Economy
7,800 sanctions breaches recorded by tax service last year
7,800 sanctions breaches recorded by tax service last year
The State Revenue Service (VID) detected a total of 7,789 violations of sanctions imposed on Russia and Belarus last year, the deputy director general of the VID in the field of customs, Director of Customs Administration Raimonds Zukuls, said in an interview with Latvian Radio on March 14.
Tax service to look at New Unity's finances
Tax service to look at New Unity's finances
The possible payment of off-the-books wages to the employees of the New Unity party is being examined by the Corruption Prevention and Combating Bureau (KNAB). Financial evaluation of the party shall also be performed by the State Revenue Service (VID), Latvian Television reported on March 12.
Tourist stays still 20% below pre-pandemic levels
Tourist stays still 20% below pre-pandemic levels
The importance of foreign visitors to Latvia's tourism sector, and the size of the ongoing recovery from the effects of the Covid-19 pandemic is made clear in new data published by Eurostat March 8.
Watchdog says Latvia generally has enough retail competition
Watchdog says Latvia generally has enough retail competition
Overall, there is sufficient competition between retail chains in Latvia, but in some areas of Rīga, competition is limited and should be encouraged, the Competition Council (KP) concluded in its study on 12 retailers in 2018–2022, published March 11.
Online grocery shopping here to stay
Online grocery shopping here to stay
Several online grocery stores that opened amid severe restrictions during the Covid pandemic have closed. But that doesn't mean people only want to shop face-to-face after the pandemic. Polls show the opposite – food purchases on the internet are increasing, Latvian Television reported on March 9.
Allegations of off-the-books wage payments at Unity party
Allegations of off-the-books wage payments at Unity party
Normunds Orleāns, a former employee of the political party Unity's office, has approached law enforcement, saying the political force paid him and at least ten other office workers so-called envelope wages, or unreported cash wages for which taxes are not paid, TV3's “Nothing Personal” broadcast and LETA reports.
Over 1,000 dairy farms eliminated last year in Latvia
Over 1,000 dairy farms eliminated last year in Latvia
Last year has been difficult for the dairy sector. Milk purchase prices have fallen, and many farms have found it difficult to provide food supplies due to drought. 1,050 dairy farms ceased their dairy activity last year, Zemgale Regional Television reported on March 10.
Latvia's annual inflation level was 0.4% in February
Latvia's annual inflation level was 0.4% in February
The latest data of the Central Statistical Bureau published March 8 show that in February 2024, compared to February 2023, the average level of consumer prices in Latvia increased by a modest 0.4 %.
What to do with unclaimed money after death?
What to do with unclaimed money after death?
Latvian commercial banks have thousands of accounts whose owners are dead. Because the leftover balance in the accounts is small, relatives do not form inheritance and the money is left where it was. Banks have to keep the money for 60 years before it can be transferred to the bank's income. The Finance Latvia Association calls for simpler legislation in the matter, Latvian Radio reported on March 8.
Rīga City Council takes back land near airport
Rīga City Council takes back land near airport
On Wednesday, March 6, the Riga City Council decided to void the decision adopted on September 21, 2022 on the completion of the privatization of 22 land plots near Riga Airport. Thus the council restores the ownership rights to these land plots.
What awaits debt-riddled Rēzekne this year?
What awaits debt-riddled Rēzekne this year?
Stalled construction, delayed payments and projects not started - this will be the reality of this year in Rēzekne where the difficult financial situation means that development is not yet on the agenda, Latvian Radio reported March 6.
Latvia bans import of fruit and veg from Russia, Belarus
Latvia bans import of fruit and veg from Russia, Belarus
It will be prohibited to import a range of fruits and vegetables from Russia and Belarus into Latvia. This is due to the regulations adopted by the government on Tuesday, March 5, which determine certain products that will not be allowed into Latvia from Russia and Belarus. The ban on imports of the products in question will come into force as early as Friday, March 8.
Electricity prices dropped 36% in February
Electricity prices dropped 36% in February
In February 2024, the average price of electricity in the Latvian trading area decreased to EUR 74.78 per megawatt-hour (MWh), which is 36% lower than in January and by 34% lower than in February a year ago.
Wages forecast to continue growing this year in Latvia
Wages forecast to continue growing this year in Latvia
Last year, compared to 2022, the average monthly wage increased by 164 euros or 11.9% and the average monthly wage after tax was 1,119 euros. Given inflation, real net wage growth was only 2.2% as prices grew faster than residents' incomes. This year the pace of wage growth will decrease, according to economists surveyed by Latvian Radio March 4.
Monthly retail figures down 2%
Monthly retail figures down 2%
Calendar adjusted data (at constant prices) published on February 29 by the Central Statistical Bureau (CSB) show that, compared to January 2023, in January 2024 total retail trade turnover reduced by 2.0 %. 
Latvia's GDP down 0.3% in 2023
Latvia's GDP down 0.3% in 2023
Data published on February 29 by the Central Statistical Bureau (CSB) show that in 2023, as compared to 2022, Gross Domestic Product (GDP) decreased by 0.3 %. In 2020, GDP at current prices amounted to EUR 40.3 billion.
Valmiera tries to increase its rental housing offer
Valmiera tries to increase its rental housing offer
Valmiera, just like most places in Latvia, has insufficient housing fund. Seven years ago, the first two rental apartment buildings with 150 apartments were built in Valmiera, but demand is still high, so construction of two more new rental buildings will begin this year, Latvian Radio reported February 28.
Finance Ministry: Talsi, Gulbene might need state loans
Finance Ministry: Talsi, Gulbene might need state loans
Of the 43 local governments of Latvia, only Rēzekne has not adopted a budget within the time period specified in the Law, but of the other 42 local governments, at least five counties are likely to require a state loan, Latvian Radio reported February 27.
Construction costs up slightly on year in Latvia
Construction costs up slightly on year in Latvia
Data published on February 27 by the Central Statistical Bureau show that in January 2024, compared to January 2023, the level of construction costs in Latvia increased by 1.6 %.
Latvian authorities pledge to pay more attention to cash flow
Latvian authorities pledge to pay more attention to cash flow
Every year, the circulation of cash in Latvia is estimated at several billion euros, and a significant proportion pass through ATMs. The responsible authorities plan to pay more attention to cash flow through ATMs, Latvian Radio reported on February 27.
Non-cash payment value up 58% on year in Latvia
Non-cash payment value up 58% on year in Latvia
According to a Latvian central bank (Bank of Latvia) statement released February 26, last year, 786.1 million customer non-cash payments totaling 409.3 billion euro were executed by Latvian payment service providers (credit institutions, electronic money institutions, payment institutions, credit unions, Bank of Latvia, and the Treasury).
Aid to be available for energy storage equipment
Aid to be available for energy storage equipment
Given the interest of residents in purchasing electricity-producing equipment, the Ministry of Climate and Energy (KEM) has expanded the support program and in the future residents will be able to get state aid for the purchase of electricity storage facilities as well, the Ministry said Friday.

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