Economy
Economics Minister Viktors Valainis (Union of Greens and Farmers) has decided to terminate the tender for the post of Director of the Latvian Investment and Development Agency (LIAA) without result, Latvian Television reported April 22.
Data released by the Central Statistical Bureau (CSB) April 22 show that in March 2024, compared to March 2023, the level of producer prices in Latvian industry decreased by 7.2 %.
Several months ago, the Latvian Investment and Development Agency (LIAA) announced a competition for the position of its director. Now, at the finish line, the competition has stalled, Latvian Television's De Facto reported April 21.
On Thursday, April 18, Finance Minister Arvils Ašeradens announced the investment of 6 million euros in 'hybrid capital' via the World Bank (WB) at the annual spring meeting of the trustees of the World Bank Group (WBG) and the International Monetary Fund (IMF) in Washington.
According to a new survey carried out by "Kredītinformācijas Birojs'' (Credit information bureau) two-thirds of Latvian citizens (65%) currently use some form of credit service, and over the last 10 years, that figure has increased by of 3%. The most commonly used financial loan services are credit card, installment plan and home loan.
Telecommunications services are getting more expensive. Companies explain that they have provided better internet and other improvements, so customer bills are also rising, Latvian Television reported April 16.
Alcohol sales in gas station shops will not be restricted, as decided by the majority of the Saeima Social and Labor Affairs Committee on April 16.
The high Euribor interest rates set by the European Central Bank (ECB) have had an impact on the property market. Currently, residents mainly buy serial Soviet-era building apartments, besides, a large proportion do not use bank loans, but buy apartments at their own expense, Latvian Radio reported on April 15.
The Balvi Municipality Council, which has found itself in a financial crisis, has decided to make structural changes to the local government to save funds. As a result, around 100 people will lose their jobs in local government institutions, Latvian Radio reported April 12.
In February Latvian foreign trade turnover was 3.8 % lower than a year ago, according to Central Statistical Bureau (CSB) provisional data published April 10.
The latest data published by the Central Statistical Bureau (CSB) April 9 show that in March 2024, compared to March 2023, the average level of consumer prices increased by 0.9 %.
The State Revenue Service (VID) will likely start paying out the State aid to mortgage borrowers within a week, Latvian Radio reported April 9.
In February, the Saeima decided to ban the import of Russian and Belarusian agricultural and animal feed products into Latvia. The ban was intended only for products consumed in Latvia, as Latvia does not have the right to stop transit. Latvian Television's De Facto, aired April 8, found out that some loopholes were deliberately left in the national sanctions.
In order to meet the increase in demand for digital services and ensure the speed of these services, Latvia will build a national federated cloud, or state data processing cloud, which will consolidate the state administration's computing capacity in four data centers of national significance, Latvian Radio reported on April 5.
Central Statistical Bureau data published April 4 show that the price index of agricultural output in Latvia reduced by 18.9 % in 2023 (compared to 2022). The data were driven by a 24.3 % drop in the price index of crop products and an 8.9 % drop in the price index of animal products.
Central Statistical Bureau calendar adjusted data at constant prices, published on April 3, show that, compared to February 2023, in February 2024 industrial production output fell by 0.3 %.
Food price fluctuations have stopped. Some products have become more expensive, some have become cheaper, and such price levels should remain, Ingūna Gulbe, lead researcher at the Agricultural Market Promotion Center, said in an interview with Latvian Radio on April 3.
The Latvian government agreed April 2 that 48.4 million euros will be allocated from the state budget to help mortgage borrowers meet their payments.
Central Statistical Bureau data published on April 2 show that, compared to the first half of 2023, average purchase prices of both coniferous and deciduous roundwood reduced in the second half of 2023.
Calendar adjusted data (at constant prices) compiled by the Central Statistical Bureau (CSB) and published March 28 show that, compared to February 2023, in February 2024 total retail trade turnover reduced by 0.4 %.
The Prosecutor General's Office has decided not to initiate criminal proceedings in connection with the loss of co-financing from European Union (EU) funds in the building project of the Pauls Stradiņš Clinical University Hospital (PSKUS), LETA reported March 28.
Data published by the Central Statistical Bureau March 27 show that in February 2024, compared to February 2023, the level of construction costs in Latvia increased by 1.9 %.
Latvijas Banka, the Latvian central bank (LB) presented its latest macroeconomic forecasts March 27 – and in general the outlook is not good.
In 2023, gross domestic product (GDP) per capita expressed in purchasing power standards ranged between 64% of the EU average in Bulgaria and 240% in Luxembourg – but Latvia was among the countries furthest from the EU average in the other direction.
While politicians are still talking about possible sanctions on manganese ore, Russia's own decision to nationalize the largest recipient of the ore - the Chelyabinsk Electrometallurgical Plant - has had a tangible effect on the movement of these cargoes through Latvia. Latvian companies now have problems handling cargo related to this plant due to the sanctions imposed against Russia, concludes Latvian Television's "De facto" aired March 24.
Over 3,400 people have signed the initiative submitted this week to stop the transit of manganese ore to Russia via Latvia, which is a third of the necessary signatures for its submission to the Saeima, Latvian Radio reported March 22.
Sanctioned persons who own real estate in Latvia will no longer receive real estate tax benefits from July 1 of this year, including in free ports and special economic zones, after a Saeima vote on the matter March 21.
In 2022, 1.2-1.3 million tonnes of manganese ore were transported by rail in transit through Latvia to Russia, 1.4 million tonnes in 2023, and slightly less than 100 thousand tonnes of manganese ore in the first months of this year, Latvian Television's "What is happening in Latvia/Kas notiek Latvijā" program reports.
Data published on March 21 by the Central Statistical Bureau show that in February 2024, compared to February 2023, the level of producer prices in Latvian industry decreased by 7.9 %. The level of prices of products sold on the domestic market reduced by 11.9 %, and prices of exported products by 3.8 %. Prices of products exported to euro area countries decreased by 4.6 % and of products exported to non-euro area countries by 3.1 %.
With the inflation shrinking, there are concerns whether Latvia's tax revenues will be at the level previously planned, Finance Minister Arvils Ašeradens told Latvian Television on March 20.
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