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As in any country, Latvia's human resources are defined by its population. The total population of Latvia is approximately 1 986 000 people. Of them, the working-age population, ie people aged 15-64, accounts for about 64% - 1 271 040 people. About 14% are children under the age of 15 – 278 040 people. The rest of them, 22%, are retired or pensioners - 436 920.
The unemployment rate in Latvia is around 9.5% (2016). This means that out of 1,271,040 people, 90.5% are working - 1,150,291 people. These are the same people who could be considered the consumers with the greatest purchasing potential. 120 749 people (this 9.5% of the unemployed) are potential workers or workers. The under-15s are potential workers (looking ahead) but unlikely consumers. In Latvia, state pensions are not high, making pensioners more likely to be potential customers and an unlikely labor force.
Languages The official language of Latvia is Latvian, so all official documents (e.g. when founding a company) must be submitted in Latvian. Most contracts are also signed in Latvian, although certified translations are often available when dealing with foreign clients or partners. Latvian is also a primary language for transactions and marketing.
Another important language is Russian, due to the historical connections between Latvia and Russia. Although it is not recognized as a minority language and is not used officially (e.g. on most price tags), it is recommended to use Russian as an adjunct to Latvian advertising, as the Russian-speaking population accounts for about 39% of the total population - a significant number of Customers.
Public holidays Latvia has 14 public holidays, two of which always fall on Sundays and are not deducted from the working week. This number of public holidays is roughly in line with the European average, and due to the common culture they are also mostly the same: Christmas Eve, Midsummer, Easter, etc. As in other European countries, Latvian customers tend to make a lot of purchases before the public holidays, especially before more traditional public holidays like the midsummer festival.