High Quality Content by WIKIPEDIA articles! Until the middle of 2008, Latvia had the fastest developing economy in Europe. In 2003, GDP growth was 7.5% and inflation was 2.9%. Unemployment was 9% in 2003 - 2005; however, in 2009 it rose to 23% and is the highest in the European Union. Privatization is mostly complete, except for some of the large state-owned utilities. On May 1, 2004, Latvia joined the European Union.