The main objectives of Latvia’s defense sector for 2021 will be modernization of the country’s army and enhancement of its cyber security, according to the legislative draft on the 2021 state budget. Defense Ministry’s planned expenditures for 2020 reach EUR 548,332,786, whereas next year’s expenditures are EUR 693,521,903. It is planned to spend EUR 201,863,149…
EUR 1.875 billion has been reserved in Latvia’s 2021 state budget for various investments, according to information compiled by the Finance Ministry. The 2020 budget had reserved EUR 1.786 billion for investments. This means the volume of money reserved for investments will increase by EUR 107 million next year. EUR 547.5 million is planned to…
On October 16, the legislative draft for Latvia’s 2021 state budget was submitted to the Saeima’s committees for review. The budget plan plans expenditures at EUR 10.758 billion. The chairman of Saeima’s Budget and Finance Committee Martins Bondars promised to work for several days on the legislative draft, stressing that ministers and the prime ministers…
The development of the small banking sector could be faster, because at the moment the growth or drop of the banking sector is fully dictated by four largest banks in Latvia, says Finance and Capital Market Commission (FKTK) chairperson Santa Purgaile. “Of course, we are able to say that numerically we have many banks. At…
In January-September, the port of Ventspils handled 9.6 million tons of cargo, down 1.73-fold YoY, with the number of calls having decreased by 16%, to 989, the Port Authority statistics said. In 2019, the port increased its result by 0.8%. This year, the port’s throughput has been decreasing since January. Ventspils port is located near…
The volume of railway freights in January-September declined by 45.5% YoY, to 17.241 million tons, according to data compiled by the Transport Ministry. This includes 15.812 million tons of international transports, down by 47.9%. The volume of domestic transports has increased by 12.1%, to 1.429 million tons. According to available information, the volume of transit…
In August, the foreign trade turnover of Latvia amounted to EUR 2.31 billion, which at current prices was 4.3% less than a year ago, of which the exports value of goods dropped by 3.7% and imports value of goods – by 4.8%. Latvia exported goods in the amount of EUR 1.07 billion, but imported –…