When compared to May 2019, consumer prices in Latvia declined by 0.9%, putting the country among 14 European Union member states where deflation was found in this period of time, according to information published by Eurostat. Identical deflation to Latvia’s was observed in Spain. Deflation was higher in Estonia (-1.8%), Luxembourg (-1.6%), as well as…
Under influence from COVID-19 crisis the number of employed people in Latvia may decline by 7.5% or by 69,000, whereas the unemployment level in 2020 may increase to 11%, according to the report from Economy Ministry on the medium and long-term outlooks for the labour market. The ministry notes that along with the rapid spread…
In January-May, the Freeport of Riga handled 10,047,300 tons of cargo, down by 25.8% YoY. According to the port’s statistics, handing of grain increased by 18.3%, to 804,500 tons, coal handling fell by 64.4%, to 4.36 million tons, chemical cargo – by 18.1%, to 587,100 tons, ore – by 16.9%, to 283,100 tons, and oil…
The latest outlook of the Organisation for Economic Co-operation and Development (OECD), published on June 10, predicts an 8.1% GDP decline for Latvia. At the same time, according to OECD’s latest estimates, next year Latvia’s economy will increase by 6.3%. In previous outlooks, published in November 2019, OECD estimated Latvia’s GDP might grow by 2.3%…
At the end of May the level of registered unemployment reached 8.4% of the economically active population, up by 0.4% MoM, according to data from the State Employment Agency (NVA). At the end of May the number of unemployed persons registered with NVA was 76,440, up by 3,523 people. The most rapid increase of the…
Continuing to improve state support activities for residents, Latvia’s government approved amendments during a meeting on June 2, that provided for paying idleness assistance benefits to three groups of self-employed persons, as reported by Welfare Ministry. Amendments provide eligibility to receive idleness assistance benefits for certain self-employed persons. This benefit will be available to self-employed…
Latvian government is actively looking for a way to start construction of Liepaja Prison a year sooner than previously expected, Prime Minister Krisjanis Karins has announced. The prime minister reminded that when compiling this year’s budget an agreement was reached to commence the aforementioned project in 2022. “As far as I know, we are looking…