Latvia had the largest share of people outside the labour force in the three Baltic states in the first quarter of 2023, according to Eurostat data, LSM reports. Just over 16% of Latvia’s potential labour force is not currently part of the working population. The figure stands at 15.4% in Lithuania and 12.3% in Estonia….
While Latvia’s economy is generally resilient and the labour market remains strong with low unemployment, the economy will still face significant fragility in 2023, Martins Kazaks, president of the Bank of Latvia, warned, LSM reports. Speaking in an interview on LTV, Kazaks emphasised the need for economic transformation in order to avoid falling behind other…
Latvia’s opposition Union of Greens and Farmers (ZZS) is planning to request the dismissal of Agriculture Minister Didzis Šmits, Baltic News Network reports. ZZS press secretary Dace Karklina said that the party supported the position of the Latvian Farmers Union (LZS) that the minister’s inaction and failure to set limits had resulted in uncontrollable increases…
An analysis on the impact of EU financial support on Estonian firms revealed that while the subsidies led to higher sales revenues and wages, they did not significantly improve productivity, ERR reports. The study, conducted by researchers from the Stockholm School of Economics in Riga, examined data from 1,435 companies that received European Regional Development…
Registered unemployment in Estonia increased for the third week in a row, ERR reports. The number of people registered as unemployed totalled 50,131 as of 2 July 2023, which was 650 more than a week earlier. The registered unemployment rate rose from 7.4% to 7.5%. The highest unemployment rate was in Ida-Virumaa county at 12.3%,…
Housing prices in the Baltic States rose the fastest in Lithuania in the first quarter of 2023, according to Eurostat data, BNS reports. Compared to a year earlier, housing prices rose by 13.1% in Lithuania, which was the second-highest increase in the EU. Housing prices in Estonia rose by 9.2% and in Latvia by 6%…
Estonia’s industrial production output declined by 12.7% at constant prices in May 2023, compared to the same period of 2022, according to data from Statistics Estonia, ERR reports. Output fell by 31.5% in electricity production and 13.1% in manufacturing. Meanwhile, output rose by 36.3% in mining and quarrying. Helle Bunder, leading analyst at Statistics Estonia,…
Latvia’s industrial production output declined by 8.8% in May 2023 compared to a year earlier, according to calendar-adjusted data at constant prices, data from the Central Statistical Bureau showed, LSM reports. Output dropped by 7.7% in manufacturing, 7.9% in mining and quarrying, and 15.3% in electricity and gas supply. Compared to April 2023, industrial production…
Food prices in Latvia are not falling as rapidly as they should, and people’s purchasing power is not increasing, Inguna Gulbe, head of the Agricultural Market Promotion Centre (LTVC), stated, LSM reports. She noted that prices for some food products, such as sunflower oil and butter, were falling, while other food products remained more expensive…