Latvia will have to raise its defence budget to at least 4% of GDP in the coming years, President Edgars Rinkevics stated, LSM reports. Speaking after a meeting with Prime Minister Evika Silina, Rinkevics insisted that the current defence spending of 3.45% of GDP was not enough. He noted that Latvia had “a rather serious problem”…
Lithuania’s new government plans to ease export controls on dual-use goods, LRT reports. Economy Minister Lukas Savickas said that the previous government had imposed the restrictions without consulting businesses first. He insisted that the restrictions must not harm exporters of high-tech products and should only be imposed if companies violate existing sanctions. An industry representative…
Estonia’s Minister of Regional Affairs and Agriculture, Piret Hartman, is visiting India to promote bilateral trade, BNS reports. She is accompanied by a business delegation of several leading Estonian food and beverage companies. Hartman noted that Estonia was already exporting cheese to India, but suggested that there was also potential for exporting other dairy products,…
Estonia’s GDP totalled EUR 10bn in the third quarter of 2024, which was down 0.7% from the same period of 2023, according to data published by Statistics Estonia, The Baltic Guide reported. This was the tenth consecutive quarter of economic decline. The seasonally and working-day adjusted GDP fell by 0.6% over a year but remained…
The Lithuanian government has signed a memorandum of understanding with US defence contractor Northrop Grumman on strengthening Lithuania’s defence industry, BNS reports. The memorandum focuses on the development, production, and supply of medium-calibre ammunition. Defence Minister Laurynas Kasciunas said that the aim was to start producing ammunition in Lithuania within 18 months. Northrop Grumman plans…
The world’s largest bicycle manufacturer, Dutch-based Pon.Bike, has opened a new production facility in Kedainiai in central Lithuania, BNS reports. The company invested EUR 57mn in the factory, which will produce up to 450,000 bicycles per year. The facility, located in the Kedainiai Free Economic Zone (KLEZ), will employ around 600 people. Under an agreement…
Producer prices in Latvian industry declined by 2.6% in August 2024, compared to the same period of 2023, according to data from the Central Statistical Bureau (CSP), LSM reports. Prices declined by 12.7% in energy supply, 1.4% in mining and quarrying, and 0.6% in manufacturing, but increased by 5.3% in water supply and waste management….
Estonia’s producer price index of industrial output (PPI) rose by 1.7% in August 2024, compared to the same period of 2023, according to data from Statistics Estonia, ERR reports. Producer prices rose by on year 1.4% in manufacturing but fell by 1.9% in the production of food products. Compared to July 2024, the PPI rose…
The Estonian government has agreed to provide EUR 160mn of state support for large-scale export-oriented investments in Estonia over 2025-2028, ERR reports. Economy and Industry Minister Erkki Keldo said that the support mechanism was aimed at regaining Estonia’s competitiveness in attracting investors to knowledge-intensive sectors of the economy. The scheme will be managed by the…