Estonia ranks highest in the Baltic States on the World Intellectual Property Organization’s (WIPO) Global Innovation Index, LSM reports. Estonia ranked 16th globally in 2024, which was unchanged from 2023. Lithuania’s ranking was 35th, which was down from 34th place a year earlier. Latvia ranked 42nd, which was down from 37th place in 2023. In…
The largest ever Latvian trade mission to the US concluded its visit on 26 September 2024, LSM reported. Economy Minister Viktors Valainis said that three major cooperation agreements were signed during the visit. Also, talks started on investments in sustainable energy, biomedicine, and infrastructure development, he added. Earlier, Valainis expected the trade mission to bring…
The Estonian government has dropped plans to impose a tax on sugary beverages, Prime Minister Kristen Michal announced, ERR reports. Health Minister Riina Sikkut said that she proposed withdrawing the proposal, noting that the coalition agreement only allowed new taxes to finance defence and security needs. Michal expressed hope that opinions on the matter would…
Estonian Prime Minister Kristen Michal has submitted his government’s draft state budget for 2025 and budget strategy for 2025-2028 to the country’s parliament, the Riigikogu, ERR reports. According to the Ministry of Finance, budget expenses and investments will increase by 3.8% to EUR 19.1bn and revenues by 5.2% to EUR 17.7bn in 2025, ERR reported….
The European Bank for Reconstruction and Development (EBRD) expects the Latvian and Lithuanian economies to grow and the Estonian economy to contract in 2024, LSM reports. The bank lowered its GDP growth forecast for Estonia and Latvia, but raised its forecast for Lithuania. EBRD now expects Estonia’s GDP to decline by 0.8% in 2024, down…
Lithuanian Prime Minister Ingrida Simonyte has expressed scepticism about an idea to establish a state-run second-pillar pension fund, Baltic News Network reports. She noted that there was plenty of competition in the pension fund market, and that the activities of pension funds were well regulated. The problem was that there was not much choice on…
The Latvian government is discussing possible changes to second-tier pension funds, LETA reports. The Latvian parliament, the Saeima, will consider a public initiative opposing the government’s plan to reduce automatic second-tier pension contributions, LSM reports. The petition collected the necessary signatures in record short time. The government has proposed transferring 1% of second-pillar pension funds…
The Latvian government plans to raise taxes on fuel, harmful beverages, tobacco, and gambling, LETA reports. Under the plan, the excise tax on fuel will amount to EUR 10 per tonne of CO2 in 2025 and to EUR 20 per tonne in 2026. The excise duty on sugary non-alcoholic beverages will rise from the current…
Estonia’s GDP will decline by 0.4% in 2024, before rising by 1.9% in 2025 and 3.0% in 2026, according to the Bank of Estonia’s latest forecast, ERR reports. Annual inflation will reach 3.5% in 2024, rising to 3.9% in 2025 and then falling again to 3.6% in 2025, the central bank projects. Inflation will rise…