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 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 cargo turnover of Latvian ports totalled 38.655mn tonnes in 2023, which was down 19.6% from 48.078mn tonnes in 2022, according to data from the Ministry of Transport, Baltic News Network reports. The ministry attributed the decline to changes in the geopolitical situation, particularly the sanctions against Russia. The volume of bulk cargo handled at…
Teachers in Estonia began a nationwide strike on 22 January 2024 to press for higher pay, ERR reports. The Estonian Education Personnel Union (EHL) said that altogether 9,471 teachers at 330 general education schools were taking part in the strike. The number of strikers will almost double to 18,176 when kindergarten and vocational school teachers…
Estonia’s debt to GDP ratio rose in the third quarter of 2023 but was still the lowest in the EU, according to Eurostat data, ERR reports. Estonia’s general government gross debt totalled EUR 6.789bn, which was up from EUR 5.585bn in the third quarter of 2022. The country’s debt to GDP ratio stood at 18.2%,…