Economy
Central Statistical Bureau (CSB) provisional data published March 11 show that in January 2024 Latvia had a foreign trade turnover of EUR 3.24 billion (at current prices 8.6 % lower than a year ago).
Normunds Orleāns, a former employee of the political party Unity's office, has approached law enforcement, saying the political force paid him and at least ten other office workers so-called envelope wages, or unreported cash wages for which taxes are not paid, TV3's “Nothing Personal” broadcast and LETA reports.
Latvian commercial banks have thousands of accounts whose owners are dead. Because the leftover balance in the accounts is small, relatives do not form inheritance and the money is left where it was. Banks have to keep the money for 60 years before it can be transferred to the bank's income. The Finance Latvia Association calls for simpler legislation in the matter, Latvian Radio reported on March 8.
Central Statistical Bureau calendar adjusted data at constant prices, published March 7, show that, compared to January 2023, in January 2024 industrial production output1 fell by 5.0 %.
It will be prohibited to import a range of fruits and vegetables from Russia and Belarus into Latvia. This is due to the regulations adopted by the government on Tuesday, March 5, which determine certain products that will not be allowed into Latvia from Russia and Belarus. The ban on imports of the products in question will come into force as early as Friday, March 8.
One of the challenges of the shadow economy plan is to monitor cash flow more closely at ATMs. The State Revenue Service (VID) is not interested in every cash deposit but only in illogical cases, the new head of VID Baiba Šmite-Roķe said in an interview on Latvian Television March 5.
Last year, compared to 2022, the average monthly wage increased by 164 euros or 11.9% and the average monthly wage after tax was 1,119 euros. Given inflation, real net wage growth was only 2.2% as prices grew faster than residents' incomes. This year the pace of wage growth will decrease, according to economists surveyed by Latvian Radio March 4.
Calendar adjusted data (at constant prices) published on February 29 by the Central Statistical Bureau (CSB) show that, compared to January 2023, in January 2024 total retail trade turnover reduced by 2.0 %.
Data published on February 29 by the Central Statistical Bureau (CSB) show that in 2023, as compared to 2022, Gross Domestic Product (GDP) decreased by 0.3 %. In 2020, GDP at current prices amounted to EUR 40.3 billion.
Valmiera, just like most places in Latvia, has insufficient housing fund. Seven years ago, the first two rental apartment buildings with 150 apartments were built in Valmiera, but demand is still high, so construction of two more new rental buildings will begin this year, Latvian Radio reported February 28.
According to a Latvian central bank (Bank of Latvia) statement released February 26, last year, 786.1 million customer non-cash payments totaling 409.3 billion euro were executed by Latvian payment service providers (credit institutions, electronic money institutions, payment institutions, credit unions, Bank of Latvia, and the Treasury).