Categories: Economy

Latvian Economy after Brexit

There are no direct indications that the United Kingdom’s decision to leave the EU would have a long-lasting impact on the economy and financial markets, said Valdis Dombrovskis, Vice-President of the European Commission, as reported by Latvian Radio. Mr Dombrovskis told Latvian Radio that instability in financial markets was only to be expected following the vote. “However, […]

Latvia’s GDP Increases 2.5% in Q2

In the second quarter of 2014 as compared to the second quarter of 2013, Latvia’s gross domestic product increased by 2.5 percent. The GDP was affected by the value increase of 4 percent in retail trade. Increase in construction accounted for 16 percent. In services (except trade) and in manufacturing the indicator stayed at the […]

”Stenders” Turnover Reaches 27 Million Euros in 2013

Latvian cosmetics manufacturer ”Stenders” has significantly increased its retail trade, achieving a turnover of 27 million euros – up by 17 percent from last year. “Stenders” has opened 43 new stores around the world in 2013, reaching a total of 230 stores across 22 countries and is now planning to open its first store in […]

“Latvijas Balzams” Turnover Exceeds 100 Million Euros in 2013

Latvian liquor and beverage producer ”Latvijas Balzams” has operated with a turnover of 101.1 million euros in 2013, by 1.5 percent more comparing to the previous year, reaching a 5.7 million euro profit. The Company expects a further increase in turnover by 14 percent this year. The total amount paid to the state in taxes […]

cargo ship in Latvia

33 foreign companies entered Latvian market last year

According to the statistics of Latvian Investment and Development Agency last year, 33 foreign companies entered the Latvian market, according to information from the Investment and Development Agency of Latvia. In entering the Latvian market, these investors are expected to create approximately 1 601 new jobs, and well as make approximately EUR 81.23 million in […]

Latvia Joins the Euro Zone!

With the arrival of 2014 Latvia has joined the Eurozone and the Euro has become the official currency of the country. Shortly after midnight on New Year’s Eve the Prime Ministers of Latvia and Estonia, Valdis Dombrovskis and Andruss Ansip, as well as Minister of Finance Andris Vilks, and President of the Bank of Latvia […]

3rd Quarter Indicates Rise in Wages

The latest data compiled by the Central Statistical Bureau of Latvia show that, as compared to the corresponding periods of the previous year, average wages and salaries in the 3rd quarter of 2013 have risen faster than in the first two quarters of 2012. In the 3rd quarter of this year, average gross wages and salaries in the […]

Tragedy in Riga that is beyond comprehension… November 21, 2013

The past few days have been filled with unbearable sadness for everyone in Latvia. Monday, November 25, marks the third and final day of mourning in our country, following a tragedy when a roof caved in a shopping centre, during its busiest hours on November 21, resulting in 54 casualties and dozens of people injured. […]

In Latvia Exports Up 3.3% in Jan-Sep

Compared to the first nine months of 2012, export of goods (at current prices) during January-September of 2013 has grown by 165 million lats (EUR 234.7 million) or by 3.3%, according to provisional data compiled by the Central Statistical Bureau of Latvia Meanwhile imports have grown by 33.9 million lats (EUR 48.3 million) or by […]

Unemployment in Latvia Drops to 9.1% in Early November 2013

The unemployment rate in Latvia has dropped to 9.1% in early November, said the National Agency for Employment (NVA) director Inese Kalvane in an interview with the Latvian public radio on Monday. She said that the unemployment level is comparatively low. „Since the beginning of the crisis, the unemployment level has dropped two-fold,” she said. […]

EBRD Will Focus on Support for Entrepreneurship in Latvia

During a meeting with Prime Minister of Latvia Valdis Dombrovskis, President of the European Bank for Reconstruction and Development Sir Suma Chakrabarti confirmed that the EBRD plans to focus on business support projects in Latvia. The President of the EBRD confirmed that he plans to visit Latvia with this objective this year, in order to […]

General Government Budget Deficit in 2012 Has Dropped to 1.3 % of GDP

General government budget deficit at the end of 2012 comprised LVL 203.3 (EUR 289.3) million or 1.3 % of the Gross Domestic Product (GDP), and the general government debt comprised LVL 6,305.8 (EUR 8,972.4) million or 40.6 % of GDP. According to the results of the October 2013 general government budget deficit and debt notification […]

Latvia to Have Greatest Economic Growth in Central and Eastern Europe – IMF

The International Monetary Fund (IMF) predicts Latvia will have the biggest economic growth among Central and Eastern European countries in 2013 and 2014. In its World Economic Outlook projections published October 8, the IMF forecasts a 4% Gross Domestic Product (GDP) increase for Latvia in 2013, as well as a 4.2% growth in 2014. Meanwhile […]

Producer Prices Stable, Exert No Upward Pressure on Consumer Prices

Producer price dynamic is exerting no upward pressure on consumer prices. In August 2013, the prices of manufacturing products sold on the domestic market were  1.8% higher than a year ago. The slightly higher total rise in the prices of manufacturing products  (by 1.9%) was determined by the rising prices of export goods (by 2.0%). […]

Euro Conference Latvia Takes Place in Rīga

On September 12 the Euro Conference Latvia took place in Rīga, during which the economic policy makers and economists of Latvia and the European Union discussed development of the euro area and improvement of its governance. This is a historic moment for Latvia, which on 1 January 2014 will become the 18th member of the […]

Latvia Registers Biggest GDP Increase in Q2 among EU Members – Eurostat

Latvia has had the biggest growth of gross domestic product (GDP) among the 27 European Union (EU) states in the second quarter of 2013, Eurostat reports. The change, compared with the same quarter of the previous year, shows a 4.3% increase, based on seasonally adjusted data. Concluding the TOP3, Latvia is closely followed by its […]

Number of Visitors in Latvian Hotels Increase 10,5% in Q2

According to the data of Central Statistical Bureau, the number of visitors in hotels and other accommodation establishments in the second quarter of this year comprised 471 200 people, which is 10.5% more than in the same period of the last year. In total there were 8.6% more visitors in the first half of 2013 […]

Unemployment in Latvia to Drop Close to 8% After 2016

The unemployment rate in Latvia will be approaching 8 percent after 2016 but the problem of labour force shortage will become more obvious, the Economics Ministry said in its latest report about the national economic development. The ministry expects the number of job seekers in Latvia to drop to 12 percent of the economically active […]

Unusually Low Inflation Expected in 2013

The slightly positive (+0,2%) annual inflation in June 2013 mostly reflected the base effect of the unprocessed food prices, while other factors contributed to a year-on-year drop. Favourable dynamics of the global food prices persist. Moreover, this year’s grain harvest is expected to be better than in the 2012/2013 marketing year, with the price dynamics […]

Industrial Production Output up 2,2% in May

Latest seasonally adjusted data (at constant prices) compiled by the Central Statistical Bureau of Latvia show that, in comparison with April, industrial production output in May has increased by 2.2%. Of which in mining and quarrying – by 8.3%, in manufacturing – by 1.4%, and in electricity and gas supply – by 1.8%. The most […]

Retail Trade Turnover Increased 8% in May

Compared to May 2012, total retail trade turnover in May of this year rose by 8%, according to calendar adjusted data at constant prices of the Central Statistical Bureau. A rise in the food commodity group comprised 2.9%, but in non-food commodity group – 11.7%, of which retail sale of automotive fuel –16.7%. The most […]

The Pulse of Trade Stable, Immunity Good, Bank of Latvia economist Agnese Bičevska. From the beginning of the year, retail trade has been demonstrating a stable rhythm of change – just like an EKG: a rise in January, a drop in February, a rise in March, a drop in April. May data were published today and they once again point to […]

Standard & Poor’s raises Latvia’s credit rating

Ministry of Finance Last week one of the largest international rating agencies Standard & Poor’s raised Latvia’s credit rating by one degree. The assessment of the country for long-term and short-term obligations in the local and foreign currency was raised from “BBB” to “BBB+” with a stable rating forecast for the future. “It was forecasted […]

GDP Up 3.6% in Q1

Central Statistical Bureau Data compiled by the Central Statistical Bureau (CSB) show that Gross Domestic Product (GDP) at current prices in the 1st quarter of 2013 was 3.597 billion lats. According to seasonally non-adjusted data, in the 1st quarter of 2013, compared to the 1st quarter of 2012, GDP has grown by 3.6%, but, according […]

Consumer Prices Drop 0.1% in May

Central Bureau of Statistics Latest data compiled by the Central Statistical Bureau of Latvia show that compared to May 20121, the average level of consumer prices in May 2013 has reduced by 0.1%. Prices of both goods and services have diminished by 0.1%. The average level of consumer prices during the last 12 months has […]

Retail Trade Turnover up 6,2% in April

Latvian Institute Compared to April 2012, the total retail trade turnover in April of this year increased by 6,2%, according to calendar adjusted data at constant prices, the Central Statistical Bureau reports. The rise in the food commodity group comprised 2,8%, while retail trade in non-food products increased by 8,4%, of which retail sale of […]

Wages and Purchasing Power on the Rise

Central Bureau of Statistics Data compiled by the Central Statistical Bureau of Latvia show that the average wages and salaries in the country are growing for the third year in a row. Compared to the first quarter of the previous year, gross wages and salaries in the 1stquarter of 2013 have increased by 4.2% (from […]

Investors Acknowledge Progress Achieved in Latvia’s Business Environment

State Chancellery On Friday, May 31, during the 17th meeting of the Government of Latvia and the Foreign Investors Council in Latvia investors acknowledged the economic development of Latvia and encouraged further implementation of a progressive policy aimed at improving the investment environment.  Regarding the priorities of the Government for the upcoming year the Latvian […]

Hotel Activity in Latvia Up 5,9% in Q1

Central Bureau of Statistics The number of visitors in hotels and other accommodation establishments in the first quarter of 2013 comprised 301 300 people – 5,9% more than in the first quarter of 2012. Of the hotel visitors 34,3% were residents of Latvia and 65,7% – foreign tourists. The number of foreign visitors grew by […]