Economy
In the first five months of 2022, the state-administered tax revenue plan was exceeded by 13%. The surplus was driven by the rapid recovery of the economy, price increases and also by inflation. Entrepreneurs are calling for a reduction in labor taxes and value-added tax (VAT), but it is uncertain whether now is the right time to do so, Latvian Radio reported on July 4.
Data published by the Central Statistical Bureau June 29 show that in May 2022, compared to May 2021, the level of construction costs in Latvia increased by 22.3 %.
Calendar adjusted data (at constant prices) compiled by the Central Statistical Bureau (CSB) show that, compared to May 2021, in May 2022 total retail trade turnover increased by 4.2 %.
Latvian Finance Minister Jānis Reirs said June 28 that even though the general budget deficit was smaller than expected in the first five months of the year, government will have to be restrained when it comes to future spending plans.
Data published by the Central Statistical Bureau (CSB) June 28 show that in 2021 gross energy consumption in Latvia constituted 192.9 petajoules (PJ), which is 4.9 % more than in 2020.
On June 23, Eurostat published its most recent analysis of price levels for consumer goods and services in the European Union (EU), focusing on price level indices (PLIs), which provide a comparison of countries' price levels relative to the EU average and are calculated using purchasing power parities.
Data published on June 21 by the Central Statistical Bureau show that in May 2022, compared to May 2021, the level of producer prices in the Latvian industry increased by 31.5 %.
In anticipation of the next heating season, households have the least worry about gas supply. They will have enough of what is already in Latvia, albeit at a much higher price than in the previous heating season. But will there be enough gas for all other consumers, like enterprises? Latvian Television's De Facto, aired on June 19, aimed to probe the issue.
The International Monetary Fund (IMF) has published the concluding report on its most recent Article 4 mission to Latvia. Article 4 missions are regular economic assessments of the situation in all IMF member states.
Provisional data published on June 16 by the Central Statistical Bureau (CSB) show that, compared to the first quarter of 2021, in the first quarter of 2022 prices of dwellings rose by 17.3 %.
According to the data of the Central Statistical Bureau published June 15, in April 2022 the number of foreign and resident visitors comprised 145 thousand, which is 2.8 times more than in April 2021.
Within a couple of years, the price per hectare of agricultural land has increased by EUR 500 but has at least tripled in ten years, Latvian Radio reported June 15.
The government on Tuesday, June 14, decided to waive the requirement for the mandatory addition of biofuels to gasoline and diesel from July 1 to the end of 2023 in order to slow price rises.
Last week, electricity prices in Latvia increased by 10%, reaching EUR 201.72 per megawatt-hour (MWh), the highest weekly figure this year, according to information on the Nord Pool website, LETA reported June 13.
Fuel prices in May in Latvia were on average 51.1% higher this year than a year ago, according to data from the Central Statistical Bureau, LETA reported June 12.
After the completion of felling trees, branches, smaller logs and other remains are left over, and lately the interest to collect them without additional charges has grown, Latvian State Forests (LVM) told Latvian Radio June 13.
People rush to buy wood pellets in time in preparation for the next heating season. Previously, one pack of pellets, which contains about a tonne, cost around €150, but at the moment the price has doubled, and many residents cannot get them at all, Latvian Radio reported June 10.
Natural gas tariffs for households will increase yet again from July 1, 2022, by anywhere between 65.6% to 89.9%, according to the statement in the official publication Latvijas Vēstnesis on June 10.
The State Revenue Service (VID) paid a total of EUR 811.44 million in aid during the Covid-19 pandemic over three periods, said Ieva Jaunzeme, director-general of the VID, to LETA June 10.
Provisional data of the Central Statistical Bureau published June 9 show that in April 2022 the foreign trade turnover of Latvia amounted to EUR 3.78 billion, which at current prices was 36.9 % larger than a year ago.
In May 2022, the average electricity price in the Latvian trading area increased to EUR 164.20 per megawatt-hour (MWh), which is 50.1% more than in April, but compared to May 2021 the price is 239% higher, according to information from Latvian transmission system operator AS Augstsprieguma tīkls.
The Organization for Economic Cooperation and Development (OECD) forecasts that Latvia's gross domestic product (GDP) will grow by 3.5% this year, according to a report published on June 8.
Inflation continues to gather pace in Latvia, as elsewhere, with the latest figures published June 8 by the Central Statistical Bureau showing that in May 2022, compared to May 2021, the average level of consumer prices increased by 16.9 %.
Latvia's future LNG terminal could be developed by either AS “Skulte LNG Terminal” or “Kundziņsalas dienvidu projekts”, the Minister of Economics Ilze Indriksone (National Alliance) said June 7 Tuesday after a meeting of the Cabinet.
In the next heating season, which is forecast to be tough, support for all electricity users, will no longer apply. Instead, a targeted support system should be in place. However, according to Latvian Television's De Facto broadcast of June 5, the State does not really know who the people most in need are, and a system must be prepared in less than three months.
Data published by the Central Statistical Bureau of Latvia (CSB) June 3 show that, compared to April 2021, in April 2022 industrial production output increased by 3.7 % (according to calendar adjusted data at constant prices).
The Baltic Transmission System Operators (TSOs) - Estonian "Elering", Latvian AS "Augstsprieguma tīkls" (AST) and Lithuanian "Litgrid" have agreed to no longer purchase Russian energy, AST said June 2.
Information on the website of the fuel retailer Circle K Latvia shows that on Tuesday, May 31, gasoline/petrol prices in Rīga had exceeded EUR 2 per liter.
People's shopping habits are currently affected by two powerful factors: the habits of the Covid-19 pandemic, and the inflation, which has led to a significant increase in food prices. The changes in shopping habits are felt by retailers, Latvian Radio reported June 1.
The Rīga heating company 'Rīgas siltums' thermal energy tariff could rise by nearly 110%, and one megawatt-hour could cost as much as €155 in the next heating season, Latvian Television reported May 31.
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