The economy of Estonia is an advanced economy and the country is a member of the European Union and the eurozone. Estonia's economy is heavily influenced by developments in the Finnish and Swedish economies.
Latvia, officially the Republic of Latvia, is a country in the Baltic region of Northern Europe. It is one of the Baltic states. It borders Estonia to the north, Lithuania to the south, Russia to the east, and Belarus to the southeast and shares a maritime border with Sweden to the west. Latvia covers an area of 64,589 km2 (24,938 sq mi), with a population of 1.9 million. The country has a temperate seasonal climate. Its capital and largest city is Riga. Latvians belong to the ethno-linguistic group of the Balts and speak Latvian, one of the only two surviving Baltic languages. Russians are the most prominent minority in the country, at almost a quarter of the population.
The economy of Latvia is an open economy in Europe and is part of the European Single Market. Latvia is a member of the World Trade Organization (WTO) since 1999, a member of the European Union since 2004, a member of the Eurozone since 2014 and a member of the OECD since 2016. Latvia is ranked the 14th in the world by the Ease of Doing Business Index prepared by the World Bank Group. According to the Human Development Report 2011, Latvia belongs to the group of very high human development countries. Due to its geographical location, transit services are highly developed, along with timber and wood processing, agriculture and food products, and manufacturing of machinery and electronic devices.
Riga is the capital and largest city of Latvia, as well as the largest city in the Baltic states, and is home to 605,802 inhabitants which is a third of Latvia's population. The population of Riga metropolitan area, which stretches beyond the city limits, is estimated at 860,142. The city lies on the Gulf of Riga at the mouth of the Daugava river where it meets the Baltic Sea. Riga's territory covers 307.17 km2 (118.60 sq mi) and lies 1–10 m (3.3–32.8 ft) above sea level, on a flat and sandy plain.
The northern region of Europe has several definitions. A restrictive definition may describe Northern Europe as being roughly north of the southern coast of the Baltic Sea, which is about 54°N, or may be based on other geographical factors such as climate and ecology.
The Baltic states or the Baltic countries is a geopolitical term encompassing Estonia, Latvia, and Lithuania. All three countries are members of NATO, the European Union, the Eurozone, and the OECD. The three sovereign states on the eastern coast of the Baltic Sea are sometimes referred to as the "Baltic nations", less often and in historical circumstances also as the "Baltic republics", the "Baltic lands", or simply the Baltics.
The economy of Europe comprises about 748 million people in 50 countries. The formation of the European Union (EU) and in 1999 the introduction of a unified currency, the Euro, brought participating European countries closer through the convenience of a shared currency. The European Union is a unique global organisation, an entity forming one of the largest economies in the world. The European Union also “regulates” the global market by the single market. The difference in wealth across Europe can be seen roughly in the former Cold War divide, with some countries breaching the divide. Whilst most European states have a GDP per capita higher than the world's average and are very highly developed, some European economies, despite their position over the world's average in the Human Development Index, are relatively poor. Europe has total banking assets of more than $50 trillion and its Global assets under management has more than $20 trillion.
The economy of the European Union is the joint economy of the member states of the European Union (EU). It is the third largest economy in the world in nominal terms, after the United States and China, and the third one in purchasing power parity (PPP) terms, after China and the United States. The European Union's GDP estimated to be around $16.6 trillion (nominal) in 2022 representing around one sixth of the global economy. Germany has by far the biggest national GDP of all EU countries, followed by France and Italy.
The European Geography Association (EGEA) is an association encouraging European students to engage with geography through hands-on learning experiences. EGEA provides exchange programs and excursions to facilitate connection between European students and others from across the globe.
The following outline is provided as an overview of and topical guide to Latvia:
The following outline is provided as an overview of and topical guide to Lithuania:
The economy of Lithuania is the largest economy among the three Baltic states. Lithuania is a member of the European Union and belongs to the group of very high human development countries and is a member of the WTO and OECD.
Estonia, officially the Republic of Estonia, is a country by the Baltic Sea in Northern Europe. It is bordered to the north by the Gulf of Finland across from Finland, to the west by the sea across from Sweden, to the south by Latvia, and to the east by Lake Peipus and Russia. The territory of Estonia consists of the mainland, the larger islands of Saaremaa and Hiiumaa, and over 2,200 other islands and islets on the eastern coast of the Baltic Sea, covering a total area of 45,339 square kilometres (17,505 sq mi). The capital city Tallinn and Tartu are the two largest urban areas of the country. The Estonian language is the indigenous and the official language of Estonia; it is the first language of the majority of its population, as well as the world's second most spoken Finnic language.
