Latvia’s economy experienced GDP growth of more than 10% per year during 2006-07; but entered a recession as a result of unsustainable current account deficit and large debt exposure amid the softening world economy. The majority of companies, banks, and real estate have been privatized, although the state still holds sizable stakes in a few large enterprises. (CIA World Factbook)
Major Latvian owned companies:
Grindex is the leading pharmaceutical company in the Baltic States. Grindex operates in 13 countries - Lithuania, Estonia, Russia, Kazakhstan, Georgia, Azerbaijan, Uzbekistan, Ukraine, Byelorussia, Moldova, Poland, Hungary and Check Republic. Company products are being exported to more than 40 countries all over the world.
The only natural-gas transmission, storage, distribution, and sales operator in Latvia. The company supplies of natural gas to 440,000 customers in Latvia, and during heating season, (from the Inčukalns Underground Gas Storage Facility), to Estonia, northwestern Russia, and Lithuania.