Economic research group, Oxford Economics, recently conducted and produced a research document detailing contributions made to Latvian GDP from Latvia’s International Air Transportation Association (IATA).
In their report Oxford Economics acknowledged and thanked the IATA whom had been instrumental in providing key information and statistics regarding the aviation industry. Through their detailed research with data relating to the 2010 calendar year, Oxford Economics summarised that aviation accounts for 2.0 percent of Latvia’s GDP and provides 18,600 jobs which represents 2.0 percent of the workforce in Latvia.
Latvia is already a demographically favourable location for cargo transportation logistics provided by Riga Port and supported by Latvian aviation, but 30 percent of tourism is catered for by aviation, tourism is also a growing and recognised contributor to the Latvian economy. Last year in 2011 the total count of air passengers arriving and departing from Latvia was 5.1 million, up 10 percent from 2010 figures.
IATA Vice President Europe Rafael Schvartzman said”A productive and efficient aviation industry plays a pivotal role in driving development of today’s global economy through critical connections for both passengers and air freight. Latvia has a medium high measure of connectivity by air relative to its economic size. It could therefore increase its economic growth and Foreign Direct Investment by improving its air connectivity with positive economic measures towards aviation”.
