https://eng.lsm.lv/ eng.lsm.lv en https://eng.lsm.lv//assets/logo/lsm_hi.png https://eng.lsm.lv/ https://eng.lsm.lv/article/economy/economy/14.07.2026-new-vat-rules-seem-to-be-applied-properly-in-latvia.a655014/?utm_source=rss&utm_campaign=rss&utm_medium=links Tue, 14 Jul 2026 10:26:42 GMT 655014 The Consumer Rights Protection Center (PTAC) has concluded that recently-introduced changes to value added tax (VAT, or PVN in Latvian) rates on four food product groups (eggs, milk, fresh poultry meat and bread), have in general been applied fairly by retailers. https://eng.lsm.lv/article/economy/economy/10.07.2026-latvias-foreign-trade-figures-were-on-the-up-in-may.a653976/?utm_source=rss&utm_campaign=rss&utm_medium=links Fri, 10 Jul 2026 13:36:00 GMT 653976 Central Statistical Bureau provisional data show that in May 2026 Latvia had foreign trade turnover of 3.86 billion euro, and at current prices it was 8.4 % higher than a year ago. https://eng.lsm.lv/article/economy/economy/10.07.2026-wind-turbine-loses-blade-during-test-run-in-latvia.a654599/?utm_source=rss&utm_campaign=rss&utm_medium=links Fri, 10 Jul 2026 06:56:15 GMT 654599 A loud noise, reminiscent of thunder, shook the Karosta neighbourhood in Liepāja on Wednesday evening. Although strong winds were battering the city in Kurzeme, the cause this time was different: during equipment testing at the Rapsoil wind farm, the blade of one turbine snapped and fell. The rotor is located on the outskirts of the city; no one was injured, TV Kurzeme reports. https://eng.lsm.lv/article/economy/economy/09.07.2026-latvias-macroeconomic-forecasts-revised-by-finance-ministry.a654477/?utm_source=rss&utm_campaign=rss&utm_medium=links Thu, 09 Jul 2026 11:09:00 GMT 654477 The Ministry of Finance (FM) has updated its indicative medium-term macroeconomic and fiscal forecasts, taking into account the latest economic trends and the geopolitical situation. The forecasts indicate slower economic growth and higher inflation than projected in February of this year, the FM reported. https://eng.lsm.lv/article/economy/economy/09.07.2026-drones-help-check-power-lines-in-latvia.a654424/?utm_source=rss&utm_campaign=rss&utm_medium=links Thu, 09 Jul 2026 06:00:12 GMT 654424 Work that used to take several hours in some places can now be completed in a matter of minutes. The electricity distribution network "Sadales tīkls" is increasingly using drones to inspect power lines, Latvian Television reported on July 8. https://eng.lsm.lv/article/economy/economy/08.07.2026-riga-tourism-tax-will-double-next-year.a654410/?utm_source=rss&utm_campaign=rss&utm_medium=links Wed, 08 Jul 2026 21:12:41 GMT 654410 Starting next year, the tourist tax applicable in Rīga will increase. This was decided by city councillors on Wednesday, July 8th. https://eng.lsm.lv/article/economy/economy/08.07.2026-monthly-inflation-in-latvia-at-standstill.a653975/?utm_source=rss&utm_campaign=rss&utm_medium=links Wed, 08 Jul 2026 11:59:02 GMT 653975 Central Statistical Bureau data published on July 8 show that in June 2026, compared with May 2026, the average level of consumer prices remained unchanged. https://eng.lsm.lv/article/economy/economy/07.07.2026-july-and-august-account-for-nearly-30-of-tourist-visits-to-latvia.a654187/?utm_source=rss&utm_campaign=rss&utm_medium=links Tue, 07 Jul 2026 12:43:59 GMT 654187 Latvia may have its attractions all year round, but as far as tourists are concerned, July and August are the months when they most want to visit, according to data published by Eurostat on July 7th. https://eng.lsm.lv/article/economy/economy/07.07.2026-investigation-underway-into-collapsed-construction-site-in-riga.a654111/?utm_source=rss&utm_campaign=rss&utm_medium=links Tue, 07 Jul 2026 05:48:40 GMT 654111 A building inspector surveyed the collapsed structures of the future store in Zolitūde on Monday, and in mid-July, the causes will be known, Latvian Television reported July 6. https://eng.lsm.lv/article/economy/economy/06.07.2026-latvias-industrial-production-and-manufacturing-were-both-up-in-may.a654081/?utm_source=rss&utm_campaign=rss&utm_medium=links Mon, 06 Jul 2026 15:30:41 GMT 654081 Central Statistical Bureau calendar adjusted data at constant prices published on July 6 show that in May 2026, Latvia's industrial production output increased by 6.2 % year on year.  https://eng.lsm.lv/article/economy/economy/06.07.2026-number-of-house-sales-up-9-last-year-in-latvia.a653971/?utm_source=rss&utm_campaign=rss&utm_medium=links Mon, 06 Jul 2026 10:54:18 GMT 653971 In 2025, house sales in the EU increased in most countries for which data are available – including Latvia – compared with 2024, according to latest Eurostat data. https://eng.lsm.lv/article/economy/economy/03.07.2026-latvian-house-prices-continue-to-surge.a653785/?utm_source=rss&utm_campaign=rss&utm_medium=links Fri, 03 Jul 2026 15:00:00 GMT 653785 In the first quarter of 2026, house prices, as measured by the House Price Index, increased by 4.7% in the euro area and by 5.1% in the EU compared with the same quarter of the previous year. In the fourth quarter of 2025, house prices increased by 5.1% and 5.4% in the euro area and EU, respectively. These figures come from Eurostat, the statistical office of the European Union and were published on July 2nd. https://eng.lsm.lv/article/economy/economy/01.07.2026-reduced-vat-applied-to-basic-food-groups-in-latvia-as-of-july-1.a653391/?utm_source=rss&utm_campaign=rss&utm_medium=links Wed, 01 Jul 2026 06:25:19 GMT 653391 Starting July 1, 2026, the value-added tax (VAT) rate on certain common food products will be reduced from 21% to 12%. The reduced VAT rate will apply to four basic food product groups: bread, milk, poultry, and eggs. The reduced rate will be in effect for one year until June 30, 2027. https://eng.lsm.lv/article/economy/economy/30.06.2026-some-improvement-in-latvian-retail-and-business-indicators-in-may-and-june.a653273/?utm_source=rss&utm_campaign=rss&utm_medium=links Tue, 30 Jun 2026 11:23:00 GMT 653273 According to Central Statistical Bureau (CSB) data published on June 30th, retail trade turnover in May 2026 was 3.3 % higher than a year ago (calendar adjusted data at constant prices) in Latvia. https://eng.lsm.lv/article/economy/economy/30.06.2026-rigas-municipal-property-manager-board-resigns.a653200/?utm_source=rss&utm_campaign=rss&utm_medium=links Tue, 30 Jun 2026 05:25:05 GMT 653200 The board of Rīga's municipal real estate manager “Rīgas nami” has resigned due to the crisis at the meat pavilion of Riga Central Market, the LETA news agency reported on June 29. https://eng.lsm.lv/article/economy/economy/29.06.2026-proposal-to-ban-industrial-goods-imports-from-russia-belarus-to-latvia.a653172/?utm_source=rss&utm_campaign=rss&utm_medium=links Mon, 29 Jun 2026 17:27:14 GMT 653172 The Ministry of Foreign Affairs (MFA) has drafted amendments to the Law on Support for Ukrainian Civilians, providing for a ban on the import of certain industrial goods originating in Russia and Belarus. https://eng.lsm.lv/article/economy/economy/29.06.2026-latvian-farmers-say-we-cant-compete-with-polish-blueberries.a653056/?utm_source=rss&utm_campaign=rss&utm_medium=links Mon, 29 Jun 2026 07:08:02 GMT 653056 Although retailers see potential in local berries and vegetables, the growers themselves point to several problems in the industry. It’s already clear that the berry harvest won’t be successful on all farms, Latvian Radio reported on June 28. https://eng.lsm.lv/article/economy/economy/26.06.2026-latvia-still-mulls-rules-on-drone-damage-compensation.a652754/?utm_source=rss&utm_campaign=rss&utm_medium=links Fri, 26 Jun 2026 09:00:00 GMT 652754 A decision on compensation for damages caused by drones or other military incidents will have to be made within a month, Minister of Justice Edvards Smiltēns (United List) said in an interview on the Latvian Television programme “Morning Panorama” on June 26. https://eng.lsm.lv/article/economy/economy/25.06.2026-first-latvian-potatoes-appear-in-markets.a652586/?utm_source=rss&utm_campaign=rss&utm_medium=links Thu, 25 Jun 2026 07:40:00 GMT 652586 The supply of early potatoes in the markets is increasing every week. Their price ranges from 1.60 euros to 3.50 per kilogram. Farmers say it is still too early to assess the upcoming harvest, as the situation varies by region, Latvian Radio reported on June 24. https://eng.lsm.lv/article/economy/economy/25.06.2026-concerns-about-small-shares-of-local-products-in-latvian-stores.a652574/?utm_source=rss&utm_campaign=rss&utm_medium=links Thu, 25 Jun 2026 05:17:26 GMT 652574 One-third of the milk produced in Latvia, about half of the chicken, less than half of the local flour, and slightly more than 50% of the onions—that is the share of local products in some of the largest retail chains. Producers are raising concerns, but retailers argue that local producers cannot produce more and that seasonality also affects the situation, Latvian Radio reports on June 26. https://eng.lsm.lv/article/economy/economy/19.06.2026-reduced-tax-on-diesel-to-stay-until-end-of-year-in-latvia.a652159/?utm_source=rss&utm_campaign=rss&utm_medium=links Fri, 19 Jun 2026 07:15:00 GMT 652159 The reduced excise tax rate on diesel fuel will remain in effect until the end of this year. This is provided for in the amendments to the Law on Limiting Price Increases for Petroleum Products, which the Saeima approved on Thursday, June 18. https://eng.lsm.lv/article/economy/economy/18.06.2026-solar-energy-park-opens-in-targale-ventspils.a652032/?utm_source=rss&utm_campaign=rss&utm_medium=links Thu, 18 Jun 2026 11:12:08 GMT 652032 On Thursday, June 18, the Danish renewable energy developer "European Energy" opened a solar park in Tārgale, Ventspils. The solar park covers a total area of 138 hectares, the company reported. https://eng.lsm.lv/article/economy/economy/16.06.2026-latvia-central-bank-cuts-gdp-growth-forecast.a651655/?utm_source=rss&utm_campaign=rss&utm_medium=links Tue, 16 Jun 2026 09:54:00 GMT 651655 The Latvian central bank, Latvijas Banka (LB) said on June 16th it was revising its economic growth forecasts for the country downwards, amid continued international tensions. https://eng.lsm.lv/article/economy/economy/15.06.2026-latvian-house-prices-ticked-up-in-first-quarter-of-2026.a651528/?utm_source=rss&utm_campaign=rss&utm_medium=links Mon, 15 Jun 2026 11:43:00 GMT 651528 In the first quarter of 2026, compared to the fourth quarter of 2025, housing prices increased by 1.2%, according to the latest preliminary data published by the Central Statistical Bureau on June 15th. https://eng.lsm.lv/article/economy/economy/15.06.2026-latvias-shadow-economy-grew-last-year-key-study-suggests.a651471/?utm_source=rss&utm_campaign=rss&utm_medium=links Mon, 15 Jun 2026 09:38:00 GMT 651471 Researchers presented 2025 data at the Stockholm School of Economics in Rīga on Monday showing that Latvia's unofficial or 'shadow' economy actually grew last year. https://eng.lsm.lv/article/economy/economy/15.06.2026-airbaltic-hopeful-for-jet-fuel-prices-to-stabilise.a651446/?utm_source=rss&utm_campaign=rss&utm_medium=links Mon, 15 Jun 2026 06:47:30 GMT 651446 Now that the U.S. and Iran have announced an agreement to end hostilities, there is hope that jet fuel prices will stabilise, said Andrejs Martinovs, chairman of the board of airBaltic, in an interview Monday morning on the Latvian Radio programme Good Morning on June 15. https://eng.lsm.lv/article/economy/economy/15.06.2026-quick-loan-supervision-reform-slow-going-ltvs-de-facto.a651442/?utm_source=rss&utm_campaign=rss&utm_medium=links Mon, 15 Jun 2026 06:01:40 GMT 651442 More than one billion euros were issued last year in online loans, or quick loans, as well as in leasing and other non-bank loans, the Consumer Rights Protection Centre (PTAC) announced last week. Discussions continue as to whether this sector should be transferred to the supervision of the Bank of Latvia but the process is slow, Latvian Television's De Facto reported on June 14. https://eng.lsm.lv/article/economy/economy/12.06.2026-oecd-presents-numerous-ideas-to-improve-latvias-economy.a651325/?utm_source=rss&utm_campaign=rss&utm_medium=links Fri, 12 Jun 2026 17:58:00 GMT 651325 The Organization for Economic Cooperation and Development (OECD) has published a new OECD Economic Survey of Latvia, which runs the rule over the current state of the Latvian economy and its future prospects. These surveys are conducted every two years for all OECD member states, with this one launched on the occasion of Latvia’s 10th anniversary of joining the OECD. https://eng.lsm.lv/article/economy/economy/12.06.2026-what-hinders-rigas-construction-pace.a651260/?utm_source=rss&utm_campaign=rss&utm_medium=links Fri, 12 Jun 2026 12:15:13 GMT 651260 How easy is it to start building a house in Riga? This was investigated by representatives of the LaSER think tank, who regularly monitor the development of Rīga and other Latvian cities. The experts concluded that the process is fragmented and that there are currently two spatial plans in effect in Rīga, Latvian Radio reported on June 12. https://eng.lsm.lv/article/economy/economy/12.06.2026-agriculture-output-prices-down-in-first-quarter.a651204/?utm_source=rss&utm_campaign=rss&utm_medium=links Fri, 12 Jun 2026 07:23:25 GMT 651204 In the first quarter of 2026, the average price of agricultural output in the EU decreased by 2.9% compared with the same quarter in 2025. This was a slightly higher rate of decline than that of the last quarter of 2025 (-1.7%) according to data on agricultural price indices published by Eurostat. https://eng.lsm.lv/article/economy/economy/11.06.2026-latvians-spent-eur-18-billion-on-short-trips-last-year.a651084/?utm_source=rss&utm_campaign=rss&utm_medium=links Thu, 11 Jun 2026 11:26:03 GMT 651084 According to the data of the Central Statistical Bureau (CSB), published on June 11, in 2025, residents of Latvia spent a total of EUR 1,799 billion on short trips around Latvia and abroad. Domestic tourism declined slightly last year, while the number of trips abroad increased.  https://eng.lsm.lv/article/economy/economy/11.06.2026-balticovo-hopes-to-egg-cel-with-new-production-plant.a651021/?utm_source=rss&utm_campaign=rss&utm_medium=links Thu, 11 Jun 2026 05:19:52 GMT 651021 On Wednesday, June 10, the new production complex of the egg production company "Balticovo" was officially opened in Iecava; approximately 120 million euros were invested in its construction, the company reported. https://eng.lsm.lv/article/economy/economy/10.06.2026-riga-central-markets-meat-pavilion-ordered-to-close-immediately.a651004/?utm_source=rss&utm_campaign=rss&utm_medium=links Wed, 10 Jun 2026 18:03:00 GMT 651004 The State Construction Control Bureau (BVKB) inspected the Meat Pavilion at Rīga Central Market on Wednesday, and as of Thursday, June 11, it will be closed. https://eng.lsm.lv/article/economy/economy/10.06.2026-latvia-mulls-compensation-in-case-of-drone-damage.a650865/?utm_source=rss&utm_campaign=rss&utm_medium=links Wed, 10 Jun 2026 06:23:14 GMT 650865 Following several drone incidents along Latvia’s border, a question has arisen: what would happen if an unmanned aerial vehicle damaged equipment, a building, or other property? While the government plans to introduce a compensation mechanism, it remains unclear how farmers would be protected in such cases, Latgale Regional Television reported on June 10. https://eng.lsm.lv/article/economy/economy/10.06.2026-latgale-tourism-to-be-given-financial-state-support.a650862/?utm_source=rss&utm_campaign=rss&utm_medium=links Wed, 10 Jun 2026 06:03:12 GMT 650862 To strengthen Latgale’s tourism industry, which has been negatively impacted in terms of revenue by frequent airspace alerts, the Ministry of Economics plans to reallocate 1.5 million euros to various tourism activities, according to Minister of Economics Viktors Valainis (Greens and Farmers Union) on the Latvian Radio programme "Good Morning" on June 10. https://eng.lsm.lv/article/economy/economy/09.06.2026-double-digit-export-rise-for-latvia-in-april.a650791/?utm_source=rss&utm_campaign=rss&utm_medium=links Tue, 09 Jun 2026 13:46:56 GMT 650791 Central Statistical Bureau (CSB) provisional data published on June 9th show that in April 2026 Latvia had foreign trade turnover of EUR 4.13 billion, which at current prices was 12.6 % higher than a year ago. https://eng.lsm.lv/article/economy/economy/09.06.2026-annual-inflation-at-35-in-may-in-latvia.a650767/?utm_source=rss&utm_campaign=rss&utm_medium=links Tue, 09 Jun 2026 11:41:59 GMT 650767 The data of the Central Statistical Bureau (CSB) show that in May 2026, compared to April 2026, the average level of consumer prices increased by 0.5 %.  https://eng.lsm.lv/article/economy/economy/09.06.2026-coalition-wants-to-keep-reduced-diesel-tax-until-end-of-2026.a650747/?utm_source=rss&utm_campaign=rss&utm_medium=links Tue, 09 Jun 2026 10:36:04 GMT 650747 The coalition parties have agreed to maintain the reduced excise tax rates on diesel fuel until the end of this year, Finance Minister Māris Kučinskis told the LETA news agency on Monday following a meeting of the coalition parties. https://eng.lsm.lv/article/economy/economy/08.06.2026-riga-meeting-helps-advance-single-baltic-capital-market-concept.a650560/?utm_source=rss&utm_campaign=rss&utm_medium=links Mon, 08 Jun 2026 09:15:30 GMT 650560 On Saturday, June 6th, during the annual meeting of the Board of Governors of the European Bank for Reconstruction and Development (EBRD) in Rīga, the Finance Ministers of Latvia, Estonia and Lithuania, together with EBRD President Odile Renaud-Basso, signed a memorandum of understanding on further cooperation in the development of a single Baltic capital market. https://eng.lsm.lv/article/economy/economy/08.06.2026-caterers-argue-about-school-procurement-in-riga.a650516/?utm_source=rss&utm_campaign=rss&utm_medium=links Mon, 08 Jun 2026 06:44:21 GMT 650516 The Rīga City Council has amended the catering procurement contract for schools and kindergartens after two companies challenged the green criteria regarding organic food and delivery distance. As reported by the Latvian Television programme "De Facto," organic farmers are concerned that this could make it harder for organic food to reach children’s menus. https://eng.lsm.lv/article/economy/economy/05.06.2026-dutch-company-to-build-biomethane-plant-in-latvia.a650312/?utm_source=rss&utm_campaign=rss&utm_medium=links Fri, 05 Jun 2026 12:15:57 GMT 650312 Next Biogas SIA, a subsidiary of the Dutch HoSt Group, will build a biomethane production plant in Lēdurga, Sigulda Municipality, for 26.8 million euros, and on Friday, the company signed a loan agreement with the European Bank for Reconstruction and Development (EBRD) to implement the project, LETA reports. https://eng.lsm.lv/article/economy/economy/04.06.2026-finance-ministry-rezeknes-finances-heading-in-right-direction-not-so-valkas.a650184/?utm_source=rss&utm_campaign=rss&utm_medium=links Thu, 04 Jun 2026 16:04:37 GMT 650184 Two cash-strapped Latvian municipalities received contrasting verdicts on their financial stabilization efforts on June 4th. https://eng.lsm.lv/article/economy/economy/04.06.2026-latvia-raises-a-billion-euros-on-financial-markets.a650156/?utm_source=rss&utm_campaign=rss&utm_medium=links Thu, 04 Jun 2026 14:29:00 GMT 650156 Latvia's State Treasury (Valsts Kase, VK) said on Thursday that it has raised a billion euros on the international financial markets with a bond issue. https://eng.lsm.lv/article/economy/economy/04.06.2026-latvian-industrial-production-up-70-in-april.a650152/?utm_source=rss&utm_campaign=rss&utm_medium=links Thu, 04 Jun 2026 14:18:02 GMT 650152 Central Statistical Bureau data (calendar adjusted at constant prices) published on June 4th show that in April 2026 Latvia's industrial production output increased by 7.0 % year-on-year.  https://eng.lsm.lv/article/economy/economy/04.06.2026-finance-minister-sceptical-about-continuing-diesel-tax-incentive.a650052/?utm_source=rss&utm_campaign=rss&utm_medium=links Thu, 04 Jun 2026 06:52:00 GMT 650052 The government will still have to assess whether to maintain the reduced excise tax rate on diesel fuel after June 30, as its price has now stabilised, Finance Minister Māris Kučinskis (United List) said in an interview with Latvian Radio on June 4. https://eng.lsm.lv/article/economy/economy/03.06.2026-latvias-foreign-visitor-numbers-down-75-in-first-quarter.a649891/?utm_source=rss&utm_campaign=rss&utm_medium=links Wed, 03 Jun 2026 08:41:00 GMT 649891 Amid fears that drone alerts and international tensions are depressing tourist numbers in the Baltic states, the latest Eurostat figures show a mixed picture. https://eng.lsm.lv/article/economy/economy/03.06.2026-new-hybrid-wind-energy-park-in-livani-latvia.a649849/?utm_source=rss&utm_campaign=rss&utm_medium=links Wed, 03 Jun 2026 05:12:17 GMT 649849 On Tuesday, June 2, the first hybrid energy park in Latvia, developed by renewable energy company "Vindr," was officially opened in Līvāni municipality. https://eng.lsm.lv/article/economy/economy/31.05.2026-agriculture-still-an-important-employer-in-latvia.a649450/?utm_source=rss&utm_campaign=rss&utm_medium=links Sun, 31 May 2026 10:32:00 GMT 649450 Latvia retains one of the European Union's largest proportions of people working in agriculture, according to the latest Eurostat statistics. https://eng.lsm.lv/article/economy/economy/29.05.2026-latvian-gdp-up-25-in-first-quarter.a649305/?utm_source=rss&utm_campaign=rss&utm_medium=links Fri, 29 May 2026 11:12:49 GMT 649305 According to the Central Statistical Bureau (CSB) data published on May 29th, gross domestic product (GDP) in Latvia increased by 2.5 % in Q1 2026 (at constant prices, seasonally and calendar non-adjusted data). https://eng.lsm.lv/article/economy/economy/27.05.2026-tourists-are-afraid-to-visit-latvias-eastern-latgale-region.a648970/?utm_source=rss&utm_campaign=rss&utm_medium=links Wed, 27 May 2026 10:49:00 GMT 648970 Evidence is growing that recent events near Latvia's eastern border – repeated drone incidents, regular airspace threat warnings, mobile phone alerts, NATO fighter jets being scrambled – are having serious consequences for the tourism industry, reports Latvian Radio.