A characteristic feature of Ventspils economy is the high development level compared to that of Latvia in general. At the moment, employment indicators (lower unemployment, higher employment) and indicators on income (higher average salary) suggest that Ventspils has created a favourable environment for business development.
Gross domestic product (GDP) referring to the market value of all final goods and services produced by the public and private sector of certain territory within a year is considered the key indicator of economic growth. As of year 2008, GDPs of republic cities are no more being calculated. Consequently, one can only follow the dynamics of Ventspils GDP until 2007. Starting from 2008, Ventspils indicators are being added to those of Courland region and the Republic of Latvia.
In 2007, Ventspils nominal GDP was 327.87 million lats (7.9% increase compared to year 2006). Ventspils GDP of 2007 per capita was LVL 7,530, i.e. 16% higher than Latvia's average GDP per capita (LVL 6,493) and 51% higher than Courland region's average GDP per capita (LVL 4,979). Among cities, Ventspils recorded the second best indicator after Riga (LVL 11,163).
Other indicators of economic growth are non-financial investment and comparative index; like GDP, since 2007 they are no more being calculated in regard to each city separately. Non-financial investment in Ventspils in 2006 was 155.4 million lats; in 2007 it was 149.2 million lats (Central Statistical Bureau of Latvia (CSP), On Key Indicators of Structural Business Statistics. Latvia 2009). Ventspils non-financial investment per capita was the highest in Latvia. Non-financial investment per capita in Latvia in 2006 was LVL 1,810.1, in Riga – LVL 2,816.5, in Ventspils – LVL 3,568.8; in 2007 it was LVL 1,939.5 in Latvia, LVL 2,926.2 in Riga, and LVL 3.445.8 in Ventspils (State Regional Development Agency, Regional Development in Latvia. Latvia 2009).
In 2009, Ventspils had almost 2,000
