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IATA: Aviation accounts for 2% of Latvia's GDP

11-May-2012 7:54 AM

IATA stated (10-May-2012) aviation accounts for 2.0% of Latvia's GDP, and the industry supports jobs for 2.0% of workforce in the country, as per a study commissioned by IATA and undertaken by Oxford Economics. ”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,” said Rafael Schvartzman, IATA VP Europe. IATA noted due to the geographical location of Latvia, air transport is of considerable importance to Latvian export companies in terms of enabling connections and also in offering air cargo transport. Aviation is also a key enabler of tourism to Latvia, and approximately 30% of foreign visitors arrive to the country by air. In 2011, the total number of air passengers arriving or departing from Latvia was 5.1 million, a 10% year-on-year increase. [more - original PR]