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,…
Real estate and rental prices in Estonia have increased the most in the entire EU since 2010, according to Eurostat data, ERR reports. Real estate prices in Estonia have tripled and rental prices have increased by 212% between 2010 and the first quarter of 2023. Average real estate prices in the EU rose by almost…
Estonia’s exports of goods totalled EUR 1.6bn at current prices in May 2023, which was down 15% from the same period of 2022, according to data from Statistics Estonia, ERR reports. Exports of goods of Estonian origin fell by 21% and accounted for 65% (69%) of total exports. Overall imports totalled EUR 1.9bn, which was…
Lithuania and Poland need to increase their cooperation to speed up the synchronisation of the Baltic electricity grids with the European system, Lithuanian President Gitanas Nauseda stated, BNS reports. Also, the two countries needed to accelerate the implementation of the Via Baltica highway, the Augustow-Alytus road, and the Rail Baltica railway projects, Nauseda said. Speaking…
Priority activities in Latvia’s welfare sector require budget funding of EUR 108.7mn in 2024, Welfare Minister Evika Silina stated, Baltic News Network reports. She noted that providing sufficient funding for the welfare sector was an investment into a “stable and well-off society.” Silina said that budget funding was needed for hospice care, child protection, support…