Latvia: Defense Ministry performs final assessment of 4×4 tactical transport procurement

Defense Ministry currently performs the final assessment of procurement offers for 4×4 light and medium-sized tactical transports for the country’s National Armed Forces. Talks regarding procurement of 4×4 light and medium-sized tactical transports were organized in two stages. Twelve contenders submitted applications for the first stage. Defense Ministry’s procurement commission picked six for the second…

Latvia: construction costs up in June 2018

Compared to May the level of construction costs in Latvia grew by 0.4% in June. Labor remuneration of workers grew by 0.6%, prices of building materials – by 0.5%, but maintenance and operational costs of machinery and equipment – by 0.1%. In June the average level of construction costs was mostly affected by an increase…

Latvia: most of non-resident banks to continue working

The majority of banks whose business activities are associated with servicing non-residents will continue working in Latvia, as confirmed by Finance and Capital Market Commission Peters Putnins. He said that a previous outlook stated that certain banks could cease working in Latvia because of the restriction for banks to cooperate with shell companies. “This outlook…

Latvia: construction output up in Q1 2018

Compared to Q1 2017 construction output increased by 35.7% in Latvia in Q1 2018. Construction output rise was observed in construction of buildings (44.2%), civil engineering (43.6%) and specialized construction activities (16.3%). Compared to the corresponding quarter of the year before output growth was recorded in all types of civil engineering: construction of roads and…

Latvia: economic growth to continue

Latvia’s economy will grow more slowly than it did in Q1. Growth will likely reach at least 4%, predicts Luminor Bank economist Peteris Strautins. SEB Bank’s macroeconomic expert Dainis Gaspuitis is more reluctant in his outlook. He expects economic growth rate to be 3.7%, considering global cycles and negative trends in certain sectors. Swebank senior…