The Latvian economy is a small, open economy located in the Baltic region of Europe. It has experienced significant growth since regaining independence in 1991, transitioning from a centrally planned system to a market-oriented one. Key sectors include manufacturing, services, and agriculture, with a focus on exports, particularly in timber, machinery, and food products. Latvia is a member of the European Union and the Eurozone, which has helped stabilize its economy and attract foreign investment. The country has a skilled workforce and a growing technology sector, contributing to its overall economic development and resilience against global economic fluctuations.