Latvia: GDP to decline in 2020

Latvia’s gross domestic product (GDP) will decline by 7.3% this year. Next year the country’s economy will grow by 4.7%, according to international ratings agency Moody’s Investors Service, Inc. (Moody’s). According to Moody’s estimates, Latvia’s credit rating, which is at A3 level, is supported by three main factors – flexible and relatively varied economy, the…

Latvia: total tax debts up in June 2020

At the beginning of June total tax debts in Latvia, including active, halted and extended debts, reached EUR 989.207 million, up by 3.6% MoM, according to data from the State Revenue Service (VID). The most rapid increase was observed for social insurance fee debts. Nevertheless, the growth rate has reduced in comparison with the previous…

Latvia: construction costs up in May 2020

Compared to April, the level of construction costs in Latvia increased by 0.1% in May. Labor remuneration of workers rose by 1.4%, maintenance and operational costs of machinery and equipment – by 0.1%, but prices of building materials – reduced by 0.5%. In May, the average level of construction costs was mostly affected by an…

Latvia: business environment not bad

The business environment in Latvia when compared to its neighboring countries is not bad, but there is room for improvement, Foreign Investors Council in Latvia (FICIL) board member and PricewaterhouseCoopers board chairperson Zlata Elksnina-Zascirinska has declared. “If we compare with neightboring countries, Latvia’s business environment is not bad,” said Elksnina-Zascirinska. At the same time, she…

Latvia: consumer prices down in May 2020

When compared to May 2019, consumer prices in Latvia declined by 0.9%, putting the country among 14 European Union member states where deflation was found in this period of time, according to information published by Eurostat. Identical deflation to Latvia’s was observed in Spain. Deflation was higher in Estonia (-1.8%), Luxembourg (-1.6%), as well as…