Latvia to introduce electronic working time tracking in construction

Saeima’s Budget and Finance Commission has expressed unanimous conceptual support for amendments to the Law on Taxes and Duties. These amendments provide for the introduction of electronic working time tracking system in construction, Saeima’s press-service reported. Finance Minister Dana Reizniece-Ozola told members of the Saeima that a solution for electronic working time tracking was achieved…

Latvia: potential of business service centers remains unexplored

The role of international business service centers keeps increasing in the global economy. In Latvia, however, their potential remains largely unexplored, says New Hanza City project’s developer Pillar representative Guntars Cauna. Business centers’ specifics are dictated by their functions, says Cauna. The most common functions are accounting or wage management, data processing and functions that…

Latvia: consumer prices up in May 2017

Compared to May 2016, the average level of consumer prices increased by 2.8% in May 2017. Prices of goods grew by 2.6% and prices of services by 3.6%. Compared to May 2016, the greatest pressure on the price changes was put by the rise in prices of food and non-alcoholic beverages, goods and services related…

Latvia: industrial production output up in April 2017

Compared to April 2016, industrial production output increased by 9.6% in April 2017. Industrial production output in manufacturing grew by 6.2%, in mining and quarrying by 20.7%, and in electricity and gas supply by 18.8%. Increase in manufacturing was significantly affected by the rise in manufacture of electrical equipment (by 31.9%), manufacture of computer, electronic…

Latvia: April 2017 retail trade turnover up

Compared to April 2016, total retail trade turnover rose by 2.8% in April 2017. Turnover of retail trade in food products increased by 1.7% and turnover of retail trade in non-food products grew by 4%. The most significant growth in turnover in the non-food product group was recorded in retail sale of information and communication…

Latvia: businessmen important partners for the country’s development

This week, Latvian Economy Minister Arvils Aseradens will invite businesses to contribute to development of innovations, adding that the country’s healthy development requires businessmen as invaluable partners, because development of products, services or innovations also contributes to the development of separate industries. Next week’s agenda states that Aseradens will take part in multiple events organized…

Latvia: construction costs up in April 2017

Compared to March, the level of construction costs in Latvia increased by 0.9% in April. Labor remuneration of workers grew by 2.9%, prices of building materials increased by 0.5%, whereas maintenance and operational costs of machinery and equipment rose by 0.4%. Compared to April 2016, construction costs increased by 2%. Labor remuneration of workers rose…

Latvia: producer prices up in April 2017

Compared to March, the level of producer prices in Latvian industry grew by 0.1% in April. The prices of products sold on the domestic market increased by 0.5%, whereas the prices of exported products dropped by 0.2%. The prices of products exported to euro area countries decreased by 0.2% and of products exported to non-euro…

Latvia: unemployment rate at 9.4% in Q1 2017

In Q1 the Latvian unemployment rate constituted 9.4%. Compared to the previous quarter, the unemployment rate increased by 0.1%, whereas, compared to the same period of the year before, the rate reduced by 0.9%. In Q1 91.3 thousand people aged 15-74 were unemployed, which is 10.3 thousand fewer than a year ago and 0.5 thousand…