Latvia is one of the growing economies in Europe. Its one of the trading center and financial hub also. Latvia has been engaged in transforming the state-run economy, inherited from its years as a Soviet republic, into a market economy Latvia is an important industrial center; industry employs about 20% of the workforce. The nation's industries are extremely diversified and include food processing and the manufacture of buses, vans, street and railroad cars, synthetic fibers, agricultural machinery, fertilizers, electrical appliances, electronics, pharmaceuticals, and textiles. Distilling and shipbuilding are also significant, and tourism has developed as a source of foreign income. Exports include wood and wood products, machinery, metals, textiles, and foodstuffs.