Economy
Latvia continues to see modest growth in house prices, according to Eurostat data published October 3.
On Wednesday, October 2, 13 municipalities signed a letter of intent for the public-private partnership program "Rental Housing for Latvian Professionals" between the Ministry of Finance and State Real Estate (Valsts nekustamie īpašumi, VNĪ). The authorities have committed to build more than 2,000 low-cost rental dwellings by 2030, including about half in Rīga, Latvian Radio reports.
The full-scale war started by Russia in Ukraine is now in its third year, while food, drinks, and other goods from the aggressor countries are still available in Latvian shops, Latvian Radio reported October 2.
Uldis Cērps will take up the position of the head of the Finance Latvia Association (FLA) as of Tuesday, October 1, the organization said.
In several municipalities, heating companies have announced that they are ready to start the heating season. Latvian Television asked the companies on September 30 about debts and whether heating will be connected to all. The companies replied that the amounts of municipalities' debts vary, but the overall trend is good.
The autumn 2024 "Payment radar" published by Latvian central bank suggests that the ratio of non-cash payments to cash payments in Latvia was 77% to 23% in August 2024, the bank said in a statement September 30.
New statistics from Eurostat suggest Latvia's pull as a tourist destination is considerable, with the country ranking well above many other European Union member states when it comes to getting foreign tourists to stay the night.
Last week, the State Revenue Service (VID) sent letters to 5,000 Latvian residents because their bank account turnover significantly exceeds their declared income by at least EUR 20,000 per year or EUR 1,660 per month. 70,000 people in Latvia will receive such letters, Latvian Radio reports September 30.
Latvia trails its Baltic peers when it comes to innovation, according to the results of the Global Innovation Index, published September
Calendar adjusted data (at constant prices) published by the Central Statistical Bureau (CSB) September 27 show that, compared to August 2023, in August 2024 total retail trade turnover in Latvia rose by 0.8 %.
The European Bank for Reconstruction and Development (EBRD) has published its economic forecasts for the Baltic states.
A major new solar power plant opened September 25 in Latvia on the outskirts of Cēsis.
This week, the State Revenue Service (VID) will start sending letters to those people whose income and tax declarations appear to contain discrepancies, reported Latvian Radio September 23.
The Chairs of the European Union Affairs Committees of the parliaments of the Baltic States and Poland say in a joint communication September 16 that the European Union must cease importing liquefied natural gas (LNG) from Russia as swiftly as possible.
Data published September 20 by the Central Statistical Bureau of Latvia show that in August 2024, compared to August 2023, level of producer prices in the Latvian industry reduced by 2.6 %.
This year, buildings from Rīga, Ogre, and Mārupe won the competition "The Most Energy Efficient Building in Latvia", organized by the Ministry of Economics (MoE) for the 14th year in the "Live warmer" campaign, the MoE said September 19.
A first auction for the 'Moscow House' at Marijas Street 7 in Rīga has failed to attract the interest of potential investors. Therefore, "Valsts nekustamie īpašumi (VNĪ)" (State Real Estate) plans to reduce the starting price by 20%, VNĪ informed.
The Ministry of Agriculture invested EUR 3.1 million to develop its own network of electric car charging stations. The State Audit Office said in a report published September 19 that the network does not meet the current and future needs of the Ministry's fleet, nor do the charging facilities installed at the sites correspond to the technical possibilities available.
"The audit concludes that the previously unplanned electric car charging network of the Ministry of Agriculture with 52 charging stations (60 kW), which was set up in 2022 at a cost of EUR 3.1 million from the state budget, does not meet the current and prospective needs and technical capabilities of the Ministry - it is too large. Moreover, it has been set up at a relatively high price for the charging equipment.
"The audit concludes that the previously unplanned electric car charging network of the Ministry of Agriculture with 52 charging stations (60 kW), which was set up in 2022 at a cost of EUR 3.1 million from the state budget, does not meet the current and prospective needs and technical capabilities of the Ministry - it is too large. Moreover, it has been set up at a relatively high price for the charging equipment.
A project to produce hydrogen from wind and solar energy and CO2 emissions as raw material for renewable aviation fuel will be implemented in the Port of Liepāja in the next few years, Latvian Television reported on September 18.
On Monday, September 16, the Saeima received signatures of the citizens asking not to reduce the second tier of pension savings. This is the fastest-signed initiative in Manabalss' 13-year history. A survey by Citadele also shows that 77% of Latvians are against the government's plan to cut second-tier pension contributions.
How much money is coming into the state budget? This is one of the most important issues not only in the context of next year's budget but also in the context of this year's budget, because income is lower than planned. Value-added tax, or consumption tax, is particularly lagging, reports Latvian Television's De Facto on September 15.
Provisional data published by the Central Statistical Bureau (CSB) September 13 show that, compared to the 2nd quarter of 2023, in the 2nd quarter of 2024 prices of dwellings in Latvia rose by 1.1 %.
The grape harvest this year is good in many places and also earlier than usual, but in Vidzeme the spring frosts resulted in lower yields. Over the weekend, winegrowers from home and neighboring countries will gather for the annual Baltic Grape Fair, Latvian Radio reported September 13.
In future, Lithuania, Estonia and Finland will have the option of using Latvia's giant Inčukalns underground gas storage facility for the storage of their countries' strategic reserves, following a decision of the Latvian Saeima on September 12.
Residents who wish to receive a tax refund automatically, without submitting an annual income tax return, are invited to notify the State Revenue Service (VID) by September 30 this year, VID said in a release.
Latvia's Finance Ministry responded to Tuesday's upbeat trade figures on Wednesday with a warning that the positive trend was unlikely to continue.
Provisional data published by the Central Statistical Bureau (CSB) September 10 show that in July 2024 the foreign trade turnover of Latvia amounted to EUR 3.43 billion, which at current prices was 8.1 % larger than a year ago.
The three-party Latvian ruling coalition has conceptually agreed to limit the opportunities for Russian citizens to purchase land in Latvia, Edmunds Jurēvics, head of the 'New Unity' Saeima faction, told journalists on Monday after the cooperation meeting of the parties of the ruling coalition.
As an austerity measure, President Edgars Rinkēvičs is planning to submit an initiative to the Saeima this week that would temporarily reduce the remuneration of the management and supervisory boards of state-owned companies, which are mostly supported by the budget. The head of the responsible Saeima committee agrees, Latvian Radio reports September 10.
The state will have to borrow at least EUR 3 billion annually for the next four years, as it will have to refinance a number of previously issued Eurobonds, as well as finance the budget deficit and loans to local governments, Kaspars Āboliņš, Treasury Manager, told LETA in an interview September 10.
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