Economy of Latvia

The economy of Latvia is like a big piggy bank that people put money in when they work and take money out when they need to buy things. The piggy bank is called GDP, which means all the money that everyone earns in Latvia in one year. The more money people put in the piggy bank, the bigger it gets and the more things people can buy with it.

Latvia has a lot of different things that go into the piggy bank, like companies that make things and sell them to other countries (export). These can be things like cars, electronics, or clothing. Latvia also has some natural resources, like timber and fish, which can be sold to other countries too.

But, just like in any piggy bank, sometimes people take out more money than they put in. This happens when Latvia buys things from other countries (import) that it can't make or get on its own. For example, Latvia doesn't have any oil, so it has to buy it from other countries.

Overall, as long as more money is put in the piggy bank than taken out, Latvia's economy will grow and people will have enough money to buy the things they need and want. However, if more money is taken out than put in, the piggy bank will get smaller and people might not be able to afford as many things as before.