Latvia: New businesses registered (number)

Key figures

What the numbers say

In 2024, Latvia's new businesses registered (number) rose 5.5% on 2023 (from 7,792 to 8,218).

Across the 17 yearly changes before that (2007 to 2023), the average change was −0.3% and a typical year strayed about 22.3% from that (the standard deviation). This year's change was 0.3 standard deviations above that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.

On record, the biggest yearly rise was 65.7% in 2010 and the biggest yearly fall was 24.8% in 2008. The numbers show how large and when, not why; for the cause, look at what happened in that country in those years.

From 2015 to 2024 the straight-line trend is downward, about 428 a year. A straight line explains 77% of the movement over 10 observed years.

Worked out from the yearly values above. How the checks work: standard deviation, z-scores and straight-line trends.

How it compares

In 2024, Latvia had the 76th highest value of the 127 economies reporting that year. Higher is not always better: for some indicators the lowest value is the one to aim for. See the full ranking.

Closest to Latvia in the 2024 ranking

• Serbia — 73rd of 127: 8,788
• Armenia — 74th of 127: 8,381
• Kuwait — 75th of 127: 8,357
• Lao PDR — 77th of 127: 7,941
• Paraguay — 78th of 127: 7,915
• Cabo Verde — 79th of 127: 7,719

What this measures

New businesses registered are the number of new limited liability corporations (or its equivalent) registered in the calendar year.

Limitations: The definition of entrepreneurship used is limited to the formal sector. Yet, it should be noted that the exclusion of the informal sector is based on the difficulties of quantifying the number of firms that compose it, rather than on its relevance for developing economies. Data collected from economies categorized as offshore financial centers by Eurostat are excluded from the analysis, because registered entities in these countries may not fit the objective of the Entrepreneurship Database aiming at measuring formally registered companies with actual economic activities.

All 19 values

New businesses registered (number) in nearby economies

• Albania — 4,126 (2024)
• Armenia — 8,381 (2024)
• Austria — 5,982 (2023)
• Azerbaijan — 14,215 (2024)
• Belarus — 7,820 (2022)
• Belgium — 39,772 (2023)
• Bosnia and Herzegovina — 3,369 (2024)
• Bulgaria — 42,783 (2024)
• Croatia — 14,324 (2024)
• Cyprus — 14,444 (2024)
• Czechia — 29,877 (2024)

More private sector & trade data for Latvia

• Merchandise imports (current US$) — US$26.28 billion (2025)
• Commercial service imports (current US$) — US$7.26 billion (2025)
• Merchandise exports (current US$) — US$22.12 billion (2025)
• Commercial service exports (current US$) — US$9.31 billion (2025)
• Merchandise imports from low- and middle-income economies outside region (% of total merchandise imports) — 5.58% (2023)
• Merchandise imports from low- and middle-income economies in East Asia & Pacific (% of total merchandise imports) — 4.64% (2023)
• Merchandise imports by the reporting economy, residual (% of total merchandise imports) — 0.00497% (2023)
• Merchandise imports by the reporting economy (current US$)

Reading data like this

• Where to find free public data, and how to check it before you trust it — 2 min read
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• Real change or random noise? A plain guide to reading your numbers — 2 min read

Questions people ask

What is Latvia's new businesses registered (number)?

8,218 in 2024, according to the World Bank (World Development Indicators).

How has it changed since 2006?

It is down 27.65% from 11,358 in 2006 (1.78% a year on average, compounded). The highest value was 16,941 in 2011 and the lowest 7,253 in 2009.

How does Latvia rank?

76th highest of 127 economies with data for 2024.

Is the latest change in new businesses registered (number) unusual for Latvia?

In 2024, Latvia's new businesses registered (number) rose 5.5% on 2023 (from 7,792 to 8,218). Across the 17 yearly changes before that (2007 to 2023), the average change was −0.3% and a typical year strayed about 22.3% from that (the standard deviation). This year's change was 0.3 standard deviations above that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.

Source

World Bank, World Development Indicators, indicator IC.BUS.NREG, licensed CC BY 4.0. Original source: Entrepreneurship Database, World Bank (WB), uri: https://www.worldbank.org/en/programs/entrepreneurship Figures are fetched from the World Bank API and refreshed monthly; see the series on data.worldbank.org. The full definition and method are in the World Bank's metadata glossary. Comparisons use the same World Bank release.

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