Lithuania’s annual inflation stood at 8.2% in June 2023, based on the EU’s Harmonised Index of Consumer Prices (HICP), according to the State Data Agency (VDA), Baltic News Network reported. Monthly inflation was 0.1%. Annual inflation calculated according to the national consumer price index amounted to 9% and monthly inflation to 0.1%.
Estonia’s state budget deficit is likely to be smaller than forecast in 2023, the Ministry of Finance announced, ERR reports. In the first five months of 2023, budget revenues increased more than expected due to the rapid growth of wages and rise in prices. Tax revenue was 10% higher than a year earlier. At the…
Senior officials from the Baltic states, Poland, and the European Commission met in Brussels and pledged to accelerate the synchronisation of the Baltic electricity grids with the continental European system, ERR reports. The current deadline for the synchronisation project is at the end of 2025. Timo Tatar, undersecretary of Estonia’s Ministry of Environment, said that…
Latvian consumers are worried the most about the rising prices of utilities, electricity, and food products, according to a Norstat poll for Luminor Bank, Baltic News Network reports. The survey showed that 29% of respondents were worried the most about heating and other utility costs, another 29% about electricity costs, and 24% about food prices….
Latvia’s President, Edgars Rinkevics, met with the governor of the Bank of Latvia, Martins Kazaks, to discuss issues related to the banking and financial sector, Baltic News Network reports. The officials noted that high lending costs weakened banks’ interest in providing lending services. Rinkevics called for a “radical change of direction” from Latvian commercial banks,…
The Estonian government has announced an emergency situation in the country’s agriculture sector due to adverse weather conditions in recent years, ERR reports. The declaration will ease regulatory and contractual obligations for farmers and other agricultural businesses, but will not entail financial support measures. Estonia has experienced exceptionally low rainfall and high temperatures in recent…
Latvia’s foreign trade turnover totalled EUR 17.93bn in the first five months of 2023, which was down EUR 718.4mn (3.9%) from the same period of 2022, according to provisional data from the Central Statistical Bureau, LSM reports. Exports totalled EUR 8.12bn, which was down EUR 281.2mn (3.3%) over a year. Imports totalled EUR 9.81bn, which…
The total area of agricultural land in Estonia has remained almost unchanged in 2023, according to Statistics Estonia’s preliminary data, The Baltic Times reports. Meanwhile, the area of arable land out of use for one year or more amounts to 28,200 hectares, which is 2.5 times more than in 2022. The area of land used…
Average consumer prices in Latvia rose by 7.9% in June 2023, compared to the same period of 2022, according to data from the Central Statistical Bureau, LSM reports. The annual change in prices was mainly influenced by the rise in the price of food and non-alcoholic beverages and of goods and services related to housing,…