-col"> <li> <div class="tooltip-key-indicator"> <div class="inner"> <a href="/data/key-indicator/8" class="open-indicator-tooltip hidden-xs">Motivational Index</a> <a href="/data/key-indicator/8" class="open-indicator-tooltip visible-xs">1</a> <div class="tooltip-information"> <div class="tooltip-heading"> <button type="button" class="close tooltip-close" aria-label="Close"><span aria-hidden="true">×</span></button> <h5 class="title"> </h5> </div> <div class="tooltip-body"> <span>Motivational Index:</span>Percentage of those involved in TEA that are improvement-driven opportunity motivated, divided by the percentage of TEA that is necessity-motivated </div> </div> </div> </div> </li> </ul> <div class="second-column"> <div class="gallery with-transitions" id="charttwo"></div> </div> <div class="data-titles clearfix"> <ul> <li>1. Motivational Index</li> </ul> </div> </div> <div class="data-entry-row"> <h2 class="table-title">Gender Equity</h2> <ul class="first-col"> <li> <div class="tooltip-key-indicator"> <div class="inner"> <a href="/data/key-indicator/9" class="open-indicator-tooltip hidden-xs">Female/Male TEA Ratio</a> <a href="/data/key-indicator/9" class="open-indicator-tooltip visible-xs">1</a> <div class="tooltip-information"> <div class="tooltip-heading"> <button type="button" class="close tooltip-close" aria-label="Close"><span aria-hidden="true">×</span></button> <h5 class="title"> </h5> </div> <div class="tooltip-body"> <span>Female/Male TEA Ratio:</span>Percentage of female 18-64 population who are either a nascent entrepreneur or owner-manager of a 'new business', divided by the equivalent percentage for their male counterparts </div> </div> </div> </div> </li> <li> <div class="tooltip-key-indicator"> <div class="inner"> <a href="/data/key-indicator/10" class="open-indicator-tooltip hidden-xs">Female/Male Opportunity-Driven TEA Ratio</a> <a href="/data/key-indicator/10" class="open-indicator-tooltip visible-xs">2</a> <div class="tooltip-information"> <div class="tooltip-heading"> <button type="button" class="close tooltip-close" aria-label="Close"><span aria-hidden="true">×</span></button> <h5 class="title"> </h5> </div> <div class="tooltip-body"> <span>Female/Male Opportunity-Driven TEA Ratio:</span>Percentage of those females involved in TEA who (i) claim to be driven by opportunity as opposed to finding no other option for work; and (ii) who indicate the main driver for being involved in this opportunity is being independent or increasing their income, rather than just maintaining their income, divided by the equivalent percentage for their male counterparts </div> </div> </div> </div> </li> </ul> <div class="second-column"> <div class="gallery with-transitions" id="chartthree"></div> </div> <div class="data-titles clearfix"> <ul> <li>1. Female/Male TEA Ratio</li> <li>2. Female/Male Opportunity-Driven TEA Ratio</li> </ul> </div> </div> <div class="data-entry-row"> <h2 class="table-title">Impact</h2> <ul class="first-col"> <li> <div class="tooltip-key-indicator"> <div class="inner"> <a href="/data/key-indicator/11" class="open-indicator-tooltip hidden-xs">High Job Creation Expectation Rate</a> <a href="/data/key-indicator/11" class="open-indicator-tooltip visible-xs">1</a> <div class="tooltip-information"> <div class="tooltip-heading"> <button type="button" class="close tooltip-close" aria-label="Close"><span aria-hidden="true">×</span></button> <h5 class="title"> </h5> </div> <div class="tooltip-body"> <span>High Job Creation Expectation Rate:</span>Percentage of those involved in TEA who expect to create 6 or more jobs in 5 years </div> </div> </div> </div> </li> <li> <div class="tooltip-key-indicator"> <div class="inner"> <a href="/data/key-indicator/12" class="open-indicator-tooltip hidden-xs">Innovation Rate</a> <a href="/data/key-indicator/12" class="open-indicator-tooltip visible-xs">2</a> <div class="tooltip-information"> <div class="tooltip-heading"> <button type="button" class="close tooltip-close" aria-label="Close"><span aria-hidden="true">×</span></button> <h5 class="title"> </h5> </div> <div class="tooltip-body"> <span>Innovation Rate:</span>Percentage of those involved in TEA who indicate that their product or service is new to at least some customers AND that few/no businesses offer the same product </div> </div> </div> </div> </li> <li> <div class="tooltip-key-indicator"> <div class="inner"> <a href="/data/key-indicator/13" class="open-indicator-tooltip hidden-xs">Business Services Sector Rate</a> <a href="/data/key-indicator/13" class="open-indicator-tooltip visible-xs">3</a> <div class="tooltip-information"> <div class="tooltip-heading"> <button type="button" class="close tooltip-close" aria-label="Close"><span aria-hidden="true">×</span></button> <h5 class="title"> </h5> </div> <div class="tooltip-body"> <span>Business Services Sector Rate:</span>Percentage of those involved in TEA in the 'Business Services' sector - Information and Communication, Financial Intermediation and Real Estate, Professional Services or Administrative Services, as defined by the ISIC 4.0 Business Type Codebook </div> </div> </div> </div> </li> </ul> <div class="second-column"> <div class="gallery with-transitions" id="chartfour"></div> </div> <div class="data-titles clearfix"> <ul> <li>1. High Job Creation Expectation Rate</li> <li>2. Innovation Rate</li> <li>3. Business Services Sector Rate</li> </ul> </div> </div> <div class="data-entry-row"> <h2 class="table-title">Societal Values</h2> <ul class="first-col"> <li> <div class="tooltip-key-indicator"> <div class="inner"> <a href="/data/key-indicator/15" class="open-indicator-tooltip hidden-xs">High Status to Successful Entrepreneurs Rate</a> <a href="/data/key-indicator/15" class="open-indicator-tooltip visible-xs">1</a> <div class="tooltip-information"> <div class="tooltip-heading"> <button type="button" class="close tooltip-close" aria-label="Close"><span aria-hidden="true">×</span></button> <h5 class="title"> </h5> </div> <div class="tooltip-body"> <span>High Status to Successful Entrepreneurs Rate:</span>Percentage of 18-64 population who agree with the statement that in their country, successful entrepreneurs receive high status </div> </div> </div> </div> </li> <li> <div class="tooltip-key-indicator"> <div class="inner"> <a href="/data/key-indicator/16" class="open-indicator-tooltip hidden-xs">Entrepreneurship as a Good Career Choice Rate</a> <a href="/data/key-indicator/16" class="open-indicator-tooltip visible-xs">2</a> <div class="tooltip-information"> <div class="tooltip-heading"> <button type="button" class="close tooltip-close" aria-label="Close"><span aria-hidden="true">×</span></button> <h5 class="title"> </h5> </div> <div class="tooltip-body"> <span>Entrepreneurship as a Good Career Choice Rate:</span>Percentage of 18-64 population who agree with the statement that in their country, most people consider starting a business as a desirable career choice </div> </div> </div> </div> </li> </ul> <div class="second-column"> <div class="gallery with-transitions" id="chartfive"></div> </div> <div class="data-titles clearfix"> <ul> <li>1. High Status to Successful Entrepreneurs Rate</li> <li>2. Entrepreneurship as a Good Career Choice Rate</li> </ul> </div> </div> <h2 class="spacer">Entrepreneurial Framework Conditions</h2> <span class="spacer">Most recent data: 2023</span> <p>Expert Ratings: 1 = highly insufficient, 5 = highly sufficient</p> </article> <div class="data-tabs-plug-econ"> <div class="tab-pane-holder" role="tabpanel"> <ul class="nav nav-tabs grid-2 hidden-xs" role="tablist"> <li class="active" role="presentation"> <a href="#spider-data" onclick="" aria-controls="table-data" role="tab" data-toggle="tab">Spider</a> </li> <li role="presentation"> <a href="#graphs-data" onclick="" aria-controls="graph-data" role="tab" data-toggle="tab">Bars</a> </li> </ul> <div class="tab-content"> <div id="spider-data" class="tab-pane fade in active subcleardata" role="tabpanel"> <input id="idradardata" name="idradardata" type="hidden" value="80"> <canvas id="radarchart" class="hidden-xs" width="580" height="400"></canvas> </div> <a href="#" class="spider-image" data-toggle="modal" data-target="#exampleModal"> <img src="" id="spiderImage"> </a> <div class="modal fade" id="exampleModal" tabindex="-1" role="dialog" aria-labelledby="exampleModalLabel" aria-hidden="true"> <div class="modal-dialog" role="document"> <div class="modal-content"> <div class="modal-header spider-modal-header"> <button type="button" class="close" data-dismiss="modal" aria-label="Close"> <span aria-hidden="true">×</span> </button> </div> <div class="modal-body"> <img src="" id="spiderModalImage"> </div> <div class="modal-footer"> <button type="button" class="btn btn-secondary" data-dismiss="modal">Close</button> </div> </div> </div> </div> <div id="graphs-data" class="tab-pane fade subcleardata" role="tabpanel"> <div> <ul class="color-index"> <li><span class="colour-one"></span>Latvia 2023</li> <li><span class="colour-two"></span>Latvia 2022</li> <li><span class="colour-three"></span>Regional Average</li> <li><span class="colour-four"></span>Income Level Average</li> <li><span class="colour-five"></span>Global Average</li> </ul> <ul class="color-index" id="tooltip" style="position:fixed; top:0; left:0; pointer-events: none;"> <li style="display:none; position:absolute;width:200px; background: rgba(255, 255, 255, 0.9);border:1px rgb(194, 194, 194) solid; border-radius:2px; padding:5px;text-align:center;"><span class="colour-one"></span>Latvia 2023</li> <li style="display:none; position:absolute;width:200px; background: rgba(255, 255, 255, 0.9);border:1px rgb(194, 194, 194) solid; border-radius:2px; padding:5px;text-align:center;"><span class="colour-two"></span>Latvia 2022</li> <li style="display:none; position:absolute;width:200px; background: rgba(255, 255, 255, 0.9);border:1px rgb(194, 194, 194) solid; border-radius:2px; padding:5px;text-align:center;"><span class="colour-three"></span>Regional Average</li> <li style="display:none; position:absolute;width:200px; background: rgba(255, 255, 255, 0.9);border:1px rgb(194, 194, 194) solid; border-radius:2px; padding:5px;text-align:center;"><span class="colour-four"></span>Income Level Average</li> <li style="display:none; position:absolute;width:200px; background: rgba(255, 255, 255, 0.9);border:1px rgb(194, 194, 194) solid; border-radius:2px; padding:5px;text-align:center;"><span class="colour-five"></span>Global Average</li> </ul> <svg class="chart"></svg> </div> </div> </div> </div> </div> </div> <div id="pb" role="tabpanel" class="tab-pane expanded fade active in " > <article> <p><strong>2023</strong> <strong>POLICY ROADMAP</strong></p> <p>In 2023, Latvia’s GDP was expected to fall by 0.2%, hampered by high inflation of 9.6%, well above<br /> the Eurozone average, but heading downwards. Entrepreneurs were cautious about growth in the face of this energy-price driven inflation.</p> <p>Latvia has continued to increase its minimum wage, adding to cost burdens in labour-intensive sectors like retailing and restaurants. The Law on Support for Overcoming the Economic Consequences of the Sanctions and Countermeasures Applied due to Russia’s Military Aggression Against Ukraine, did exactly that, supporting entrepreneurs who had been adversely affected by the war.</p> <p><em>2023 Framework Conditions Review1</em></p> <p>The quality of the Latvian entrepreneurial environment had been adversely impacted by the COVID-19 pandemic, and then by the war in Ukraine, but, after some recovery, faltered in 2023.</p> <p>In 2022, Latvia had 10 of its 13 Entrepreneurial Framework Conditions (EFCs) scored as at least sufficient, but by 2023 this had fallen to seven. Some of the score changes were severe, with Entrepreneurial Education at School falling from 5.6 to 3.6, Ease of Entry: Market Dynamics from 7.1 to 5.0, and Government Policy: Support and Relevance from 4.7 to 3.4. At the same time, Physical Infrastructure improved from 6.3 to 7.1.</p> <p>Latvia’s National Entrepreneurial Context Index (NECI) score fell from 4.9 to 4.6 between 2019 and 2020, recovered to 5.0 in 2021, improved to 5.3 in 2022 and then fell again to 5.0 in 2023. This is quite a roller- coaster trajectory, with Latvia ranking 20th of the GEM economies in 2019 and 13th in 2023.</p> <p>Additional questions in 2023 asked experts to assess the quality of social support for women’s entrepreneurship, and how women entrepreneurs access resources compared to men. Like its Baltic Sea neighbours Lithuania and Estonia, Latvia scored relatively high for social support (score of 5.6, seventh in GEM) and poor for women entrepreneurs accessing resources compared to men (4.4, 36th). This is an interesting phenomenon, worthy of further research, given that, for the majority of other economies, access to resources scored much higher than social support.</p> <p><strong>2023 Entrepreneurial Activity Review</strong></p> <p>One in five adults in Latvia reported that their household income had fallen in 2023, a significant proportion but down from the previous year.</p> <p>The proportion of adults who were starting or running a new business was 16.5%, and had been falling slowly for the previous three years. Men were more likely than women to be starting a business, with around four new starts by men for every three by women. Presumably, this may be influenced by the unequal access to resources noted earlier. Established Business Ownership was at 10.7%.</p> <p>Entrepreneurship has a fairly low profile in Latvia, with just two in five adults knowing someone who<br /> had recently started a business (second lowest in Level B, sixth lowest in GEM 2023), and around the same proportion seeing good opportunities to start a business locally. One in two adults considered themselves to have the skills and experience to be able to start their own business, but one in two of those adults seeing good opportunities would not start a business for fear it might fail. The proportion of adults not already doing so who expect to start a business in the next three years has been very consistent, at around one in five, in Latvia over the previous four years.</p> <p>New entrepreneurs in Latvia are very outward- looking, with one in two having customers beyond their own (relatively small) national market. A similar proportion expected to use more digital technologies in the next six months. Despite two in five of those starting or running a new business being solo entrepreneurs, with one owner and no current employees, job expectations were reasonably high, with three in 10 new entrepreneurs anticipating employing at least another six people over the next five years.<br /> <br /> <em>1 A brief description of the GEM approach is given in the footnote on p. 107.</em></p> </article> </div> </div> </div> </div> <div class="profile-team hide"></div> </div> <div class="profile-actions"> <div class="btn-group pull-right">  <button type="button" class="btn btn-default scrollup"> <a href="#">Scroll to the top</a> </button> </div> </div> <div class="profile-reports"> <div class="panel panel-default"> <div class="panel-heading"> <div class="title"> <h3 class="panel-title">Latvia Reports</h3> </div> </div> <div class="panel-body half-min-height"> <table class="table table-hover tablesorter"> <thead> <tr> <th colspan="2">Name</th> <th class="th-button-small sorter-false"> <button 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class="mc-field-group"> <label for="mce-MMERGE3">Location </label> <select name="MMERGE3" class="" id="mce-MMERGE3"> <option value=""></option> <option value="United States of America">United States of America</option> <option value="Aaland Islands">Aaland Islands</option> <option value="Afghanistan">Afghanistan</option> <option value="Albania">Albania</option> <option value="Algeria">Algeria</option> <option value="American Samoa">American Samoa</option> <option value="Andorra">Andorra</option> <option value="Angola">Angola</option> <option value="Anguilla">Anguilla</option> <option value="Antarctica">Antarctica</option> <option value="Antigua And Barbuda">Antigua And Barbuda</option> <option value="Argentina">Argentina</option> <option value="Armenia">Armenia</option> <option value="Aruba">Aruba</option> <option value="Australia">Australia</option> <option value="Austria">Austria</option> <option value="Azerbaijan">Azerbaijan</option> <option value="Bahamas">Bahamas</option> <option value="Bahrain">Bahrain</option> <option value="Bangladesh">Bangladesh</option> <option value="Barbados">Barbados</option> <option value="Belarus">Belarus</option> <option value="Belgium">Belgium</option> <option value="Belize">Belize</option> <option value="Benin">Benin</option> <option value="Bermuda">Bermuda</option> <option value="Bhutan">Bhutan</option> <option value="Bolivia">Bolivia</option> <option value="Bonaire, Saint Eustatius and Saba">Bonaire, Saint Eustatius and Saba</option> <option value="Bosnia and Herzegovina">Bosnia and Herzegovina</option> <option value="Botswana">Botswana</option> <option value="Bouvet Island">Bouvet Island</option> <option value="Brazil">Brazil</option> <option value="British Indian Ocean Territory">British Indian Ocean Territory</option> <option value="Brunei Darussalam">Brunei Darussalam</option> <option value="Bulgaria">Bulgaria</option> <option value="Burkina Faso">Burkina Faso</option> <option value="Burundi">Burundi</option> <option value="Cambodia">Cambodia</option> <option value="Cameroon">Cameroon</option> <option value="Canada">Canada</option> <option value="Cape Verde">Cape Verde</option> <option value="Cayman Islands">Cayman Islands</option> <option value="Central African Republic">Central African Republic</option> <option value="Chad">Chad</option> <option value="Chile">Chile</option> <option value="China">China</option> <option value="Christmas Island">Christmas Island</option> <option value="Cocos (Keeling) Islands">Cocos (Keeling) Islands</option> <option value="Colombia">Colombia</option> <option value="Comoros">Comoros</option> <option value="Congo">Congo</option> <option value="Cook Islands">Cook Islands</option> <option value="Costa Rica">Costa Rica</option> <option value="Cote D'Ivoire">Cote D'Ivoire</option> <option value="Croatia">Croatia</option> <option value="Cuba">Cuba</option> <option value="Curacao">Curacao</option> <option value="Cyprus">Cyprus</option> <option value="Czech Republic">Czech Republic</option> <option value="Democratic Republic of the Congo">Democratic Republic of the Congo</option> <option value="Denmark">Denmark</option> <option value="Djibouti">Djibouti</option> <option value="Dominica">Dominica</option> <option value="Dominican Republic">Dominican Republic</option> <option value="Ecuador">Ecuador</option> <option value="Egypt">Egypt</option> <option value="El Salvador">El Salvador</option> <option value="Equatorial Guinea">Equatorial Guinea</option> <option value="Eritrea">Eritrea</option> <option value="Estonia">Estonia</option> <option value="Ethiopia">Ethiopia</option> <option value="Falkland Islands">Falkland Islands</option> <option value="Faroe Islands">Faroe Islands</option> <option value="Fiji">Fiji</option> <option value="Finland">Finland</option> <option value="France">France</option> <option value="French Guiana">French Guiana</option> <option value="French Polynesia">French Polynesia</option> <option value="French Southern Territories">French Southern Territories</option> <option value="Gabon">Gabon</option> <option value="Gambia">Gambia</option> <option value="Georgia">Georgia</option> <option value="Germany">Germany</option> <option value="Ghana">Ghana</option> <option value="Gibraltar">Gibraltar</option> <option value="Greece">Greece</option> <option value="Greenland">Greenland</option> <option value="Grenada">Grenada</option> <option value="Guadeloupe">Guadeloupe</option> <option value="Guam">Guam</option> <option value="Guatemala">Guatemala</option> <option value="Guernsey">Guernsey</option> <option value="Guinea">Guinea</option> <option value="Guinea-Bissau">Guinea-Bissau</option> <option value="Guyana">Guyana</option> <option value="Haiti">Haiti</option> <option value="Heard and Mc Donald Islands">Heard and Mc Donald Islands</option> <option value="Honduras">Honduras</option> <option value="Hong Kong">Hong Kong</option> <option value="Hungary">Hungary</option> <option value="Iceland">Iceland</option> <option value="India">India</option> <option value="Indonesia">Indonesia</option> <option value="Iran">Iran</option> <option value="Iraq">Iraq</option> <option value="Ireland">Ireland</option> <option value="Isle of Man">Isle of Man</option> <option value="Israel">Israel</option> <option value="Italy">Italy</option> <option value="Jamaica">Jamaica</option> <option value="Japan">Japan</option> <option value="Jersey (Channel Islands)">Jersey (Channel Islands)</option> <option value="Jordan">Jordan</option> <option value="Kazakhstan">Kazakhstan</option> <option value="Kenya">Kenya</option> <option value="Kiribati">Kiribati</option> <option value="Kuwait">Kuwait</option> <option value="Kyrgyzstan">Kyrgyzstan</option> <option value="Lao People's Democratic Republic">Lao People's Democratic Republic</option> <option value="Latvia">Latvia</option> <option value="Lebanon">Lebanon</option> <option value="Lesotho">Lesotho</option> <option value="Liberia">Liberia</option> <option value="Libya">Libya</option> <option value="Liechtenstein">Liechtenstein</option> <option value="Lithuania">Lithuania</option> <option value="Luxembourg">Luxembourg</option> <option value="Macau">Macau</option> <option value="Macedonia">Macedonia</option> <option value="Madagascar">Madagascar</option> <option value="Malawi">Malawi</option> <option value="Malaysia">Malaysia</option> <option value="Maldives">Maldives</option> <option value="Mali">Mali</option> <option value="Malta">Malta</option> <option value="Marshall Islands">Marshall Islands</option> <option value="Martinique">Martinique</option> <option value="Mauritania">Mauritania</option> <option value="Mauritius">Mauritius</option> <option value="Mayotte">Mayotte</option> <option value="Mexico">Mexico</option> <option value="Micronesia, Federated States of">Micronesia, Federated States of</option> <option value="Moldova, Republic of">Moldova, Republic of</option> <option value="Monaco">Monaco</option> <option value="Mongolia">Mongolia</option> <option value="Montenegro">Montenegro</option> <option value="Montserrat">Montserrat</option> <option value="Morocco">Morocco</option> <option value="Mozambique">Mozambique</option> <option value="Myanmar">Myanmar</option> <option value="Namibia">Namibia</option> <option value="Nauru">Nauru</option> <option value="Nepal">Nepal</option> <option value="Netherlands">Netherlands</option> <option value="Netherlands Antilles">Netherlands Antilles</option> <option value="New Caledonia">New Caledonia</option> <option value="New Zealand">New Zealand</option> <option value="Nicaragua">Nicaragua</option> <option value="Niger">Niger</option> <option value="Nigeria">Nigeria</option> <option value="Niue">Niue</option> <option value="Norfolk Island">Norfolk Island</option> <option value="North Korea">North Korea</option> <option value="Northern Mariana Islands">Northern Mariana Islands</option> <option value="Norway">Norway</option> <option value="Oman">Oman</option> <option value="Pakistan">Pakistan</option> <option value="Palau">Palau</option> <option value="Palestine">Palestine</option> <option value="Panama">Panama</option> <option value="Papua New Guinea">Papua New Guinea</option> <option value="Paraguay">Paraguay</option> <option value="Peru">Peru</option> <option value="Philippines">Philippines</option> <option value="Pitcairn">Pitcairn</option> <option value="Poland">Poland</option> <option value="Portugal">Portugal</option> <option value="Puerto Rico">Puerto Rico</option> <option value="Qatar">Qatar</option> <option value="Republic of Kosovo">Republic of Kosovo</option> <option value="Reunion">Reunion</option> <option value="Romania">Romania</option> <option value="Russia">Russia</option> <option value="Rwanda">Rwanda</option> <option value="Saint Kitts and Nevis">Saint Kitts and Nevis</option> <option value="Saint Lucia">Saint Lucia</option> <option value="Saint Martin">Saint Martin</option> <option value="Saint Vincent and the Grenadines">Saint Vincent and the Grenadines</option> <option value="Samoa (Independent)">Samoa (Independent)</option> <option value="San Marino">San Marino</option> <option value="Sao Tome and Principe">Sao Tome and Principe</option> <option value="Saudi Arabia">Saudi Arabia</option> <option value="Senegal">Senegal</option> <option value="Serbia">Serbia</option> <option value="Seychelles">Seychelles</option> <option value="Sierra Leone">Sierra Leone</option> <option value="Singapore">Singapore</option> <option value="Sint Maarten">Sint Maarten</option> <option value="Slovakia">Slovakia</option> <option value="Slovenia">Slovenia</option> <option value="Solomon Islands">Solomon Islands</option> <option value="Somalia">Somalia</option> <option value="South Africa">South Africa</option> <option value="South Georgia and the South Sandwich Islands">South Georgia and the South Sandwich Islands</option> <option value="South Korea">South Korea</option> <option value="South Sudan">South Sudan</option> <option value="Spain">Spain</option> <option value="Sri Lanka">Sri Lanka</option> <option value="St. Helena">St. Helena</option> <option value="St. Pierre and Miquelon">St. Pierre and Miquelon</option> <option value="Sudan">Sudan</option> <option value="Suriname">Suriname</option> <option value="Svalbard and Jan Mayen Islands">Svalbard and Jan Mayen Islands</option> <option value="Swaziland">Swaziland</option> <option value="Sweden">Sweden</option> <option value="Switzerland">Switzerland</option> <option value="Syria">Syria</option> <option value="Taiwan">Taiwan</option> <option value="Tajikistan">Tajikistan</option> <option value="Tanzania">Tanzania</option> <option value="Thailand">Thailand</option> <option value="Timor-Leste">Timor-Leste</option> <option value="Togo">Togo</option> <option value="Tokelau">Tokelau</option> <option value="Tonga">Tonga</option> <option value="Trinidad and Tobago">Trinidad and Tobago</option> <option value="Tunisia">Tunisia</option> <option value="Turkey">Turkey</option> <option value="Turkmenistan">Turkmenistan</option> <option value="Turks & Caicos Islands">Turks & Caicos Islands</option> <option value="Turks and Caicos Islands">Turks and Caicos Islands</option> <option value="Tuvalu">Tuvalu</option> <option value="Uganda">Uganda</option> <option value="Ukraine">Ukraine</option> <option value="United Arab Emirates">United Arab Emirates</option> <option value="United Kingdom">United Kingdom</option> <option value="Uruguay">Uruguay</option> <option value="USA Minor Outlying Islands">USA Minor Outlying Islands</option> <option value="Uzbekistan">Uzbekistan</option> <option value="Vanuatu">Vanuatu</option> <option value="Vatican City State (Holy See)">Vatican City State (Holy See)</option> <option value="Venezuela">Venezuela</option> <option value="Vietnam">Vietnam</option> <option value="Virgin Islands (British)">Virgin Islands (British)</option> <option value="Virgin Islands (U.S.)">Virgin Islands (U.S.)</option> <option value="Wallis and Futuna Islands">Wallis and Futuna Islands</option> <option value="Western Sahara">Western Sahara</option> <option value="Yemen">Yemen</option> <option value="Zambia">Zambia</option> <option value="Zimbabwe">Zimbabwe</option> </select> </div> <div class="mc-field-group input-group"> <strong>You are: </strong> <ul><li><input type="radio" value="Academic" name="MMERGE4" id="mce-MMERGE4-0"><label for="mce-MMERGE4-0">Academic</label></li> <li><input type="radio" value="Policymaker" name="MMERGE4" id="mce-MMERGE4-1"><label for="mce-MMERGE4-1">Policymaker</label></li> <li><input type="radio" value="Researcher" name="MMERGE4" id="mce-MMERGE4-2"><label for="mce-MMERGE4-2">Researcher</label></li> <li><input type="radio" value="Entrepreneur" name="MMERGE4" id="mce-MMERGE4-3"><label for="mce-MMERGE4-3">Entrepreneur</label></li> <li><input type="radio" value="Journalist" name="MMERGE4" id="mce-MMERGE4-4"><label for="mce-MMERGE4-4">Journalist</label></li> <li><input type="radio" value="Other (please specify)" name="MMERGE4" id="mce-MMERGE4-5"><label for="mce-MMERGE4-5">Other (please specify)</label></li> </ul> </div> <div class="mc-field-group"> <label for="mce-MMERGE5">Other </label> <input type="text" value="" name="MMERGE5" class="" id="mce-MMERGE5"> </div> <div class="mc-field-group input-group"> <strong>I'm interested in entrepreneurship in: </strong> <ul><li><input type="checkbox" value="2" name="group[24157][2]" id="mce-group[24157]-24157-0"><label for="mce-group[24157]-24157-0">Sub-Saharan Africa</label></li> <li><input type="checkbox" value="4" name="group[24157][4]" id="mce-group[24157]-24157-1"><label for="mce-group[24157]-24157-1">Middle East and North Africa</label></li> <li><input type="checkbox" value="8" name="group[24157][8]" id="mce-group[24157]-24157-2"><label for="mce-group[24157]-24157-2">Central Asia</label></li> <li><input type="checkbox" value="16" name="group[24157][16]" id="mce-group[24157]-24157-3"><label for="mce-group[24157]-24157-3">South and Eastern Asia</label></li> <li><input type="checkbox" value="32" name="group[24157][32]" id="mce-group[24157]-24157-4"><label for="mce-group[24157]-24157-4">Oceania</label></li> <li><input type="checkbox" value="64" name="group[24157][64]" id="mce-group[24157]-24157-5"><label for="mce-group[24157]-24157-5">Europe (EU)</label></li> <li><input type="checkbox" value="128" name="group[24157][128]" id="mce-group[24157]-24157-6"><label for="mce-group[24157]-24157-6">Europe (non-EU)</label></li> <li><input type="checkbox" value="256" name="group[24157][256]" id="mce-group[24157]-24157-7"><label for="mce-group[24157]-24157-7">North America</label></li> <li><input type="checkbox" value="512" name="group[24157][512]" id="mce-group[24157]-24157-8"><label for="mce-group[24157]-24157-8">Latin America and the Caribbean</label></li> </ul> </div> <div id="mce-responses" class="clear"> <div 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Entrepreneurship in Latvia - GEM Global Entrepreneurship Monitor