Self-employed tax advance payments abolished in Latvia
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.
Concerns about capacity to use EU funds in Latvian industry
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.
Kazāks: Inflation now driven by 'greed'
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.
Rapid rise of insurance claims paid in 2022
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.
Excess profits tax could be imposed on banks and energy sector
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.
Tourism not quite at pre-pandemic levels yet
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.
Housing prices up nearly 10% in a year
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 %. 
Some signs that foreign tourists are returning to Latvia
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.
Foreign trade gap widened in January
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.
Latvia's sanctions compliance examined
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”.
Industrial production declined nearly 10% in January
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 %).
6 percent of Latvian households experienced arrears on utility bills last year
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).
Latvian GDP growth was a modest 2% in 2022
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.
Construction costs up by 17.6% on year in Latvia
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 %.
Retail trade ticked up in January
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 %. 
30 million non-cash payments executed in 2022
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.
Solar panel boom expected to continue this year in Latvia
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.
LTV's De Facto probes dairy industry crisis in Latvia
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.
Potato growers hopeful for new season
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.
Government rejects Skulte LNG terminal developer's requests
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.
Producer prices up by a fifth on the year
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 %.
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