Plans in motion to revamp Hare Island

Within a month, public consultations are to start over building a business center on Zaķusala (Hare Island) beside the Latvian Television building, with an estimated €65m to be attracted from investors. The city of Riga meanwhile hopes to use the island to build a fun park complete with a Ferris wheel, reports Latvian Radio.

Rail Baltica residents want route to pass through nature reserve

It is hoped the first trains from Tallinn via Riga to Kaunas and beyond will be rolling through the Baltic landscape in a decade's time -- but meanwhile wrangles about the route of the huge Rail Baltica infrastructure project continue in Latvia, reports Latvian Radio's Zane Mače.

Steelworks buyers still being sought

Potential investors in the insolvent KVV Liepajas Metalurgs steelworks are from other countries, said Latvian Economics Minister Arvils Aseradens (Unity party) in an interview with Latvian public television on August 15.

Does your start-up need seed? Apply here.

The Digital Freedom Festival, in cooperation with the association Latvian Business Angel Network (LatBAN), has issued an invitation to 'pre-seed' startups to submit applications for its November Investment Session.

Unemployment rate down again

Results of the Labour Force Survey conducted by the Central Statistical Bureau (CSB) show that in the 2nd quarter of 2017 the Latvian unemployment rate constituted 8.9 %. 

Compared to the previous quarter, the unemployment rate decreased by 0.5 percentage points, whereas, compared to the same period of the year before – by 0.6 percentage points.

Riga Airport passenger numbers up 10% on year

Preliminary data released by Riga International Airport on its performance in the first seven months of 2017 show that altogether 3.4 million passengers were serviced during the first seven months of the year, which is 10.1% more than in the same period of 2016.

 

Mediation to be sought in row over classified ads website

Representatives of SIA Internet, the company running Latvia’s largest classified advertisement website ss.lv, decided on August 9 to seek a settlement of their dispute with the State Revenue Service with the help of a mediator, ss.lv lawyer Maris Rukers told LETA.

Latvia's export of goods rises 10.3%, import 13.9% in H1

According to data by the Central Statistics Office, Latvia's exports value in the first half of this year constituted €5.39 billion (an increase of €501.5m or 10.3%), whereas the imports value comprised €6.62 billion (an increase of €810.6m or 13.9%).

Latvia sees butter 'bubble'

Just like many other countries across the EU, Latvia is experiencing a butter 'bubble' that prompts some people to buy out store stocks of butter and the rest to churn out mixed metaphors and lazy puns. 

Annual inflation at 2.6% in July

The latest data of the Central Statistical Bureau (CSB) show that during in July 2017, compared to July 2016 the average level of consumer prices increased by 2.6 %.

Prices of goods grew by 2.6 % and prices of services by 2.9 %.

Baltic economies have outperformed expectations, says ECB

A report by the European Central Bank touts Baltic and Slovakian achievements in moving towards achieving economic parity with the rest of the EU. The report notes that the Baltic states have significantly outperformed initial expectations but does warn that challenges are ahead should the countries wish to remain on the current path of success.

Riga road repair ructions revived

Less than a year after Latvia's social media went into meltdown over chaotic road repairs on Barona iela, one of Riga's main streets, the process is repeating itself on Brivibas iela, the capital's most important and famous thoroughfare, as well as other important arteries such as Elizabetes iela, home to many hotels.

Cross-border jobs project launched

Minister of Welfare Janis Reirs participated in the opening of a new cross-border labor market integration and employment promotion project August 3.,

Industrial production output up nearly 8% in June

Data compiled by the Central Statistical Bureau (CSB) show that, compared to June 2016, in June 2017 industrial production output increased by 7.8 % (according to calendar adjusted data at constant prices). 

Revenue service halts business of classifieds website

The State Revenue Service (VID) has halted the business of the company behind the hugely popular ss.lv classifieds/personal ads website, Latvian Television reports. After VID revealed it had asked to shut down the website domain, the website now redirects its users to ss.com, what appears to be a hastily re-branded version of the previous site.

Budget surplus recorded for first half of year

Despite a EUR19.3 million deficit in the Latvian general government consolidated budget in June this year, Latvia closed the first half of 2017 with a budget surplus of EUR 230.7 million, the Finance Ministry said July 31.

Latvia's second quarter GDP growth 4.1% on year

According to flash estimates by Latvia's Central Statistics Office, in the 2nd quarter of 2017, compared to the corresponding period of 2016, GDP grew by 4.1 % according to seasonally and working days non-adjusted data and by 4.8 % according to seasonally and working days adjusted data.

Decent retail sector growth in June

Calendar adjusted data (at constant prices) compiled by the Central Statistical Bureau (CSB) show that, compared to June 2016, total retail trade turnover in June 2017 rose by 3.1 %. Turnover of retail trade in food products increased by 1.0 %, while turnover of retail trade in non-food products grew by 4.7 %.