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…
Food prices in Estonia continued to rise sharply in June 2023 compared to the year before but remained relatively stable from a month earlier, according to data from the Estonian Institute of Economic Research (EKI), ERR reports. The price increases were particularly notable for meat and dairy products. The price of sugar has risen from…
Tax revenue in Latvia totalled EUR 5.387bn in the first five months of 2023, which was EUR 600.9mn (12.6%) higher than in the same period of 2022, according to data from the Finance Ministry, LETA reported. Tax revenue thus exceeded the budget plan by EUR 166.4mn (3.2%). State tax revenue amounted to EUR 4.241bn (2.8%…
Beer prices in Lithuania are rising, leading locals to question why they have to pay as much as they would in Paris or Rome, LRT reports. The price of a pint of beer in central Vilnius can range from EUR 3.5 to EUR 6. Raimondas Pranka, president of the Vilnius nightlife association, NaktA, explains that…
Estonia’s retail trade turnover declined by 10% in May 2023, according to data from Statistics Estonia, The Baltic Guide reports. The total turnover of retail trade enterprises amounted to EUR 905mn, which was down 10% from the same month last year at constant prices. Johanna Linda Pihlak, analyst at Statistics Estonia, said that grocery stores…
The continuing rise in prices in Estonia is driven by the increase in food prices, ERR reports. In June 2023, the growth of prices slowed down to 8.9% compared to the same month last year, according to preliminary data from Statistics Estonia. Compared to May 2023, prices went up by 0.8%, however. In both annual…
The Lithuanian parliament, the Seimas, has given its initial support for the government’s tax reform package, with 72 MPs voting in favour, 31 against, and 22 abstaining, Baltic News Network reports. The package will now proceed to parliamentary committees for further examination and will return to the main hall in autumn 2023. A total of…
The Lithuanian government has approved the Social Security and Labour Ministry’s proposal to raise the minimum monthly wage by 10% to EUR 924 before tax as of 2024, Baltic News Network reports. Pending parliamentary approval, the minimum hourly wage will also rise from the current EUR 5.14 before tax to EUR 5.65. Social Security and…