On January 25, Japanese credit rating agency R&I maintained Latvia’s credit rating at A-level with a stable future outlook, the State Treasury reported. In spite of the negative effect from Covid-19 pandemic, which caused a massive decline for Latvia’s economy in 2020, the agency claims the framework of economic growth is not affected and it…
Looking at the budget, Riga City Council Finance and Administrative Affairs Committee supported increasing wages for the city council chairman, vice-chairmen, heads of committees and deputies instead of freezing the wage increase process similarly to other municipalities and state institutions. The proposal to freeze the increase of wages was suggested by members of Harmony political…
On January 21, Latvia’s Cabinet of Ministers decided to allocate EUR 600,000 from the state budget for emergencies to support non-government organizations (NGOs) to compensate for the negative effect of Covid-19 crisis in 2021, as reported by Culture Ministry. Because of the spread of the pandemic, restrictions put in place by the government continue causing…
In December 2020, actual unemployment rate comprised 8.3%, up by 0.4% MoM. Unemployment rate registered by the State Employment Agency (SEA) accounted for 7.7%, up by 0.3%. Unemployment rate increase may be observed when comparing the data to the December 2019 – of 1.7% in actual unemployment rate and 1.5% in registered unemployment rate, according…
In 2020, Latvia’s State Revenue Service (VID) collected a total of EUR 9.863 billion for the state budget, down by EUR 640.423 million or by 6.1% from the original plan, according to information published by the service. Compared to 2019, VID’s total collected general budget revenue has dropped by EUR 53.216 million or by 0.5%.…
In November 2020, the number of foreign and resident visitors comprised 50.3 thousand, down by 44.2% MoM and by 72.3% YoY. As compared to November of the previous year, the number of nights spent by visitors reduced by 66% and comprised 121.9 thousand nights. After the emergency situation was declared in the country on November…
Although last year there was a slight increase in unemployment in Latvia, the second wave of Covid-19 has yet to leave a tangible effect, said the director of the Latvian State Employment Agency (NVA) Evita Simsone. “The current unemployment level is slightly up, and so far we have yet to see any major influence from…