Latvia for the next 45 years. The peaceful Singing Revolution, starting in 1987, called for Baltic emancipation from Soviet rule and condemning the Communist regime's illegal takeover. It ended with the Declaration on the Restoration of Independence of the Republic of Latvia on 4 May 1990, and restoring "de facto" independence on 21 August 1991. Latvia is a democratic sovereign state, parliamentary republic and a very highly developed country according to the United Nations Human Development Index. Its capital Riga served as the European Capital of Culture in 2014. Latvian is the official language. Latvia is a unitary state, divided into
History of Latvia to capital investment projects. Around 15% of income was generated by state spirits monopoly. The restoration of industry was more complicated. Before World War I 80% of industrial production was made for internal Russian Empire markets. Trade agreement with Soviet Union was signed in 1927 but did not result in high trade volumes. By the end of 1920s Latvia's largest export markets were Germany (35,6%), United Kingdom (20,8%), France, Belgium, Netherlands (22,9%). Latvia had to import almost all of modern machinery and fuels. In 1929 Latvia had 3 state owned banks, 19 private banks, 605 credit unions and many more