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…

Latvia: throughput of port Riga down in Q1 2018

In January-March the Freeport of Riga handled 8,223,200 tons of cargo, down by 11.6% YoY. Coal transshipment fell by 8.8%, to 3,189,600 tons. Transshipment of oil products dropped by 43.3%, to 1,052,100 tons, wood pellets – by 3.5%, to 214,100 tons, while transshipment of ore surged almost 2-fold, to 99,800 tons. The port’s container throughput…

Latvia: turnover in food stores up in January 2018

Retail trade turnover in food stores grew by 9% YoY in January. This includes a 5.8% increase in non-specialized stores and 62.2% in specialized stores, according to information from Maxima retail compass industry review. 2018 commenced with increased growth rate for retail trade sector (except for retail trade of fuel) when compared with the years…

Latvia: finance sector’s development council supports prohibition of shell companies

Latvian Prime Minister Maris Kucinskis’ managed Finance Sector’s Development Council supported initiative on prohibiting shell companies, as confirmed by the prime minister. “We have reached an agreement on prohibition of shell companies in Latvia,” said Kucinskis, adding that the government planned to review this matter on April 3, and the Saeima – on April 8.…