Economy
Self-employed people will no longer have to pay an advance on personal income tax from economic activity, according to amendments to the Law on Personal Income Tax approved by the Saeima on Thursday, March 23.
Minister of Finance Arvils Ašeradens (New Unity) said earlier in the week that the construction and ICT industries are unable to properly use the European Union (EU) funds due to a lack of capacity. The construction sector agrees with this, whereas the other denies concerns, Latvian Television reported on March 22.
Russia's war in Ukraine is no longer the main driver for high inflation in Latvia, said Mārtiņš Kazāks, president of the Latvian central bank (Bank of Latvia), in an interview on Latvian Television March 22.
Results of the population survey conducted by the Central Statistical Bureau of Latvia (CSB) show that 7.8 % of the population suffered from severe material and social deprivation in 2022 (2.5 percentage points more than in 2021 when the figure was 5.3%).
Data published on March 21 by the Central Statistical Bureau show that in February 2023, compared to February 2022, the level of producer prices in Latvian industry increased by 22.0 %.
In 2022, a total of €679.1 million was signed in insurance premiums in Latvia, 15.7% more than a year earlier, of which 21.1% were signed in life insurance and 78.9% in other types of insurance. EUR 432.4 million has been paid in insurance compensations, which is 22.2% more than in the previous year, according to a release by the Latvian central bank (Latvijas Banka) on March 21.
The Finance Ministry's working group on behalf of the government will consider imposing an excess profits tax on banks and on the energy sector companies, according to the government representatives' statements on March 20 after the coalition meeting.
In January, Latvian tourist accommodation services had 51.5% more foreign and local tourists than at the same time a year ago, according to the latest figures from the Central Statistical Bureau. It is still 43.3% less than it was in early 2020, before the Covid pandemic. Latvian Radio spoke to the industry representatives on March 20.
Provisional data published by the Central Statistical Bureau (CSB) on March 16 show that, compared to the 4th quarter of 2021, in the 4th quarter of 2022 prices of dwellings rose by 9.1 %.
Latvian Finance Minister Arvils Ašeradens (New Unity) said March 15 he is considering proposing a temporary or "windfall" tax on banks' profits to help boost defense spending.
There were more signs of recovery in the Latvian tourism sector March 15 with new data showing tourist numbers in January had increased by more than 50% compared with a year earlier, with arrivals from overseas increasing by even more. However, there is still a long way to go before tourist numbers return to pre-pandemic levels.
Latvia's electricity and gas market is now fairly well diversified when compared to its European Union peers, according to new data from Eurostat published March 14.
Provisional data published by the Central Statistical Bureau (CSB) March 13 show that in January 2023 Latvia's foreign trade turnover amounted to EUR 3.48 billion, which at current prices was 11.8 % larger than a year ago.
On March 8, the Latvian Ministry of Foreign Affairs held the eleventh meeting of the Sanctions Coordination Council, where the main topic for discussion was “The year since the war started by Russia in Ukraine and comprehensive sanctions imposed by the European Union against Russia and Belarus”.
Inflation in Latvia remains at extremely high level with prices up by more than a fifth on the year in February.
Data published March 6 by the Central Statistical Bureau of Latvia (CSB) show that in January 2023, compared to January 2022, industrial production output decreased by 9.8 % (according to calendar adjusted data at constant prices). Output downturns were recorded in manufacturing (6.1 %) as well as mining and quarrying (20.8 %).
State JSC Latvian State Forests (Latvijas Valsts meži, LVM) elected its interim council on March 3 following the resignation of the entire council, said Agriculture Ministry.
The Agriculture Ministry has requested money in the state budget for the construction of a chapel at the Likteņdārzs park. Several points are unclear about this: why is it the Agriculture Ministry and why is it proposed at a time when there is not enough money for priorities, Latvian Television reported on March 2.
European Union statistics on income and living conditions compiled by the Central Statistical Bureau of Latvia (CSB) show that in 2022, 6 % of households due to financial difficulties were in arrears on utility bills at least once during the previous twelve months (6.1 % in 2021) while 6.3 % were in arrears on rent or mortgage repayments (6.4 % in 2021).
As of Wednesday, March 1, Latvia's residents can submit annual income statements for 2022 to recover overpaid taxes, the State Revenue Service (VID) said.
Data compiled by the Central Statistical Bureau (CSB) and published February 28 show that in 2022, compared to 2021, Latvia's Gross Domestic Product (GDP) increased by 2.0 % to reach EUR 39.1 billion.
Data publushed on February 27 by the Central Statistical Bureau show that in January 2023, compared to January 2022, the level of construction costs in Latvia increased by 17.6 %.
Calendar adjusted data published by the Central Statistical Bureau (CSB) on February 27 show that, compared to January 2022, in January 2023 total retail trade turnover in Latvia rose by 2.9 %.
Figures released by the Latvian central bank (Latvijas banka, LB) February 27 show that 730.0 million non-cash payments worth a total of 259.1 billion euros were executed by Latvian payment service providers in 2022. This averages 2 million payments worth 709.8 million euro per day.
Last year there was a boom of solar panels in Latvia. In total, 12,300 households have already installed solar panels or microgenerators with a total capacity of more than 80 megawatts (MW). More state aid is still available for those who want to install them, Latvian Radio reported on February 27.
Latvian dairy farmers have been experiencing a crisis for several weeks. This week, the Ministry of Agriculture will present a plan to support the sector to the government, while the industry is planning protests, Latvian Television's broadcast De Facto reported on February 26.
In 2021, Latvia was one of just four EU countries that generated surpluses of personal transfers worth more than 1% of gross domestic product (GDP), according to Eurostat data published February 23.
Recently, the staple of the Latvian diet – potatoes – experienced one of the steepest price jumps in the past 10 years, reaching an average increase of 50%. Growers are now preparing for the new season in the hope that weather conditions will be favorable enough to finally produce good results after two years of poor harvest, Zemgale Television reported February 22.
The Latvian cabinet, on the basis of an analysis by the Ministry of Climate and Energy (KEM), rejected the terms of the project proposed by Skulte Liquefied Gas Terminal developer AS Skule LNG Terminal and its strategic investor, the Ministry said on February 21.
Data publised by the Central Statistical Bureau February 21 show that in January 2023, compared to January 2022, the average level of producer prices in Latvian industry rose by 22.9 %.
Most important
Most read
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.