Estonia’s state-owned airline, Nordic Aviation Group (Nordica), generated consolidated revenue of EUR 85.5mn in the first nine months of 2023, which was up 29.8% from the same period of 2022, ERR reports. The rise in revenue was due to fleet expansion and increased number of passengers. However, revenue remained significantly lower than targeted due to…
Latvia’s parliament, the Saeima, has approved amendments to partially compensate electricity distribution tariffs in 2023, LSM reports. The government will cover 60% of the fixed part of electricity distribution tariffs from September 2023 until the end of the year, reducing electricity bills by an average of 18%. The support measure will cost around EUR 30.5mn,…
The Lithuanian parliament, the Seimas, has passed a law that bans fur farming as of 2027, BNS reports. Altogether 68 MPs voted for and 25 against the ban, while 15 abstained. The government will provide compensation to fur farmers. The compensation will amount to EUR 3 per animal in 2024, EUR 2 in 2025, and…
The European Commission (EC) is not considering paying subsidies to cover the cost of transporting Ukrainian grain through Baltic ports, EC Vice-President Valdis Dombrovskis stated. Speaking in an interview with BNS, Dombrovskis said that the EC may provide financing for removing administrative or infrastructure bottlenecks, however. Also, the EC supported Lithuania’s proposal to move customs,…
Latvia’s state-owned energy holding, Latvenergo, posted all-time record revenue and profit in the first half of 2023, LSM reports. The group’s six-month turnover amounted to over EUR 1.1bn, which was up 56% from the same period of 2022. The group’s profit rose by 57% to EUR 222.5mn. Latvenergo attributed the record performance to the spring…
The Investment and Development Agency of Latvia (LIAA) will provide EUR 73.38mn of support from EU structural funds for small and medium-sized enterprises, LSM reports. LIAA expects the programme to support a total of 1,500 innovative businesses. The Ministry of Economy said that the support programme would help businesses developing high-value-added products in the medium-high…
The Estonian metal processing company, Freen, will invest EUR 5.9mn to begin manufacturing wind turbines at its factory in Kohtla-Järve, BNS reports. Estonia’s business support agencies, KredEx and Enterprise Estonia (EAS), will provide EUR 2.6mn of financial support for the project from the EU’s Just Transition Fund. Freen completed the construction of the first phase…
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…
An analysis on the impact of EU financial support on Estonian firms revealed that while the subsidies led to higher sales revenues and wages, they did not significantly improve productivity, ERR reports. The study, conducted by researchers from the Stockholm School of Economics in Riga, examined data from 1,435 companies that received European Regional Development…