Outsourcing rates by profession ($/hour)
Indicative blended rates for senior-level specialists.
| Profession | Min | Max | Avg |
|---|---|---|---|
| Business Analyst | 66 | 91 | 85 |
| Project Manager | 61 | 88 | 78 |
| Scrum Master | 71 | 83 | 74 |
| Graphic Designer | 61 | 80 | 74 |
| DevOps | 72 | 89 | 81 |
| Lead Developer | 79 | 92 | 89 |
| Junior Developer | 41 | 60 | 47 |
| Intermediate Developer | 55 | 73 | 61 |
| Senior Developer | 79 | 86 | 81 |
| Junior QA (Manual) | 30 | 50 | 39 |
| Intermediate QA (Manual) | 48 | 67 | 50 |
| Senior QA (Manual) | 55 | 69 | 55 |
| Junior QA (Automated) | 37 | 57 | 45 |
| Intermediate QA (Automated) | 50 | 71 | 54 |
| Senior QA (Automated) | 63 | 83 | 70 |
General information
Currency
LVL
GDP growth%
4.1
Population
1.884 million (2021)
Time zone
GMT+2
Region
The Baltics
Scorecard
160 country assessments, drawn up on the basis of macroeconomic, financial and political data, are made freely available.
Regularly updated, they provide an estimate of the average credit risk on a country’s businesses. This is an invaluable tool, giving an indication of a country’s potential influence on businesses’ financial commitments.
Our analyses use a eight-level ranking. In ascending order of risk, these are
Source linkcoface.com/Economic-Studies-and-Country-RisksOverall readiness
Software outsourcing readiness
Technology capabilities
Mobile and Web Apps
E-government Portals
Key industries
Economic overview
Political Stability
0.70The likelihood of political instability and/or politically motivated violence, including terrorism, is rated on a scale of approximately -2.5 to 2.5, where the score of -2.5 represents the highest perceived risk, and the score of 2.5 represents the lowest perceived risk.
Democracy status
7.31A global ranking based on political factors such as elections, government, participation, culture, and civil liberties.
Business climate
Very goodA comprehensive evaluation of the business environment, including access to and accuracy of corporate financial information and the strength of creditor protection through fair and effective resolution of unpaid debts through the local legal system.
Risk assessment
HighAn assessment of the average risk of non-payment for companies, determined by economic, financial, and political factors.
Figures are indicative and compiled from public indices. See our disclosure for methodology and sources.
Overview
Latvia is a country located in the Baltic region of Northern Europe, with a population of around 1.9 million people. It has a rich cultural heritage and a diverse economy, with a mix of industries and sectors.
Latvia has a developed and diversified economy that is transitioning from a planned economy to a market-based one. It has a relatively small industrial sector, with a focus on the production of food, machinery, and electronics. The service sector is the largest contributor to the country's GDP and includes sectors such as tourism, finance, and information technology. The Latvian economy has been growing steadily in recent years, but it remains vulnerable to external shocks and relies heavily on foreign trade and investment.
The IT sector is a significant contributor to the Latvian economy, with a focus on software development, internet and telecommunications, and e-commerce. The country is home to many startups and IT companies, and its government has made significant investments in the development of the sector. Latvia is known for its highly skilled workforce and competitive labor costs, making it an attractive destination for foreign investment in the IT industry.
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