The Latvian parliament, the Saeima, has approved the state budget for 2025, LSM reports. The budget foresees revenues of EUR 18.4bn, while expenditure is planned at EUR 19.7bn. The estimated budget deficit will thus amount to EUR 1.3bn or 2.9% of the GDP. The key budget priorities are internal and external security and competitiveness. The…
The consumer price index (CPI) in Estonia rose by 3.7% in November 2024 compared to the same period of 2023, according to data from Statistics Estonia, ERR reported. The price of goods rose by 2.5% and services by 5.6% over a year. Compared to October 2024, consumer prices declined by 0.4%. The CPI was primarily…
Lithuania’s incoming centre-left government has revealed its draft programme for the next four years, LRT reports. The new coalition plans to focus on welfare, with more child benefits and better accessibility to health care and education. Also, the government may make changes to tax policy, moving towards progressive taxation. The new government plans to reverse…
The Latvian parliament, the Saeima, has passed in final reading a new tax on local credit institutions, LETA reports. Under the new law, credit institutions registered in Latvia and branches of foreign credit institutions will have to make quarterly solidarity contributions for the next three years. The tax will amount to 60% of their excess…
The first ship carrying Latvia’s strategic oil reserves arrived at the Freeport of Riga on 2 December 2024, the Ministry of Economy announced, LETA reports. Economy Minister Viktors Valainis said that the state would purchase 20% of the required reserves annually. The state would thus be in possession of 100% of the oil reserves in…
Estonia’s GDP totalled EUR 10bn in the third quarter of 2024, which was down 0.7% from the same period of 2023, according to data published by Statistics Estonia, The Baltic Guide reported. This was the tenth consecutive quarter of economic decline. The seasonally and working-day adjusted GDP fell by 0.6% over a year but remained…
European news portal Politico ranked the performance of Lithuania’s EU commissioner, Virginijus Sinkevicius, highest of the three Baltic members of the outgoing European Commission, ERR reports. The outlet gave Sinkevicius, who served as the European Commissioner for Environment in 2019-2024, a score of A minus. Latvia’s Valdis Dombrovskis, who is staying on as EC Vice…
The finance committee of the Estonian parliament, the Riigikogu, has decided to cancel an additional 5% increase in the excise tax on alcohol that was planned for July 2025, ERR reports. Committee chairwoman Annely Akkermann said that the tax hike would have led to increased cross-border trade and grey market sales, thus reducing state budget…
The Estonian government may triple the country’s immigration quota, Minister of Economy and Industry Erkki Keldo announced, ERR reports. The current quota amounts to 1,303 people or 0.1% of Estonia’s permanent population per year. Keldo suggested that the quota could be raised to 2,600 people normally and to 3,900 people when annual GDP growth exceeds…