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 amount of VAT violations in Estonia doubled in the first seven months of 2023, according to the Estonian Tax and Customs Board (EMTA), BNS reports. EMTA inspected and advised 5,000 companies over the period, resulting in increased VAT obligations of EUR 35.8mn, which is twice as much as a year earlier and EUR 6mn…
Construction costs in Latvia increased by 4.1% in June 2023, compared to a year earlier, according to data from the Central Statistical Bureau, LSM reports. Labour remuneration rose by 6.7%, maintenance and operational costs of machinery and equipment by 5.8%, and prices of building materials by 2.2% over a year. Compared to May 2023, construction…
The average gross monthly salary in job advertisements in Estonia amounted to EUR 1,481-1,947 in the first half of 2023, which was 13% higher than in 2022, according to data from recruitment portal CV Keskus, Postimees reports. The average salary offered for top specialists and middle managers stood at EUR 2,170-2,728 (up 17%), for mid-level…
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…
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…
Priority activities in Latvia’s welfare sector require budget funding of EUR 108.7mn in 2024, Welfare Minister Evika Silina stated, Baltic News Network reports. She noted that providing sufficient funding for the welfare sector was an investment into a “stable and well-off society.” Silina said that budget funding was needed for hospice care, child protection, support…
Altogether 84 prosecutors in Lithuania have resigned since 2019 and 55 since 2021, Prosecutor General Nida Grunskiene revealed, ELTA reports. She said that prosecutors with extensive work experience had resigned as well, and that the average age of prosecutors was going up. Meanwhile, only 18 new prosecutors have been hired, she noted. Grunskiene said that…
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…
