The legal minimum wage in the Baltic States has risen the most in Lithuania over the past ten years, according to Eurostat data, LSM reports. Lithuania’s minimum wage stood at EUR 840 in July 2023, and has risen by an average of 11.2% per year compared to July 2013. In Estonia, the minimum wage has…
The Investment and Development Agency of Latvia (LIAA) has approved 20 foreign direct investment (FDI) projects to the tune of EUR 371.5mn so far in 2023, LSM reports. The projects will create 1,160 new jobs. The investment projects are in sectors such as bioeconomy, ICT, photonics and smart materials, smart energy and mobility, as well…
Latvia’s Economy Minister, Ilze Indriksone, said that the state should not intervene in the food market, LSM reports. Earlier, Agriculture Minister Didzis Smits insisted that market intervention was necessary due to the high food prices. He suggested establishing a special regulator to monitor food prices in shops. Indriksone agreed that Latvia’s large supermarket chains, Maxima…
Latvia should increase the number of defence personnel by at least 1.3 times to around 31,000 in view of the current geopolitical situation, Major General Imants Ziedins of the Latvian National Armed Forces (NBS) stated, LETA reports. He noted that such an increase would not be possible without the compulsory military service. Ziedins said that…
Latvia’s electricity consumption totalled 491 GWh in June 2023, which was the lowest monthly figure since June 2005, according to data from transmission system operator Augstsprieguma Tikls (AST), LSM reports. Electricity consumption declined by 9% over a year and 5% over a month. AST attributed the drop in consumption to the increasing number of microgeneration…
Latvia’s actual unemployment rate stood at 5.6% in June 2023, which was down 1.0 percentage point from a year earlier, according to the Central Statistical Bureau’s labour force survey, LSM reports. Compared to May 2023, the actual unemployment rate remained unchanged. The unemployment rate among men dropped by 0.1 percentage point over a year to…
Latvia’s timber industry exports totalled EUR 1.4bn in the first five months of 2023, which was down more than 20% from nearly EUR 1.9bn in the same period of 2022, according to data from the Ministry of Agriculture, LSM reports. Exports of wood and wood products amounted to EUR 1.3bn (down 20%), sawn timber to…
Latvia’s Corruption Prevention and Combating Bureau (KNAB) has conducted a search at the Sigulda municipal council as part of ongoing criminal proceedings, LETA reports. Municipal spokespersons refused to disclose more details, however. According to sources, one municipal councillor and a local businessman were implicated in the criminal investigation. LTV reported that the investigation was looking…
Latvia’s Economy Minister, Ilze Indriksone, visited South Korea together with a delegation of Latvian entrepreneurs, LSM reported. She suggested that Latvia could become a gateway to the European market for South Korea. Also, the two countries could cooperate on technology transfer in strategic industries, biotechnology, and biomedicine, Indriksone said. She noted that South Korea was…