Lithuania’s GDP will grow by 2.3% in 2024 and 2.9% in 2025, according to the Finance Ministry’s revised forecast, BNS reports. In June 2024, the ministry projected that the GDP would grow by 2.1% in 2024 and 2.9% in 2025. Average annual inflation will slow down to 1.0% (1.1%) in 2024, before rising to 2.5%…
Latvia’s electricity production totalled 6,388 GWh in 2023, which was 27.0% more than in 2022, according to data from the Central Statistical Bureau (CSP), LSM reports. Renewable energy sources accounted for 4,963 GWh of total electricity production, which was 1,146 GWh (30.0%) more than a year earlier. Hydro power plants generated 3,794 GWh of electricity (up…
Amid rising incomes and optimism about their financial situation, Lithuanians are spending more on food and non-essentials but are increasingly reluctant to dine out due to high restaurant prices driven by rising labour costs and the expiration of pandemic-era tax breaks, LRT reports. While supermarket food sales are boosting economic growth, restaurant turnover has fallen…
Latvia’s gross energy consumption totalled 185 PJ in 2023, which was 1 % less than in 2022, according to provisional data from the Central Statistical Bureau (CSP), LSM reports. Final energy consumption totalled 170 PJ, which was 0.9 % less than in 2022. Transport used 52 PJ (30.6%) of energy, followed by households with 45 PJ…
Nearly half (45%) of Estonians have seen their financial situation worsen in the past year, according to a Norstat poll for SEB in December 2023, BNS reports. Consumers are therefore cutting back on expenses, including by taking advantage of discounts (62%), planning purchases more carefully (49%), and eating out less often (45%). Other cost-saving measures…
Estonia’s GDP totalled EUR 37.7 billion at current prices in 2023, which was down 3% from 2022, according to data from Statistics Estonia, ERR reported. Robert Müürsepp, national accounts team lead at Statistics Estonia, said that Estonia’s economy was in broad-based recession in 2023, with decline recorded in most major sectors. Information and communication had…
The Baltic States continue to have the highest loan interest rates in the eurozone, according to data from the European Central Bank (ECB), ERR reports. The average interest rate in the three Baltic countries was 5.9% at the end of November 2023. The eurozone average stood at 4.1%. Meanwhile, the average interest on consumer loans…
Latvia’s underground gas storage facility in Incukalns has enough gas for the winter season of 2023/2024, Climate and Energy Minister Kaspars Melnis assured, LSM reports. He said that gas transmission company Conexus Baltic Grid’s storage facility was now filled at 88.6% capacity, which is equivalent to over 20.2 TWh. Melnis noted that Latvia’s gas consumption…
Estonia’s GDP totalled EUR 9.42bn at current prices in the the second quarter of 2023, which was up 5.1% from the same period of 2022, according to data from Statistics Estonia, ERR reports. Real GDP fell by 2.9% over a year, however. Compared to the first quarter of 2023, seasonally adjusted real GDP decreased by…