Latvian monetary financial institutions (MFIs), mainly banks, generated an aggregate profit of EUR 341.7mn in 2025, which was down 34.5% from EUR 521.4mn in 2024, according to the Bank of Latvia, LETA reports. MFIs had assets totalling EUR 31.687bn at the end of 2025, which was up 5.9% from EUR 29.913bn a year earlier. The…
Gross domestic expenditure on research and development (R&D) in relation to GDP in the Baltic States was highest in Estonia in 2024, according to Eurostat data, LSM reports. R&D spending amounted to 1.99% of GDP in Estonia in 2024, which was up from 1.41% in 2014. Meanwhile, R&D expenditure stood at 1.04% (1.03%) of GDP…
A member of the Canadian Armed Forces (CAF) died while on duty near the Latvian capital, Riga, on 29 January 2026, LSM reported. Gunner Sebastian Halmagean was deployed in Latvia as part of a Canadian-led NATO brigade. He had served in the CAF for almost three years, and this was his first overseas deployment.
The defence ministers of the three Baltic States have signed a letter of intent on establishing a Baltic Military Mobility Area, LSM reports. The aim is to standardise border crossing procedures, coordinate the movement of military cargo, and ensure operational information exchange. Furthermore, the Baltic allies will work to align their military movement procedures with…
The Latvian government has extended the enhanced border protection regime on the border with Belarus for another six months until 30 June 2026, LSM reports. The regime, which is in force in certain parishes and municipalities along the border, was due to expire at the end of 2025. The enhanced control regime was declared due…
Less than half of Latvians saw their income rise in 2025, according to a Norstat survey for Luminor Bank, LSM reports. In the survey, 41% of Latvian residents reported that their income had increased in 2025. Specifically, 27% said that their income had increased by up to 10%, another 10% by 10-15%, and 7% by…
Latvia’s GDP will grow by 1.7% in 2025, according to the Bank of Latvia’s revised macroeconomic forecast, LSM reports. In June 2025, the central bank projected 1.2% GDP growth in 2025. The new forecast expects economic growth to accelerate thanks to increased domestic and external demand. The GDP will grow by 2.8% in 2026, by…
Latvia must be fully ready to dismantle railway tracks going to Russia if necessary, Foreign Minister Baiba Braze stated, LSM reports. However, she said that it would make no sense for Latvia to do so unilaterally. Latvia will coordinate the issue with Estonia, Lithuania, Poland, and Finland. Earlier, the presidents of the three Baltic States…
Latvian President Edgars Rinkevics expressed doubts about Russia’s readiness for peace in Ukraine, LETA reported. Speaking at a joint press conference with Prime Minister Evika Silina, Rinkevics said that Latvia fully supported both security guarantees for Ukraine and efforts to achieve peace. He noted that the positions of the United States, Europe, and Ukraine were…