Estonia’s state budget deficit is likely to be smaller than forecast in 2023, the Ministry of Finance announced, ERR reports. In the first five months of 2023, budget revenues increased more than expected due to the rapid growth of wages and rise in prices. Tax revenue was 10% higher than a year earlier. At the…
Latvian consumers are worried the most about the rising prices of utilities, electricity, and food products, according to a Norstat poll for Luminor Bank, Baltic News Network reports. The survey showed that 29% of respondents were worried the most about heating and other utility costs, another 29% about electricity costs, and 24% about food prices….
Estonia’s retail group, Tallinna Kaubamaja Grupp (TKM Grupp), posted unaudited consolidated sales revenue of EUR 460.5mn in the first half of 2023, which was up 11.8% from EUR 411.9mn in the same period of 2022, GlobeNewswire reports. Sales of the group’s supermarkets amounted to EUR 301.7mn (up 6.5%), department stores to EUR 51.7mn (up 6.7%), car…
Average consumer prices in Latvia rose by 7.9% in June 2023, compared to the same period of 2022, according to data from the Central Statistical Bureau, LSM reports. The annual change in prices was mainly influenced by the rise in the price of food and non-alcoholic beverages and of goods and services related to housing,…
The European Commission has granted EUR 6.8mn of financial support for Latvia’s agricultural sector, LSM reports. Latvia had requested EUR 11mn of EU aid. Agriculture Minister Didzis Smits noted that the support accorded to Latvia was proportionally the largest amount of aid granted. The support is intended for industries negatively impacted by the war in…
Real estate and rental prices in Estonia have increased the most in the entire EU since 2010, according to Eurostat data, ERR reports. Real estate prices in Estonia have tripled and rental prices have increased by 212% between 2010 and the first quarter of 2023. Average real estate prices in the EU rose by almost…
Inflation continues to fall in Estonia, Rasmus Kattai, economist at the Bank of Estonia, said, BNS reports. Kattai said that the drop was mostly due to the fact that prices for energy and most agricultural commodities were coming down. However, he noted that it took time for the effect of the lower prices to pass…
Estonia’s consumer price index (CPI) rose by 9.2% on year in June 2023, according to data from Statistics Estonia, ERR reports. The rise was mostly due to an increase in the price of food and non-alcoholic beverages, which accounted for almost 50% of the total increase of the CPI. The average price of goods was…
While Latvia’s economy is generally resilient and the labour market remains strong with low unemployment, the economy will still face significant fragility in 2023, Martins Kazaks, president of the Bank of Latvia, warned, LSM reports. Speaking in an interview on LTV, Kazaks emphasised the need for economic transformation in order to avoid falling behind other…