The subject of the article is empirical analysis of the impact of economic activity on the economic development and opportunities of regions of Latvia. For the period from 2005 until 2010, the development of 6 Latvian statistical regions (NUTS III) was analyzed on the basis of data issued by the Central Statistical Bureau of Latvia. The results of analysis can be used as a basis not only for the assessment of the theoretical framework, i.e., whether or not they comply with the Latvian case. Understanding the impact of economic activity on the region is significant for any local government, as well as at the regional and national level (e.g., support measures for entrepreneurship planning) to make it possible to identify the most urgent areas and objectively prioritize them and hence - to ensure sustainable economic development in the regions.