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…

Latvia: micro-enterprise tax creates serious defects

The micro-enterprise tax has created serious defects for Latvia’s tax system, said Fiscal Discipline Council chairman Janis Platais. “It has caused very serious defects to our tax system. It suffocates growth. It acts against the tax neutrality principle, when taxes should not stimulate one or the other form of business,” Platais said. He believes Latvia…

Latvia: FVS uncovers illegal sheep meat product trade

Inspecting an advertisement published on Facebook, Latvian Food and Veterinary Service uncovered illegal trade of sheep meat, canned meat storage and meat product distribution organized in an office building on Selpils Street, Riga. Upon performing a control purchase, inspectors found that tins with meat were either not labeled or improperly labeled, making it impossible to…

Latvia: housing prices to rise

Predicting changes for housing prices in the next two to three years, 66% of interviewed Latvian residents said prices would likely increase, according to data from DNB Bank’s survey. Every tenth respondent expects housing prices to decline. 18% of respondents are confident that prices will remain the same. The highest proportion of respondents who expect…

Latvia: construction output up in Q1 2017

Compared to the corresponding period of 2016, construction output in Latvia increased by 8.4% in Q1 2017. Construction production output at current prices amounted to 222 million euros. Construction output growth was recorded in all types of construction: 18.9% in construction of residential buildings, 7.2% in construction of non-residential buildings and 4.1% in construction of…

Latvia: grey economy’s proportion up in 2016

Latvia’s grey economy proportion was 20.3% of GDP last year. It is 1% higher in comparison with 2015, according to results of the data from the Grey Economy in Baltic States 2009-2016 study. The most common signs of grey economy in Latvia are undeclared income (42.1%), envelope wages (40.2%) and unregistered employees (17.7%). In Lithuania,…

Latvia: construction of new grain terminal warehouse completed in Ventspils

As part of the terminal’s expansion project, construction of a new warehouse for Ventspils Grain Terminal has been successfully completed. Now it is possible to commence wall construction work, as reported by the company’s chairman Vladislavs Safranskis. The expansion project for the improvement of Ventspils Freeport includes not only increasing storage capacity thanks to the…

Latvia: number of POS terminals up in 2016

According to the data of Association of Latvian Commercial Banks, compared to 2015, the number of POS terminals in Latvia increased 16% in 2016, reaching 41,613 terminals in total. On average, 494 new POS terminals are released in the country. Aside from that, the number of legal persons using POS terminals to process clients’ payments…

Latvia: airBaltic Launches Riga – Kazan flights