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…
More than a half (55%) of Latvian residents do not know what their pension will be when they reach retirement age, according to a survey conducted by Luminor Bank, TVNET reports. At the same time, 20% of residents admit that they do not know where to look for information about their pension savings. In the…
Estonia’s procedure for disbursing unemployment insurance benefits has changed as of 30 June 2023, ERR reports. The duration of the benefits now depends on the state of the labour market. The previous fixed framework did not consider the ease or difficulty of finding employment. Under the new system, the labour market situation will be reevaluated…
Lithuania’s Finance Ministry has revised its GDP forecast for 2023, now projecting a contraction of 1%, Baltic News Network reports. In March 2023, the ministry predicted a GDP growth of 0.5% for 2023. As per the ministry’s updated forecast, the economy will expand by 2.5% in 2024, while the previous forecast had projected a 3%…