Economy
Data compiled by the Central Statistical Bureau (CSB) and published November 30 show that in the 3rd quarter of 2022, compared to the 3rd quarter of 2021, gross domestic product (GDP) reduced by 0.6 % (according to seasonally and calendar non-adjusted data at constant prices).
Latest calendar adjusted data (at constant prices) compiled by the Central Statistical Bureau (CSB) and published November 29 show that, compared to October 2021, in October 2022 total retail trade turnover rose by 5.8 %.
Although due to inflation, most foreign students in Latvia have had to reduce their daily expenses and ask for more financial support from their parents, most do not see price increases as a problem with which they would not be able to fight, Latvian Radio reported on November 29.
The Fiscal Discipline Council (FDP) recommends that the new government provide only well-targeted and terminated support to the most vulnerable households and energy-intensive businesses in 2023, and to avoid general support measures that can stimulate inflation, as indicated in the FDP's latest crisis monitoring report on November 28.
Data published on November 28 by the Central Statistical Bureau show that in October 2022, compared to October 2021, the level of construction costs in Latvia increased by 19.6%.
The Cabinet of Ministers of Latvia on Friday will decide on EUR 50 000 contribution to the humanitarian aid program “Grains from Ukraine”, LETA reported November 25.
Gas distribution system operator AS Gaso has submitted new tariffs to the Public Service Regulator Commission (SPRK), which provides for an increase both for the variable part of the tariffs and for the fixed part, according to the statement in the official publication Latvijas Vēstnesis November 25.
The distribution tariff change plan submitted by the State JSC “Sadales tīkls” (ST), which provides for an average increase of 75% from July next year, should be changed, the Minister for Economics Ilze Indriksone (National Alliance) said after meeting with the management of the ST November 23.
The fact that Latvia will have to start the next year with a technical or temporary budget is nothing terrible, said Anda Čakša (New Unity), who was elected head of the Saeima Budget Commission this week, in an interview with Latvian Radio November 24.
Application for regional low-cost rental building projects has started. It is a state aid scheme that hopes to address housing problems, as well as to attract workforce to municipalities. The first 300 apartments are expected to be built in the next two and a half years, and 15 property developers are currently interested, Latvian Radio reported on November 23.
The lengthy government formation process following October 1 Saeima elections means that Latvia will go into 2023 with a "technical" or "temporary" budget, the Ministry of Finance said November 23.
Data published November 22 by the Central Statistical Bureau of Latvia show that in October 2022, compared to October 2021, the level of producer prices in the Latvian industry rose by 32.3 %.
The planned increase in tariffs for electricity distribution and transmission operators is an "ill-considered step" that will negatively affect the competitiveness of the Latvian economy, the Minister for Environmental Protection and Regional Development Artūrs Toms Plešs told Latvian Television November 22.
Wood products – firewood, sawlogs, and wood fuels – have become cheaper. This is affected by both falling demand and warm autumn. Experts say that price declines may also be short-lived, Latvian Radio reported on November 21.
The electricity transmission system operator Augstsprieguma tīkls (AS) and the distribution network Sadales tīkls (ST) are planning to send technical assistance to Ukraine, company representatives told LETA on November 19.
Both consumers and food producers are looking for ways to save during the inflation upturn. Shoppers are looking for commodities at a lower price, while food producers tighten their belts and cut production costs – looking for cheaper forms of energy, reducing their product range, also changing recipes and packaging, Latvian Radio reported on November 16.
According to the data published on November 15 by the Central Statistical Bureau, in September 2022 the number of foreign and resident visitors comprised 196.3 thousand, which is 31.2 % more than in September 2021.
The electricity distribution system operator AS “Sadales tīkls” (ST) has submitted a new draft tariff to the Public Service Regulator Commission (SPRK), which provides for an average increase of 75% in rates. The specific changes will depend on the customer's connection and consumption habits, the company said on November 14.
With fuel costs rising, demand for free firewood from the residue of tree felling – branches, trunks, stumps, bark – has at least doubled and is being used by thousands of people, Latvian Radio reported on November 11.
Provisional data of the Central Statistical Bureau (CSB) show that in September 2022 the foreign trade turnover of Latvia amounted to EUR 4.61 billion, which at current prices was 34.2 % larger than a year ago, of which the exports value of goods was 32.3 % higher, but imports value of goods was 35.9 % higher.
The latest data compiled by the Central Statistical Bureau of Latvia (CSB) show that, compared to the 3rd quarter of 2021, in the 3rd quarter of 2022 construction output reduced by 13.6 % (according to calendar adjusted data at constant prices).
The latest data published by the Central Statistical Bureau (CSB) November 8 show that in October 2022, compared to October 2021, the average level of consumer prices increased by 21.8 %, only marginally below September's figure of 22.2 %.
During the recent election campaign period, the representatives of various parties claimed that Latvia has or has had the most expensive electricity in Europe. The former mayor of Ādaži, now member of the Saeima and potential minister of the new government, Māris Sprindžuks (United List) has also made the same claim, reports Re:Baltica for Latvian Radio.
The already high heat tariffs could also grow in municipalities using woodchips. From next year, the European Union will have to buy CO2 emissions allowances, reported the De Facto program of LTV on November 6. For district heating companies, this could mean additional costs of millions of euros, which will ultimately fall on the shoulders of the population in the form of an increase in tariffs.
Data published on November 3 by the Central Statistical Bureau of Latvia (CSB) show that, compared to September 2021, in September 2022 manufacturing output dropped by 1.7 % (according to calendar-adjusted data at constant prices).
All three mobile providers in Latvia will raise prices. Companies will raise prices almost at once although there is no mutual agreement. The main argument for the change is the increase in energy prices, Latvian Television reported October 31.
Figures published by Eurostat October 31 show that in 2021, Latvia had the fourth-lowest tax-to-GDP ratio in the European Union.
An old wound has split open in Latvian-Norwegian bilateral relations. As both countries attempt to end a thirty-year-old investment agreement, a dispute from several years ago about snow-crab fishing has emerged, Latvian Television's broadcast De Facto reported on October 30.
A flash estimate published by the Central Statistical Bureau (CSB) October 28 shows that in the 3rd quarter of 2022, compared to the 3rd quarter of 2021, gross domestic product (GDP) decreased by 0.6 % (according to seasonally and calendar non-adjusted data).
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