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Last Notes

2023-12-07 11:23:00

**Micro-enterprise tax set at 25% as of next year in Latvia**
From January 1, 2024, a uniform rate of 25% will be set for micro-enterprises in Latvia. Amendments to the micro-enterprise tax law were supported by the Saeima in the final reading on Thursday, December 7.
https://eng.lsm.lv/article/economy/economy/07.12.2023-micro-enterprise-tax-set-at-25-as-of-next-year-in-latvia.a534550/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-12-07 10:07:29

**Reconstruction of major Rīga street to begin**
This week an ambitious Rīga investment project for the restoration of the city's infrastructure will begin – the reconstruction of Mūkusalas Street in the length of 2.3 kilometers and the construction of a well-developed promenade, Rīga Ciity Council said in a statement December 7.
https://eng.lsm.lv/article/economy/transport/07.12.2023-reconstruction-of-major-riga-street-to-begin.a534537/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-10-19 06:57:09

**Latvian collector coin sales raise 165,000 euros for Ukraine**
Latvijas Banka, the Latvian central bank (LB), has transferred a donation of nearly 165,000 to the Ministry of Social Policy of Ukraine, it said October 19.
https://eng.lsm.lv/article/economy/banks/19.10.2023-latvian-collector-coin-sales-raise-165000-euros-for-ukraine.a528397/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-10-19 03:50:19

**Rīga to send public buses to Chernihiv, Ukraine**
Rīga City Council on Wednesday, October 18, supported the donation of ten 'Rīgas Satiksme' public transport buses to the municipality of Chernihiv, the municipality said in a statement.
https://eng.lsm.lv/article/economy/transport/19.10.2023-riga-to-send-public-buses-to-chernihiv-ukraine.a528360/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-10-18 08:28:05

**Gas station merger as Kool takes over Latvijas Nafta**
The Competition Council (Konkurences padome, KP) has allowed “Aqua Marina”, the parent company of “Kool Latvija”, to acquire and use the right to manage more than 50 assets of SIA “East-West transit” and SIA “Naples” – mainly gas stations working under the Latvijas Nafta brand. These assets will mainly be used in fuel retail, the KP said.
https://eng.lsm.lv/article/economy/business/18.10.2023-gas-station-merger-as-kool-takes-over-latvijas-nafta.a528249/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-09-27 09:18:23

**Construction costs slightly up on year in Latvia**
Data of the Central Statistical Bureau published September 27 show that in August 2023, compared to August 2022, the level of construction costs in Latvia increased by 3.0 %.
https://eng.lsm.lv/article/economy/economy/27.09.2023-construction-costs-slightly-up-on-year-in-latvia.a525226/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-09-27 07:21:56

**Another set of average speed cameras launched in Latvia**
During the night to Thursday, September 28, on the Bauska Highway (A7) from Tilderi to Iecava (25.3-40 km), the average speed control cameras will start operating, Latvian State Roads reported.
https://eng.lsm.lv/article/economy/transport/27.09.2023-another-set-of-average-speed-cameras-launched-in-latvia.a525529/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-09-27 04:41:43

**Latvian Postal service head says prices will stay the same**
The Latvian Postal service (Latvijas Pasts, LP) does not currently see the possibility of reducing service rates, but it is possible to maintain them at the current level in 2024, Beāte Krauze-Čebotare, head of the company, told Latvian Radio on September 27.
https://eng.lsm.lv/article/economy/transport/27.09.2023-latvian-postal-service-head-says-prices-will-stay-the-same.a525498/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-09-27 03:46:38

**Finance Ministry comes up with draft budget figures**
The Ministry of Finance is offering to finance new government programs and priorities in the amount of EUR 783.5 million in the 2024 state budget in addition to existing state programs, the Ministry of Finance said on September 26.
https://eng.lsm.lv/article/economy/economy/27.09.2023-finance-ministry-comes-up-with-draft-budget-figures.a525493/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-09-14 05:19:00

**Nordic investor issues "science challenge" to regional startups**
Helsinki and Stockholm-based early-stage investor Voima Ventures has announced what it is calling "a science challenge for pre-seed and seed stage science-based startups in the Nordic and Baltic areas, aiming to accelerate science-based innovations across the region."
https://eng.lsm.lv/article/economy/business/14.09.2023-nordic-investor-issues-science-challenge-to-regional-startups.a523909/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-09-11 09:38:48

**July trade figures show scale of trade swings to central Asian countries**
Central Statistical Bureau (CSB) provisional data published September 11 show that in July 2023 Latvia had foreign trade turnover of EUR 3.15 billion, which at current prices is 17.7 % lower than a year ago.
https://eng.lsm.lv/article/economy/economy/11.09.2023-july-trade-figures-show-scale-of-trade-swings-to-central-asian-countries.a523455/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-08-31 09:31:00

**Latvia's GDP contracted in second quarter**
Data published by the Central Statistical Bureau (CSB) August 31 show that in the second quarter of 2023, compared to the same quarter of 2022, gross domestic product (GDP) fell by 0.5 % (according to seasonally and calendar non-adjusted data at constant prices).
https://eng.lsm.lv/article/economy/economy/31.08.2023-latvias-gdp-contracted-in-second-quarter.a521743/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-08-31 05:04:00

**Economists: wages in Latvia grow faster than prices**
Wages in Latvia are rising more quickly than prices, and the purchasing power of the population should start to increase again after nearly two years of decline, said the Citadele bank's economist Mārtiņš Āboliņš commenting on the latest salary change data on August 30.
https://eng.lsm.lv/article/economy/economy/31.08.2023-economists-wages-in-latvia-grow-faster-than-prices.a522178/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-08-31 04:04:00

**Liepāja city sees growing tourism numbers**
Liepāja is experiencing an increase in tourist numbers this summer – nearly 30 thousand city guests have been received in Q2 of this year. That is 15% more than last year during the same time, TV Kurzeme reported on August 30.
https://eng.lsm.lv/article/economy/transport/31.08.2023-liepaja-city-sees-growing-tourism-numbers.a522173/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-08-30 09:37:00

**Latvia's average wage in Q2 2023 rose to EUR 1,525**
Data of the Central Statistical Bureau (CSB) show that in Q2 2023, according to working-day and seasonally non-adjusted data, the average gross wages and salaries for full-time work amounted to EUR 1,525.
https://eng.lsm.lv/article/economy/employment/30.08.2023-latvias-average-wage-in-q2-2023-rose-to-eur-1525.a521742/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-08-30 09:01:55

**Latvian Postal service issues railway stamp**
On September 2, Latvian Postal service (Latvijas Pasts, LP) will issue a new postage stamp dedicated to the 120th anniversary of the only regularly rolling narrow-gauge railway line in the Baltic, Gulbene-Alūksne, said LP.
https://eng.lsm.lv/article/economy/transport/30.08.2023-latvian-postal-service-issues-railway-stamp.a522065/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-08-30 09:01:00

2023-08-25 06:43:00

**Bolt Latvia continues monitoring reckless scooter drivers**
Two months ago, the Bolt ride-sharing platform introduced a system allowing for monitoring of electric scooter drivers. Around two thousand drivers received warnings at this time, while around 150 people were temporarily banned from driving the scooter, Latvian Television reported on August 25.
https://eng.lsm.lv/article/economy/transport/25.08.2023-bolt-latvia-continues-monitoring-reckless-scooter-drivers.a521509/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-08-25 04:41:33

**Tukums airport hopes for renewal of activity**
The Tukums airport, built before WWII, has undergone many changes over time – even nuclear heads had been deployed there. After renovation, the airport has been in decline for sixteen years since its licence was revoked due to possible criminal events. The municipality now wants to re-establish it, but the State does not have an interest in the site, Zemgale regional television reported on August 25.
https://eng.lsm.lv/article/economy/transport/25.08.2023-tukums-airport-hopes-for-renewal-of-activity.a521492/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-08-25 03:30:00

**Daugavpils–Rīga trains full to the brim**
Residents of Daugavpils have considerable difficulties getting to Riga. These resulted from changes in the route network when bus services were canceled. Trains are crowded and not everyone can fit, LRT+ reported on August 23.
https://eng.lsm.lv/article/economy/transport/25.08.2023-daugavpils-riga-trains-full-to-the-brim.a521465/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-08-24 11:36:00

**Nordic Investment Bank opens new Rīga 'regional hub'**
International financial institution the Nordic Investment Bank (NIB) said August 24 it has opened a new regional hub in Rīga.
https://eng.lsm.lv/article/economy/banks/24.08.2023-nordic-investment-bank-opens-new-riga-regional-hub.a521419/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-08-24 10:01:00

**'Modern Craft Market' will set out its stall at open-air museum**
The Latvian Ethnographic Open-Air Museum on the outskirts of Rīga will have an interesting offering for visitors on the weekend of September 2 and 3 by staging a "Modern Craft Market 2023" from 09:00 to 17:00 on both days.
https://eng.lsm.lv/article/economy/business/24.08.2023-modern-craft-market-will-set-out-its-stall-at-open-air-museum.a520936/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-08-23 12:11:00

**Rīga to Vilnius railway service may be launched next year**
Lithuania’s Transport Minister Marius Skuodis hopes that a passenger train service between Vilnius and Riga will be up and running as early as in 2024, reports LRT in Lithuania.
https://eng.lsm.lv/article/economy/transport/23.08.2023-riga-to-vilnius-railway-service-may-be-launched-next-year.a521248/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-08-22 08:07:00

**Summer jobs in big demand in Latvia this year**
Working in summer for pupils is provided every year by the State Employment Agency (NVA) pupil summer employment program. This year, pupils' willingness to work over the summer outweighed employers' supply, Latvian Television reported August 22.
https://eng.lsm.lv/article/economy/employment/22.08.2023-summer-jobs-in-big-demand-in-latvia-this-year.a521057/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-08-22 05:34:40

**'Cutting edge entrepreneurship' course on offer**
The Latvian Investment and Development Agency (LIAA) is calling on entrepreneurs to sign up for a free online course.
https://eng.lsm.lv/article/economy/business/22.08.2023-cutting-edge-entrepreneurship-course-on-offer.a521038/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-08-22 05:16:26

**Large solar park set for Saldus region**
Plans to start building one of Latvia's largest solar parks in Brocēni, Saldus region have been confirmed by the company European Energy. Founded in 2004 in Copenhagen, European Energy is a privately-owned developer of renewable energy projects.
https://eng.lsm.lv/article/economy/economy/22.08.2023-large-solar-park-set-for-saldus-region.a521032/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-08-22 04:00:00

**Farmers expect support with overcoming storm consequences**
This summer has brought frosts, drought, and severe storms, which have all damaged fields and yields. Some consider reducing herds or even eliminating their farm. Therefore, the issue of aid remains topical among farmers, Latvian Radio reported on August 22.
https://eng.lsm.lv/article/economy/economy/22.08.2023-farmers-expect-support-with-overcoming-storm-consequences.a521016/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-08-21 12:27:09

**Work continues to modernise Rīga tram lines**
In Rīga, an approximately two kilometers long section of tram line 5 is being rebuilt in the section from Jūrmala gatve to the terminus at Iļguciems. Meanwhile on tram line 7 tram line, the tracks are being completely relaid, reported Latvian Radio August 21.
https://eng.lsm.lv/article/economy/transport/21.08.2023-work-continues-to-modernise-riga-tram-lines.a520969/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-08-21 09:51:20

**Producer prices down in July**
After rising for 30 consecutive months, annual producer price levels recorded a reduction in July.
https://eng.lsm.lv/article/economy/economy/21.08.2023-producer-prices-down-in-july.a520937/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-08-21 09:08:28

**Nearly 300 bus trips canceled last week due to lack of drivers**
Travelers in the vicinity of Rīga have recently encountered problems getting places. Over the past week, the bus company Liepājas autobusu parks has canceled 270 trips. The company explains that they currently lack even 30% of drivers in the area, Latvian Radio reported on August 21.
https://eng.lsm.lv/article/economy/transport/21.08.2023-nearly-300-bus-trips-canceled-last-week-due-to-lack-of-drivers.a520922/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-08-21 04:51:00

**Train delays could result in EU money loss: LTV's De Facto**
This week, Škoda Group representatives came to report on the progress of the new passenger train project in Riga. The delivery schedule is already delayed by more than half a year, and Latvia will lose co-financing of the EU if the trains will not be delivered on time, Latvian Television's De Facto reported on August 20.
https://eng.lsm.lv/article/economy/transport/21.08.2023-train-delays-could-result-in-eu-money-loss-ltvs-de-facto.a520869/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-08-21 04:21:00

**Contest looks for most energy-efficient house in Latvia**
For 13 years, the Economics Ministry has organized a “most energy-efficient building in Latvia” contest. The first stage of the competition has now been closed and in August the jury will assess the objects participating – 20 buildings in 10 Latvian cities, Latvian Radio reported on August 21.
https://eng.lsm.lv/article/economy/economy/21.08.2023-contest-looks-for-most-energy-efficient-house-in-latvia.a520879/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-08-18 09:25:48

**Latvia's unemployment rate in July stayed the same**
Results of the Labour Force Survey conducted by the Central Statistical Bureau (CSB) show that in July 2023 actual unemployment rate in Latvia was 6.5 % and it has not changed over the month.
https://eng.lsm.lv/article/economy/employment/18.08.2023-latvias-unemployment-rate-in-july-stayed-the-same.a520056/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-08-18 04:59:00

**Latvian power distribution network cancels some service fees**
Following the entry into force of increased tariffs, the electricity distribution network (Sadales tīkls, ST) encouraged citizens to assess and reduce their connection load in order to reduce electricity bills. If someone changes their mind, there will be no service fee, ST representative Gunta Līne told Latvian Television on August 18.
https://eng.lsm.lv/article/economy/economy/18.08.2023-latvian-power-distribution-network-cancels-some-service-fees.a520597/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-08-17 09:44:00

**Rail Baltica is "beyond excited" about the future**
The Rail Baltica project has published a new promotional video that, on the one hand, lists the claimed benefits of the new high-speed rail network across the Baltic states but, on the other hand, takes these claims so far that it seems extraordinary it hasn't been built already, given the apparently miraculous effect it will have on pretty much everything.
https://eng.lsm.lv/article/economy/transport/17.08.2023-rail-baltica-is-beyond-excited-about-the-future.a520503/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-08-17 07:35:00

**Estonia concerned about state of Salacgrīva bridge**
Authorities in Estonia have concerns about the state and traffic flow of a bridge in Latvia which provides an important road link to Estonia on the key Via Baltica (E67) route, reports ERR News in Tallinn.
https://eng.lsm.lv/article/economy/transport/17.08.2023-estonia-concerned-about-state-of-salacgriva-bridge.a520483/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-08-17 03:37:00

**Latvia publishes list of businesses exporting to Russia and Belarus**
Following the request of Economics Minister Ilze Indriksone (National Alliance), the Central Statistical Bureau (CSB) has on August 16 published a list of businesses that continue to export to Russia and Belarus. On August 17 it pulled the list to 'make corrections'.
https://eng.lsm.lv/article/economy/business/17.08.2023-latvia-publishes-list-of-businesses-exporting-to-russia-and-belarus.a520448/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-08-17 03:37:00

**Latvia publishes list of businesses exporting to Russia, Belarus**
Following the request of Economics Minister Ilze Indriksone (National Alliance), the Central Statistical Bureau (CSB) has on August 16 published a list of businesses exporting to Russia and Belarus.
https://eng.lsm.lv/article/economy/business/17.08.2023-latvia-publishes-list-of-businesses-exporting-to-russia-belarus.a520448/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-08-16 10:32:02

**Tourist numbers picked up strongly in June**
Central Statistical Bureau data published August 16 show that in June 2023 number of non-resident and resident arrivals at tourist accommodation establishments accounted for 261.2 thousand, which is 6.2 % more than in June 2022.
https://eng.lsm.lv/article/economy/economy/16.08.2023-tourist-numbers-picked-up-strongly-in-june.a520055/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-08-16 07:08:00

**Initiative calls for freezing Euribor rates on past loans in Latvia**
A signature collection has been launched on the public initiative portal Manabalss.lv on the restriction on banks to raise Euribor rates on loans issued in the past, newswire LETA reported on August 16.
https://eng.lsm.lv/article/economy/economy/16.08.2023-initiative-calls-for-freezing-euribor-rates-on-past-loans-in-latvia.a520340/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-08-16 04:55:20

**Poor grain harvest in Latvia unlikely to affect bread supply**
Grain harvest is currently active, and farmers have already forecast worse harvests due to the prolonged drought, rain during harvest, and strong hail. However, will it also have any impact on the price and quality of grain, the processing industry and also on bread producers in Latvia? Latvian Radio sought answers in its report on August 16.
https://eng.lsm.lv/article/economy/economy/16.08.2023-poor-grain-harvest-in-latvia-unlikely-to-affect-bread-supply.a520311/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-08-15 10:51:00

**Latvia's new trains are very late**
New electric trains in Latvia will start carrying passengers no earlier than November, JSC Passenger Train (PV) said Tuesday, August 15.
https://eng.lsm.lv/article/economy/transport/15.08.2023-latvias-new-trains-are-very-late.a520224/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-08-15 10:38:37

**No big changes in Latvia's unemployment rate in Q2**
Results of the most recent Labor Force Survey (LFS) conducted by Central Statistical Bureau (CSB) show that in Q2 2023 Latvia had an unemployment rate of 6.4 %. Over the quarter it has not changed but over the year it has reduced by 0.2 percentage points.
https://eng.lsm.lv/article/economy/employment/15.08.2023-no-big-changes-in-latvias-unemployment-rate-in-q2.a520054/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-08-15 06:46:00

**Latvian leasing market fairly stagnant, sectoral data suggests**
Due to the rapid growth of inflation and the significant increase in Euribor rates, the number of leasing contracts concluded in Latvia has been falling, according to leasing sector information gathered by credit history company JSC "Kredītinformacijas Birojs" (KIB).
https://eng.lsm.lv/article/economy/business/15.08.2023-latvian-leasing-market-fairly-stagnant-sectoral-data-suggests.a520185/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-08-15 05:33:09

**Latvian Railways could help transport Ukraine's grain**
State JSC “Latvian Railways” (LDz) could be involved in the transport of Ukrainian grain by rail in the autumn of this year, said Board Chairman Rinalds Pļavnieks in an interview with Latvian Radio on August 15.
https://eng.lsm.lv/article/economy/transport/15.08.2023-latvian-railways-could-help-transport-ukraines-grain.a520175/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-08-15 04:53:48

**Solar energy users also get high power bills in Latvia**
Latvian residents have been puzzled and angry about their electricity bills for July. Not only those with traditional connections have had to look into their wallets – those with solar panels have also received higher bills, Latvian Television reported on August 14.
https://eng.lsm.lv/article/economy/economy/15.08.2023-solar-energy-users-also-get-high-power-bills-in-latvia.a520169/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-08-15 03:51:26

**Liepāja wastewater accident leaves dent in tourist activity**
The collapse of the wastewater reservoir in Liepāja at the end of July scared away some tourists, particularly Lithuanian tourists, due to some publications covering it as a major environmental disaster, Kurzeme regional television reported on August 14.
https://eng.lsm.lv/article/economy/transport/15.08.2023-liepaja-wastewater-accident-leaves-dent-in-tourist-activity.a520160/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-08-15 03:35:00

**Latvian central bank supports new tax on banks**
The Bank of Latvia supports the Ministry of Finance's intention to introduce mandatory payment of corporation tax (UIN) advances to banks at 20% of the previous year's profits, Latvian Television reported on August 14.
https://eng.lsm.lv/article/economy/banks/15.08.2023-latvian-central-bank-supports-new-tax-on-banks.a520159/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-08-14 09:40:39

**Latvia's youth have high income ambitions, survey shows**
A third of young people in Latvia aged 18 to 29 think they should receive a salary of above €1,500 after tax, according to a SEB bank survey, Latvian Radio reported on August 14.
https://eng.lsm.lv/article/economy/employment/14.08.2023-latvias-youth-have-high-income-ambitions-survey-shows.a520077/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-08-14 08:30:59

**First average speed cameras start working on Latvian roads**
From Monday, August 14, on the Rīga bypass (A5), the first section of the average speed control system – between Stūnīši and Jaunmārupe – has started working, Latvian State Roads (LVC) said.
https://eng.lsm.lv/article/economy/transport/14.08.2023-first-average-speed-cameras-start-working-on-latvian-roads.a520072/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-08-14 04:30:00

**Latvia's train station modernization in progress**
By the end of 2023, more than 40 railway station platforms should be rebuilt and new railway stations will be built in four places. Although the Latvian Railways company claims that jobs are actively in progress, no station has been completed, Latvian Radio reported on August 13.
https://eng.lsm.lv/article/economy/transport/14.08.2023-latvias-train-station-modernization-in-progress.a520025/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-08-14 04:19:30

**Potato prices in Latvia still high; moderate harvest expected**
Potato yields are expected to be moderate this year, although the situation varies among farms due to changeable weather conditions. There won't be a shortage of the staple food, but the price is still high and at the retail level exceeds one euro per kilogram, Latvian Radio reported on August 14.
https://eng.lsm.lv/article/economy/economy/14.08.2023-potato-prices-in-latvia-still-high-moderate-harvest-expected.a520020/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-08-14 03:56:00

**Half of planned major roadworks in Latvia completed so far in 2023**
Nearly half of planned roadworks for this year have been completed in mid-August, but the repairs continue in many places, Latvian State Roads told Latvian Television on August 13.
https://eng.lsm.lv/article/economy/transport/14.08.2023-half-of-planned-major-roadworks-in-latvia-completed-so-far-in-2023.a520018/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-08-12 07:33:16

**Nearly EUR 150m of 'fiscal space' available says Finance Ministry**
The 'fiscal space' available for financing new priorities is EUR 148.4 million in 2024, EUR 450.3 million in 2025 and EUR 684.3 million in 2026, according to a report on the forecasts of macroeconomic indicators, revenues and general government budget balance in 2024, 2025 and 2026 prepared by the Finance Ministry.
https://eng.lsm.lv/article/economy/economy/12.08.2023-nearly-eur-150m-of-fiscal-space-available-says-finance-ministry.a519896/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-08-11 07:59:05

**Average speed cameras to finally start working Monday**
As of Monday, August 14, on the Rīga bypass (A5), the first phase of the average speed control will be operational from Stūnīši to Jaunmārupe, Latvian State Roads said on August 11.
https://eng.lsm.lv/article/economy/transport/11.08.2023-average-speed-cameras-to-finally-start-working-monday.a519790/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-08-09 04:59:09

**Latvian Agriculture Minister: millions in losses due to spring frosts**
The spring frosts have caused losses of approximately EUR 7-8 million to Latvian farmers, the Minister for Agriculture Didzis Šmits (United List) told Latvian Radio on August 9.
https://eng.lsm.lv/article/economy/economy/09.08.2023-latvian-agriculture-minister-millions-in-losses-due-to-spring-frosts.a519474/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-08-09 04:47:00

**Fintech companies ask for regulatory changes in Latvia**
Five organizations representing the financial technologies sector in Latvia have sent a joint letter to the Finance Ministry and the Bank of Latvia (which is now the financial regulator), calling for legislative amendments "in order to adapt the best practices of the financial technologies markets from the neighbouring countries, and as a result, strengthen Latvia’s attractiveness in the eyes of new and innovative companies".
https://eng.lsm.lv/article/economy/business/09.08.2023-fintech-companies-ask-for-regulatory-changes-in-latvia.a519470/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-08-09 04:32:39

**Survey: Workplace satisfaction on the decline in Latvia**
Three out of five employees would leave their job for a higher-paying one, and the overall satisfaction of the employees with their work has decreased significantly over two years, according to a Kantar survey, Latvian Radio reported August 9.
https://eng.lsm.lv/article/economy/employment/09.08.2023-survey-workplace-satisfaction-on-the-decline-in-latvia.a519462/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-07-28 09:21:38

**Retail trade down 2.3% in Latvia**
Calendar adjusted data (at constant prices) published on July 28 by the Central Statistical Bureau (CSB) show that, compared to June 2022, in June 2023 total retail trade turnover reduced by 2.3 %.
https://eng.lsm.lv/article/economy/economy/28.07.2023-retail-trade-down-23-in-latvia.a518133/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-07-28 09:08:00

**Flash estimate: Latvia's GDP down 0.9%**
Flash estimate of the Central Statistical Bureau (CSB) published July 28 shows that in the 2nd quarter of 2023, compared to the 2nd quarter of 2022, gross domestic product (GDP) decreased by 0.9 % (according to seasonally and calendar non-adjusted data).
https://eng.lsm.lv/article/economy/economy/28.07.2023-flash-estimate-latvias-gdp-down-09.a517525/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-07-13 10:31:20

**€73 million support program for SMEs to be introduced in Latvia**
The Latvian Investment and Development Agency (LIAA) will introduce a new European Union (EU) Structural Fund-backed support program worth more than €73 million for small and medium-sized Latvian enterprises for the development of innovative business, the government decided on Thursday, July 13.
https://eng.lsm.lv/article/economy/business/13.07.2023-eur73-million-support-program-for-smes-to-be-introduced-in-latvia.a516374/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-07-13 04:29:27

**MEP Zīle skeptical about new EU rules on electric car charging stations**
Three years later, electric car charging stations will have to be located every 60 kilometers (km) of the main highways, according to a decision supported this week by MEPs. Critics, however, believe that it will cost too much for countries that are not densely populated, such as Latvia, Latvian Radio's Brussels correspondent Artjoms Konohovs reports July 13.
https://eng.lsm.lv/article/economy/transport/13.07.2023-mep-zile-skeptical-about-new-eu-rules-on-electric-car-charging-stations.a516319/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-07-13 04:29:00

**MEP Zīle skeptical about new EU rules on electric car charging stations**
In three years, electric car charging stations will have to be located every 60 kilometers (km) of the main highways, according to a decision supported this week by MEPs. Critics, however, believe that it will cost too much for countries that are not densely populated, such as Latvia, Latvian Radio's Brussels correspondent Artjoms Konohovs reports July 13.
https://eng.lsm.lv/article/economy/transport/13.07.2023-mep-zile-skeptical-about-new-eu-rules-on-electric-car-charging-stations.a516319/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-07-13 03:38:18

**Rīga City to consider renewing bus ticket discounts for students**
After half a year, Rīga City Council has agreed to consider renewing discounts for students for a single ticket on Rīga public transportation, as requested by the students' union when the new ticket system came into force, Latvian Radio and Latvian Television reported on July 12.
https://eng.lsm.lv/article/economy/transport/13.07.2023-riga-city-to-consider-renewing-bus-ticket-discounts-for-students.a516312/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-07-12 14:37:00

**Police seize 30 cars per week for drunk driving in Latvia**
Last year, criminal liability was introduced in Latvia for driving a vehicle while heavily intoxicated, meaning that the car could be seized or the value of the car had to be repaid. Still, an average of 30 drunk drivers' cars are seized and added to the Provision State Agency's car fleet every week, Latvian Television reported on July 12.
https://eng.lsm.lv/article/economy/transport/12.07.2023-police-seize-30-cars-per-week-for-drunk-driving-in-latvia.a516285/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-07-12 06:35:00

**Traffic restrictions in Rīga ahead of Positivus festival**
This weekend, July 14–15, the Positivus festival will take place in Rīga. As of Wednesday, July 12, traffic restrictions will be introduced, the Rīga City Council said.
https://eng.lsm.lv/article/economy/transport/12.07.2023-traffic-restrictions-in-riga-ahead-of-positivus-festival.a516207/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-07-12 04:24:06

**Foreign trade down 15% on year in Latvia**
Provisional data published on July 11 by the Central Statistical Bureau (CSB) show that in May 2023 the foreign trade turnover of Latvia amounted to EUR 3.53 billion, which at current prices was 14.9 % less than a year ago.
https://eng.lsm.lv/article/economy/economy/12.07.2023-foreign-trade-down-15-on-year-in-latvia.a516185/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-07-11 15:12:41

**Bolt imposes restrictions on reckless scooter drivers**
As the popularity of scooters grows, and thus the issue of safety arises, the electric scooter hire provider Bolt has introduced a reckless driving indicator and restrictions, Latvian Television reported on July 11.
https://eng.lsm.lv/article/economy/transport/11.07.2023-bolt-imposes-restrictions-on-reckless-scooter-drivers.a516152/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-07-11 11:50:20

**Latvia to get EUR 6.8 million for farmers' support**
Twenty-seven member states will be granted aid for agriculture by the European Commission (EC), including EUR 6.8 million for Latvia, as agreed by the EU member states on July 11.
https://eng.lsm.lv/article/economy/economy/11.07.2023-latvia-to-get-eur-68-million-for-farmers-support.a516122/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-07-11 10:02:00

**Annual inflation down to 7.9% in Latvia**
The latest data published on July 11 by the Central Statistical Bureau show that in June 2023, compared to June 2022, the average level of consumer prices increased by 7.9%.
https://eng.lsm.lv/article/economy/economy/11.07.2023-annual-inflation-down-to-79-in-latvia.a515203/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-06-22 03:22:00

**Competition watchdog inspects Latvia's food prices**
Elsewhere in the world, food prices are declining, but tn the Baltic States they are growing. According to the Central Statistical Bureau, prices for food and non-alcoholic beverages increased by nearly 18% during the year. Representatives of the Competition Council (KP) said during the meeting of the Saeima Submissions Committee on June 21 that they are examining food prices in supermarkets.
https://eng.lsm.lv/article/economy/economy/22.06.2023-competition-watchdog-inspects-latvias-food-prices.a513856/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-06-21 06:26:48

**OFAC publishes settlement with Swedbank Latvia on Crimea sanctions breach**
The US Office of Foreign Assets Control (OFAC) published a settlement statement on June 20 with Swedbank Latvia related to Crimea sanctions breaches.
https://eng.lsm.lv/article/economy/banks/21.06.2023-ofac-publishes-settlement-with-swedbank-latvia-on-crimea-sanctions-breach.a513732/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-06-21 03:12:17

**Electricity rates to rise in July in Latvia**
As of July, new electricity tariffs will come into force, which will significantly increase electricity bills, for households with more powerful connections rising by as much as 157%. Therefore, the “Distribution network” (Sadales tīkls, ST) calls on everyone to assess the effectiveness of their connection and possibly to save by changing it, Latvian Television reported on June 20.
https://eng.lsm.lv/article/economy/economy/21.06.2023-electricity-rates-to-rise-in-july-in-latvia.a513704/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-06-20 09:33:31

**Latvia's unemployment rate down to 5.6% in May**
Results of the Labour Force Survey published on June 20 by the Central Statistical Bureau (CSB) show that in May 2023 the actual unemployment rate in Latvia was 5.6 % and over the month it has reduced by 0.2 percentage points.
https://eng.lsm.lv/article/economy/employment/20.06.2023-latvias-unemployment-rate-down-to-56-in-may.a513599/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-06-17 06:39:00

**Road building cartel to result in million-euro repayment to EU**
After the Competition Council identified a road construction cartel, the Central Financial and Contract Agency (CFLA) concluded that the State would have to reimburse part of the EU funding allocated to the projects affected by the cartel, totaling EUR 1.02 million, according to the CFLA's statement on June 16.
https://eng.lsm.lv/article/economy/economy/17.06.2023-road-building-cartel-to-result-in-million-euro-repayment-to-eu.a513223/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-06-16 12:07:00

**Modern wood product plant under construction in Tukums**
One of Latvia’s leading companies in the important wood industry, STIGA RM, said June 16 it had started construction of a new acoustic wood board factory in Tukums municipality.
https://eng.lsm.lv/article/economy/business/16.06.2023-modern-wood-product-plant-under-construction-in-tukums.a513148/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-06-16 09:33:44

**Drop in Latvia's job vacancy numbers in Q1 2023**
Data published on June 16 by the Central Statistical Bureau of Latvia show that in Q1 2023 there were 23.9 thousand job vacancies in Latvia, which is 4.5 thousand vacancies or 15.9 % less than in Q1 2022.
https://eng.lsm.lv/article/economy/employment/16.06.2023-drop-in-latvias-job-vacancy-numbers-in-q1-2023.a512425/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-06-16 07:32:00

**Finance Ministry ups growth forecast for 2023**
Starting preparations for the 2024 state budget, the Ministry of Finance (FM) has updated its forecasts of macroeconomic indicators for 2023-2026.
https://eng.lsm.lv/article/economy/economy/16.06.2023-finance-ministry-ups-growth-forecast-for-2023.a513094/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-06-16 07:25:00

**Latvia's new passenger trains could be on the tracks in autumn**
The Škoda Group has transported 12 new trains to Rīga for assembly and further work and plans to supply a total of 23 trains by the end of the year, and the remaining nine next year. The trains will be put into service in the autumn, according to a statement from Škoda group.
https://eng.lsm.lv/article/economy/transport/16.06.2023-latvias-new-passenger-trains-could-be-on-the-tracks-in-autumn.a513100/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-06-11 10:07:33

**Latvia's tourism market livens up**
This summer season, the European tourism sector and Latvia's tourism industry are more optimistic than last year, Latvian Radio reported on June 10.
https://eng.lsm.lv/article/economy/transport/11.06.2023-latvias-tourism-market-livens-up.a512310/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-06-09 11:17:11

**Foreign trade down 10.6% on year in Latvia**
Provisional data published on June 9 by the Central Statistical Bureau (CSB) show that in April 2023 the foreign trade turnover of Latvia amounted to EUR 3.5 billion, which at current prices was 10.6 % less than a year ago.
https://eng.lsm.lv/article/economy/economy/09.06.2023-foreign-trade-down-106-on-year-in-latvia.a512165/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-06-08 09:17:00

**Annual inflation in May at 12.3% in Latvia**
The latest data published on June 8 by the Central Statistical Bureau show that in May 2023, compared to May 2022, the average level of consumer prices increased by 12.1 %.
https://eng.lsm.lv/article/economy/economy/08.06.2023-annual-inflation-in-may-at-123-in-latvia.a511968/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-06-07 11:31:00

**Domestic tourism gradually returning to pre-pandemic levels**
Data published by the Central Statistical Bureau (CSB) June 7 show that in 2022 Latvian residents went on 9.3 million same-day and overnight trips in Latvia, which is 12.2 % more than in 2021, and spent EUR 405.6 million, 35.6 % more.
https://eng.lsm.lv/article/economy/economy/07.06.2023-domestic-tourism-gradually-returning-to-pre-pandemic-levels.a511808/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-06-05 07:55:37

**airBaltic flight Rīga-Split turns around due to technical issues**
On Monday, June 5, morning, shortly after taking off from the Rīga International Airport, an airBaltic flight on its way to Split in Croatia, returned to Rīga after identifying a technical defect, Latvian Television reported.
https://eng.lsm.lv/article/economy/transport/05.06.2023-airbaltic-flight-riga-split-turns-around-due-to-technical-issues.a511477/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-06-02 10:37:29

**Latvia on board as European Unitary Patent System becomes a reality**
June 1 marked an historic day for patent protection in Europe with the entry into operation of the much anticipated Unitary Patent System, reports Labs of Latvia.
https://eng.lsm.lv/article/economy/business/02.06.2023-latvia-on-board-as-european-unitary-patent-system-becomes-a-reality.a511208/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-06-01 04:25:56

**Storent confirms bond offering**
Latvian construction equipment rental company Storent Holdings, which is one of the largest suppliers in the Baltic states, announced a public offering of its bonds May 31, based on the prospectus published on the company's website and Nasdaq Rīga and having received approval from the Bank of Latvia.
https://eng.lsm.lv/article/economy/business/01.06.2023-storent-confirms-bond-offering.a510989/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-05-26 09:33:42

**WhatsApp transcription system developed by Latvian company**
Forward IT Consulting is working on earz.ai, a voice recognition and translation system, which converts WhatsApp voice messages into written text automatically, reports Labs of Latvia.
https://eng.lsm.lv/article/economy/business/26.05.2023-whatsapp-transcription-system-developed-by-latvian-company.a510318/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-05-26 05:35:00

**Rīga bus route changes this weekend**
Due to water and sewerage reconstruction works, from May 26 at 20:15 until the last service on May 28 there will be changes on bus routes No. 4, 36 and 56 and the location of bus stops, public transport company Rīgas Satiksme is warning travellers.
https://eng.lsm.lv/article/economy/transport/26.05.2023-riga-bus-route-changes-this-weekend.a510277/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-05-26 05:20:00

**Latvians cautious of holiday travel this year**
About one third of Latvian residents plan to travel outside the Baltic states for pleasure this summer – mostly those whose income per family member exceeds 1,000 euros per month, reports Latvian Radio.
https://eng.lsm.lv/article/economy/transport/26.05.2023-latvians-cautious-of-holiday-travel-this-year.a510273/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-05-26 05:04:53

**LTRK President: Latvians should help Ukrainians into the European market**
The revival of Ukraine's economy will also be an opportunity for Latvian entrepreneurs, who should help Ukrainians to break into the European market, Aigars Rostovskis, president of the Latvian Chamber of Commerce and Industry, said in an interview to Latvian Television on May 26.
https://eng.lsm.lv/article/economy/business/26.05.2023-ltrk-president-latvians-should-help-ukrainians-into-the-european-market.a510264/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-05-24 05:09:05

**Electric car popularity on the rise in Latvia**
Over the past two years, electric car numbers have increased – the sector has had the fastest growth ever. The number of electric car charging points is therefore also increasing. Several experts addressed by Latvian Radio on May 24 said that the number of charging networks is optimal, while some say Latvia is lagging behind.
https://eng.lsm.lv/article/economy/transport/24.05.2023-electric-car-popularity-on-the-rise-in-latvia.a509909/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-05-19 09:18:00

**April unemployment rate down slightly in Latvia**
Results of the Labor Force Survey published on May 19 by the Central Statistical Bureau (CSB) show that in April 2023 actual unemployment rate in Latvia was 5.8 % and compared to March it has reduced by 0.3 percentage points.
https://eng.lsm.lv/article/economy/employment/19.05.2023-april-unemployment-rate-down-slightly-in-latvia.a508672/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-05-19 08:54:56

**Some Latvia's households switch gas supplier after market changes**
Since May 1, the natural gas market in Latvia has been open and users have been able to choose their supplier. Market participants estimated that around 5-10% of households had switched suppliers, and more are expected to do so when the next heating season approaches, Latvian Radio reported on May 19.
https://eng.lsm.lv/article/economy/economy/19.05.2023-some-latvias-households-switch-gas-supplier-after-market-changes.a509340/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-05-18 11:11:13

**Farmers announce crisis in dairy sector in Latvia**
The Dairy Industry Working Group of the Agricultural Organizations Council (LOSP) decided on May 18 to ask the government to immediately announce a state of emergency in the dairy sector in Latvia due to a prolonged fall in milk buying prices, and to implement intervention in the dairy market.
https://eng.lsm.lv/article/economy/economy/18.05.2023-farmers-announce-crisis-in-dairy-sector-in-latvia.a509199/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-05-18 08:03:41

**Latvian Postal service reports 2 million profit in 2022**
In 2022, State JSC "Latvijas pasts" (Latvian Postal Service, LP) worked with a turnover of €100 million, 5.1% less than in the previous year. The postal service ended the last year with a profit of €2.2 million. By comparison, in 2021, the company worked on losses of €1.2 million, according to a 2022 audited report by LP on May 18.
https://eng.lsm.lv/article/economy/economy/18.05.2023-latvian-postal-service-reports-2-million-profit-in-2022.a509167/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-05-16 12:27:00

**Latvian public companies could be listed on stock market**
In the coming years, a number of companies fully or partially owned by the state and local governments could offer their shares or bonds on the stock exchange. The first municipality to lead the way could be Rīga, according to an information report from the Ministry of Finance viewed by the government on Tuesday, May 16.
https://eng.lsm.lv/article/economy/economy/16.05.2023-latvian-public-companies-could-be-listed-on-stock-market.a508869/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-05-12 17:46:03

**Latvia and Estonia to form joint LNG terminal working group**
The responsible ministers of Latvia and Estonia signed a memorandum of cooperation in Tallinn on Friday, May 12, for the joint use of the Paldiski liquefied natural gas terminal in crisis cases, the Latvian Ministry of Climate and Energy announced.
https://eng.lsm.lv/article/economy/economy/12.05.2023-latvia-and-estonia-to-form-joint-lng-terminal-working-group.a508474/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-05-12 11:49:40

**Mail shipment figures dropped in 2022 in Latvia**
The lifting of Covid-19 restrictions in 2022 changed users' habits in the use of postal services - the total number of postal parcel shipments decreased by 1.3 million or 5.2%, and letters by 24%, according to data published by the Public Utilities Supervisory Commission (SPRK) on May 12.
https://eng.lsm.lv/article/economy/transport/12.05.2023-mail-shipment-figures-dropped-in-2022-in-latvia.a508423/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-05-12 08:48:21

**Local fruit and berries will be scarce this summer**
Fruit orchards and gardens in all regions of Latvia have been damaged with the unusual frost last week. The damage will cost millions, estimated the Latvian Association of Fruit Growers, which will turn to the Ministry of Agriculture (ZM) for support to the sector, Latvian Radio reported on May 12.
https://eng.lsm.lv/article/economy/economy/12.05.2023-local-fruit-and-berries-will-be-scarce-this-summer.a508400/?utm_source=rss&utm_campaign=rss&utm_medium=links

2023-05-12 08:09:00

**Man refuses booze check while driving, waves goodbye to Porsche**
The Prosecutor's Office has confiscated a man's Porsche car after the owner refused an intoxicating substance test while behind the wheel, the Prosecutor's Office said May 12.
https://eng.lsm.lv/article/economy/transport/12.05.2023-man-refuses-booze-check-while-driving-waves-goodbye-to-porsche.a508388/?utm_source=rss&utm_campaign=rss&utm_medium=links