At a meeting on September 22, the Cabinet of Ministers approved the procedure for the mandatory sale of electricity by producers through electronic auctions. “From now on, electricity producers, regardless of ownership (except for those producers who have a green tariff and electricity producers who have acquired the right for support as a result of…
On September 23, Latvian Saeima rejected a proposal submitted by opposition members to reduce VAT for sectors of the economy impacted the most by the Covid-19 crisis from 21% to 5%. The parliament reviewed amendments to the Value Added Tax Law submitted by the political party Republika Saeima. In the end amendments were rejected. Saeima…
Uzbekistan exported $1 billion worth of cotton yarn during the first eight months of 2021, against $559.1 million in 2020. Cotton yarn accounted for 55.8% of the total textile export. The country exported $430.7 million worth ready-made knitwear and sewing products and $158.8 million worth of knitted fabric. The share of other items, including carpets,…
Estonia’s defense budget is expected to rise by EUR 103 million, to EUR 748 million next year. This will put the country’s defense spending at 2.31% of the forecast GDP. Minister of Defense Kalle Laanet (Reform) said this sum included allied costs, a defense investment program and new capability developments. “We can send a strong…
Hungary’s low-cost airline Wizz Air is resuming flights between Vilnius and Paris from September 30. Wizz Air has said it will operate the service twice a week. In August, the airline announced plans to expand its aircraft fleet at Vilnius Airport and launch flights from the Lithuanian capital to Reykjavik in Iceland and Yerevan in…
The peak of economic recovery is expected in the fourth quarter of 2021 – the first quarter of 2022, the Eurasian Development Bank (EDB) says. At the same time, it is noted that the low-water period poses risks to economic activity. The EDB’s forecast assumes a slowdown in price growth next year, given the stability…
Georgia has seen a solid economic growth over the last few years, made possible partly due to ongoing economic reforms, the EU Delegation in Georgia reports. According to the source, these reforms included overhauling tax collection procedures, fighting against corruption, opening up the country to foreign trade and investment, improving infrastructure and simplifying the business…