Estonia ranked best and Latvia worst in the Baltic States on Transparency International’s latest Corruption Perceptions Index, LSM reported. Estonia ranked 12th out of 180 countries worldwide in 2023, which was up from 14th place in 2022. Lithuania ranked 34th (33rd) and Latvia 36th (39th). Estonia scored 76 points on the index in 2023, which…
The growth of household income in Lithuania will exceed inflation by 3-4 times in 2024, Social Security and Labour Minister Monika Navickiene forecasts, BNS reports. The Social Security and Labour Ministry expects that household income will rise by an average 12% on year in 2024, while the Finance Ministry expects Lithuania’s average annual inflation to…
Latvia’s total retail trade turnover decreased by 2.1% over a year in 2023, according to the Central Statistical Bureau’s (CSP) calendar-adjusted data at constant prices, LSM reported. Retail sales of food products went down by 3.5% and non-food products (except for automotive fuel) by 2.3%, while retail sales of automotive fuel went up by 1.3%.
International credit rating agency Fitch Ratings has affirmed Estonia’s long-term foreign-currency issuer default rating at A+ with a stable outlook, ERR reports. The rating reflects Estonia’s strong governance standards and institutions, low public debt, and net external creditor position, Fitch stated. At the same time, Estonia’s lower income per capita and small economy expose the…
The state-run development agencies of the three Baltic States have signed an agreement to increase bilateral and trilateral cooperation, ERR reports. The agreement will allow the Estonian Centre for International Development (ESTDEV), Latvia’s Central Finance and Contracting Agency (CFLA), and Lithuania’s Central Project Management Agency (CPVA) to share information and expertise more effectively. The three…
The EU has suspended its dispute proceedings at the World Trade Organization (WTO) over China’s trade embargo against Lithuania, Politico reported. A spokesman for the European Commission said that the move was a “procedural step” related to the preparation of written submissions. The case will be closed altogether if the suspension lasts longer than 12…
Latvia’s annual GDP declined by 0.6% in 2023, according to the Central Statistical Bureau’s (CSP) provisional data. In the fourth quarter of 2023, the GDP dropped by 0.5% over a year, according to seasonally and calendar unadjusted data. Growth in manufacturing stood at 3.6%, while services went down by 0.7%. According to seasonally and calendar-adjusted…
The deputy speaker of the Estonian parliament, the Riigikogu, former prime minister Jüri Ratas, announced that he has quit the Estonian Centre Party (Keskerakond) and joined the Fatherland (Isamaa) party, ERR reports. He said that the values of the Centre Party’s leadership no longer coincided with his own. Ratas was replaced as party chairman by…
Estonia and Latvia have joined several other countries in suspending funding to the United Nations Relief and Works Agency (UNRWA), ERR and LETA reported. The move comes after allegations that several members of UNRWA’s staff had taken part in the Hamas terrorist attack against Israel on 7 October 2023. The Estonian and Latvian foreign ministries…