Estonia’s real GDP will decline by 2.0% in 2023, according to the Ministry of Finance’s latest forecast, BNS reports. The GDP will grow by 2.7% in 2024, by 3.0% in 2025, by 2.5% in 2026, and by 2.2% in 2027, the ministry projects. Earlier, the ministry expected real GDP to drop by 1.5% in 2023…
The average interest rates on home loans in the Baltic States stood at 5.12% in the second quarter of 2023, which was 3 percentage points higher than in the same period of 2022, ERR reports. The average rate was the highest in 14 years. The Baltic States have the highest mortgage interest rates in the…
Latvia’s average level of consumer prices increased by 6.4% in July 2023, compared to the corresponding period in 2022, according to data from the Central Statistical Bureau, LSM reports. Consumer prices were mainly influenced by the rise in food and non-alcoholic beverage prices and of goods and services related to housing, as well as by…
Estonia’s consumer price index (CPI) rose by 6.4% on year in July 2023, according to data from Statistics Estonia, ERR reports. Prices of goods rose by 8.1% and services by 3.1%. The increase in food and non-alcoholic beverage prices accounted for more than half of the total rise in consumer prices. At the same time,…
Annual inflation in Estonia stood at 6.3% in July 2023, which was down from 22.8% a year earlier, according to Statistics Estonia’s preliminary data, ERR reports. Compared to June 2023, consumer prices declined by 0.39%. In June 2023, annual inflation stood at 9.2%.
US-based credit rating agency Fitch Ratings has reaffirmed Latvia’s sovereign credit rating at A-, which is unchanged from the previous rating in February 2023, LSM reports. At the same time, the agency revised its rating outlook from stable to positive. Fitch noted that Latvia had eliminated its dependence on Russian energy imports and reduced non-energy…
Experts expect the growth of food prices in Latvia to continue falling, LETA reports. Noris Kruzitis, head of the Latvian Food Retailers Association (LPTA), projected that the growth of food prices would continue to slow down by 3-4 percentage points in the coming months. Inguna Gulbe, head of the Agricultural Market Promotion Centre (LTVC), said…
Lithuanians are slightly more confident about the country’s economy, according to the latest Eurobarometer poll conducted in June 2023, BNS reports. The survey showed that 56% of respondents regarded the economic situation as bad, which was down 3 percentage points from January-February 2023. By contrast, around 41% of Lithuanians said that the country’s economy was…
Annual inflation in the Baltic States was highest in Estonia in June 2023, according to Eurostat data, LETA reports. Estonia’s inflation rate stood at 9% in June 2023, followed by Lithuania with 8.2% and Latvia with 8.1%. Compared to May 2023, inflation amounted to 0.8% in Estonia. Meanwhile, consumer prices went down by 0.1% in…
