In the first half-year of 2020, a total of 23.346 million liters of alcoholic beverages (aside from beer) was produced in Latvia, down by 8.9% YoY, according to information from the State Revenue Service (VID). Additionally, small alcoholic beverage producers with valid licenses issued under beneficial conditions produced 35,000 liters of alcoholic beverages in the…
Latvia’s GDP may decline by 7% this year, but if a second wave of COVID-19 comes, the country’s GDP may drop by 9%, as detailed in Finance Ministry’s macro-economic development scenario. The macro-economic scenario will be used as foundation for the state budget of 2021 and medium-term budget content in 2021-2023. The base scenario details…
In April-June, unemployment rate comprised 8.6%. Compared to the previous quarter, rate of unemployment has risen by 1.2%, but during a year – by 2.2%. In the result of Covid-19 crisis, the number of unemployed increased. In Q2, the number of unemployed persons aged 15-74 comprised 83.5 thousand, up by 22 thousand YoY and by…
Considering that state support to help reduce the impact of COVID-19 crisis on the economy has already reached 9% of Latvia’s GDP, the Fiscal Discipline Council (FDP) has once again asked the government to limit new economy-stimulating measures and instead start thinking about gradual reduction of the state debt. This much was concluded by FDP…
No increase of the tax burden as a result of the reform is acceptable, Prime Minister Krisjanis Karins has said after meeting with coalition partners. Karins promised to do everything to ensure the government is able to look at Finance Ministry’s prepared report on possible changes to the tax system, put rumors to rest and…
Latvian electricity transmission network maintenance company AS Augstsprieguma tikls (AT) plans to reduce transmission tariffs and increase the transmission capacity maintenance fee, according to the tariff project published in Latvian Herald. The tariff project has been submitted to the Public Utilities Commission (SPRK) for approval. Representatives of AT say transmission tariff changes directly affect only…
In June, retail trade size in Latvia, when compared to the same month of 2019, increased by 4.6%, which was higher than the average in the European Union, according to data compiled and published by Eurostat for 24 member states. When compared to the same month of 2019, a more rapid retail trade growth was…