The forestry sector will continue to be influenced by geopolitical and economic challenges, while a significant paradigm shift is emerging in the understanding of forest value – from a timber resource to a multifunctional ecosystem, Anita Skudra, Chairwoman of the Management Board of Rigas mezi, has told the news agency LETA. She explained that this…
This year, growth in real estate prices is likely to continue, according to Andris Boze, Member of the Management Board of housing developer and construction company YIT Latvija. He notes that housing prices in Latvia are still around 30-40% lower than in Lithuania or Estonia, and if the economic environment remains stable, a natural convergence…
The Ministry of Finance of Latvia (MoF) is proposing that, from January 2027, the functions of registering, licensing, and supervising non-bank lenders be transferred to the Bank of Latvia, according to information published on the Legal Acts Drafting Portal. The MoF has prepared an informational report on the designation of a single licensing and supervisory…
Food prices in Latvian shops are beginning to follow global trends, Martins Kazaks, President of the Bank of Latvia, has said. He noted that in previous years Latvia had seen a pattern whereby food prices rose domestically when global prices increased, but when global food prices fell, prices in Latvia tended to remain unchanged and…
The situation in Latvian agriculture is becoming more complicated with each passing year, primarily due to climatic conditions, says Juris Lazdins, Chairman of the Board of the farmers’ organisation Zemnieku saeima. “Folk beliefs and sayings no longer come true. After severe hailstorms, we used to say that lightning doesn’t strike the same tree twice –…
President of Latvia Edgars Rinkevics has proclaimed the state budget for next year along with 46 accompanying laws, according to a notice published in the official gazette Latvijas Vestnesis. The government approved the 2026 state budget on October 14, while the Saeima adopted it on December 4. Under the 2026 state budget, revenues are projected…
In the third quarter of this year, the average gross monthly wage in Latvia was 1,835 euros, and compared to the third quarter of 2024, the average monthly pay increased by 132 euros or by 7.8%. According to data from the Central Statistical Bureau (CSP), the pay per hour worked before taxes rose to EUR…