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The number of companies whose annual turnover exceeded EUR 145,000 rose 3.6% from 2017 to 23,721 last year. Such companies made up 18.4% of all companies submitting their annual reports, and their aggregate turnover accounted for 95.1% of the combined turnover of all companies submitting their annual reports.

LETA board member Juris Mendzins said that last year Latvia saw the steepest growth in the past seven years - Latvia's gross domestic product (GDP) increased by 4.6% from 2017. Investment and construction sector, as well as ICT services ensured the biggest growth.

He said that turnover of Latvia's largest companies rose steeper than GDP - by 7.2%, which means that the largest companies play a significant role in the country's economic development.

"In the future we hope for a bigger increase of turnover of Latvia's manufacturers, exporters of services, especially knowledge-based companies, and a respective GDP growth because this is the added value created in Latvia," said Mendzins.

Like a year before, Uralkali Trading, a subsidiary of Russian mineral fertilizers producer Uralkalij, last year was the leader of the manufacturing sector with EUR 1.944 bn in annual turnover, down 5.4% y-o-y.

Rimi Latvia retailer was second with a EUR 893.692 mln turnover and Uralchem Trading mineral fertilizers wholesaler was third with a turnover of EUR 885.098 mln. 

The Top-ten of Latvia’s largest enterprises also includes Maxima Latvija retail company with EUR 776.624 mln in annual turnover, Severstal Distribution with EUR 675.95 mln, Orlen Latvija fuel wholesaler with EUR 560.245 mln, Latvenergo power utility with EUR 435.199 mln, Circle K Latvia fuel retailer with EUR 425.01 mln, Elko Grupa IT wholesaler with EUR 424.915 mln, Latvian national carrier airBaltic with EUR 400.363 mln in annual turnover. 

The companies reporting the steepest turnover growth in 2018 included Severstal Distribution (70.3%), Orlen Latvija (21.5%) and Latvijas Valsts Mezi state forest manager (20.8%).

Of Latvia’s 20 largest companies, four companies reported a turnover drop - Uralkali Trading (5.4%), Latvenergo (12.7%), Elko Grupa (2.6%), and Sadales Tikls (0.1%).

Latvian Business Annual Report offers an overview of leading Latvian companies based on the data in their annual reports as well as commentaries and forecasts by experts.