Economy
The Inčukalns underground gas storage facility has been filled in sufficient quantity to provide gas for Latvia this winter, the Climate and Energy Minister Kaspars Melnis (Union of Greens and Farmers) told Latvian Television on September 20.
The Central Statistical Bureau (CSB) has started collecting data for the farm integrated statistics survey. Such data collection has been ongoing since 2001, but this time the Bureau will also collect data on the climate neutrality of randomly surveyed agricultural holdings, Latvian Television reported September 19.
From September until the end of the year, Latvia plans to cover 60% of the fixed capacity fee set by the electricity distribution network (Sadales tīkls, ST) from state funds. This is provided for by the amendments supported by the government on Tuesday, September 19 to the Law on measures to reduce extreme increases in energy prices.
Potato yields are better this year than last year, growers have concluded. At the same time, harvest has been challenging due to rains. This is why growers are actively harvesting potatoes now and will have to dry them out, Latvian Radio reported September 17.
Latvia's tourist sector continues to experience a significant revival in the post-Covid period, with visitor numbers performing strongly in July.
Provisional data published by the Central Statistical Bureau (CSB) September 13 show that, compared to the 2nd quarter of 2022, in the 2nd quarter of 2023 prices of dwellings rose by 5.6 %.
There are several online platforms offering short-term tourist accommodation operating in Latvia, but the country does not have accurate data on this sector and there are concerns about risks that it is contributing to an already oversized shadow economy, so in the future it is planned to create a register of such accommodation, according to a government report from the Ministry of Economics.
"We definitely don't want to experience a new wave of emigration", said outgoing Economy Minister Ilze Indriksone (National Alliance) in an interview with Latvian Radio September 12, commenting on the potential impact of increased Euribor interest rates on society.
Central Statistical Bureau (CSB) provisional data published September 11 show that in July 2023 Latvia had foreign trade turnover of EUR 3.15 billion, which at current prices is 17.7 % lower than a year ago.
The latest data published on September 8 by the Central Statistical Bureau show that in August 2023, compared to August 2022, the average level of consumer prices* increased by 5.4 %. The figure in July was 6.4%.
Last year Latvia experienced a crisis in energy prices, when the price of gas climbed to unprecedented heights and this also affected the price of other fuels – pellets and firewood. If this winter is extremely long and cold, the price hike could be up to 20%, but with many already buying wood in the summer when prices were low, major fluctuations in the market are not expected this year, Latvian Radio reports Friday.
Electricity distribution operator JSC "Sadales tīkls (ST)" tariff could be revised in December in the event of significant changes in electricity prices, said Kristīne Sarkane, executive board member of the ST, in a press briefing Tuesday.
During the heating season from October 1 to April 30, low- and moderately-low-income households will be eligible for aid if electricity, natural gas, heat and decentralized heating fuel prices exceed a certain threshold, as provided by the Law on Aid for Energy Costs approved by the government on September 5.
The main culprits for food inflation are not retailers, Valdis Turlais, Chairman of the board of Rimi Latvia, said in an interview with LETA on September 5.
Central Statistical Bureau data published September 4 show that, compared to July 2022, in July 2023 industrial production output reduced by 8.7 %.
Average wages in Latvia rose to EUR 1,114 net in Q2 of this year, but it still does not compensate for inflation and increases in various tariffs and prices, according to experts surveyed by Latvian Radio on September 4.
On Thursday, August 31, the state-owned Latvenergo announced a new revenue and profit record for the half-year. The discussion on how to distribute the profit includes offsetting the increase in distribution rates on certain occasions. The idea would still have to be approved by both the government and the Saeima, Latvian Television reported on August 31.
Data published by the Central Statistical Bureau (CSB) August 31 show that in the second quarter of 2023, compared to the same quarter of 2022, gross domestic product (GDP) fell by 0.5 % (according to seasonally and calendar non-adjusted data at constant prices).
Wages in Latvia are rising more quickly than prices, and the purchasing power of the population should start to increase again after nearly two years of decline, said the Citadele bank's economist Mārtiņš Āboliņš commenting on the latest salary change data on August 30.
This year, grain harvests vary greatly in different places of Latvia, but average yields are well below average, the head of the Latvian Rural Consultation and Education Centre's crop division, Oskars Balodis, told Latvian Radio August 30.
Calendar adjusted data (at constant prices) published by the Central Statistical Bureau (CSB) on August 29 show that, compared to July 2022, in July 2023 total retail trade turnover in Latvia reduced by 2.5 %.
Starting October 1, all pension beneficiaries will receive indexed pensions, meaning they will have a small increase. Swedbank's chief economist pointed out that the increase is so small that it is not likely to be able to cover the fall in purchasing power, Latvian Television reported on August 28.
Data published by the Central Statistical Bureau (CSB) August 25 show that in July 2023, compared to July 2022, the level of construction costs in Latvia increased by 3.2 %.
Plans to start building one of Latvia's largest solar parks in Brocēni, Saldus region have been confirmed by the company European Energy. Founded in 2004 in Copenhagen, European Energy is a privately-owned developer of renewable energy projects.
This summer has brought frosts, drought, and severe storms, which have all damaged fields and yields. Some consider reducing herds or even eliminating their farm. Therefore, the issue of aid remains topical among farmers, Latvian Radio reported on August 22.
After rising for 30 consecutive months, annual producer price levels recorded a reduction in July.
For 13 years, the Economics Ministry has organized a “most energy-efficient building in Latvia” contest. The first stage of the competition has now been closed and in August the jury will assess the objects participating – 20 buildings in 10 Latvian cities, Latvian Radio reported on August 21.
Following the entry into force of increased tariffs, the electricity distribution network (Sadales tīkls, ST) encouraged citizens to assess and reduce their connection load in order to reduce electricity bills. If someone changes their mind, there will be no service fee, ST representative Gunta Līne told Latvian Television on August 18.
Central Statistical Bureau data published August 16 show that in June 2023 number of non-resident and resident arrivals at tourist accommodation establishments accounted for 261.2 thousand, which is 6.2 % more than in June 2022.
A signature collection has been launched on the public initiative portal Manabalss.lv on the restriction on banks to raise Euribor rates on loans issued in the past, newswire LETA reported on August 16.
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