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WEEK 28th 2003

Friday, 11th of July, 2003

Budget collects more than last year
In the first half of 2003, the State Revenue Service has collected LVL 866.45 million for the state budget, which is LVL 78.01 million more than in the respective time period last year. The results correspond with previous expectations, intending an average of 9 percent growth. Both customs tax and income tax exceeded the expectations by increasing 12.9 percent and 12.5 percent respectively.
(Dienas Bizness)

Thursday, 10th of July, 2003

Expect growth of gross domestic product of 7%
The Minister of Economy, Juris Lujans, informs that expectations for this year's GDP growth have been raised from 6 percent to 7 percent. The Minister reports that development in all industries of Latvia's economy has been observed, in particular in the construction industry- 10.2 percent. The volume of export to all external markets has increased, in particular to the EU member states, where 80 percent of Latvia's entire export volume is realised. The Minister stressed that similar growth is expected in future, which will be especially boosted by Latvia's accession to EU. According to Lujans, there is no reason to doubt Latvia's competitiveness in EU markets, as Latvia is already successfully participating in the EU markets.
(Dienas Bizness)

Wednesday, 9th of July, 2003

Latvia has high human development index
According to the human development index, Latvia has achieved 50th place this year, falling behind Estonia, which is 41st and Lithuania, which has been rated as 45th. Last year, Latvia was rated as 53rd. Income, education, and life expectancy are among factors that have been considered in determining human development index.
(Dienas Bizness)

Specific weight of long-term credits growing
In the first quarter of 2003, the specific weight of long-term credits exceeding maturity of 1 year issued by loan and savings companies comprises 36.6 percent of their total credit portfolio. Loan and savings companies explain this with the improvement of economic stability in Latvia. In the first quarter of 2003, the total portfolio of mortgage loans issued by loan and savings companies reached LVL 216,000, which has increased by 75% within the last year. The total volume of credits issued by loan and savings companies is LVL 2.2 million. There are two main companies in Latvia, which operate as loan and savings companies- Jurnieku Forums and Dzelzcelnieki, however 27 companies have received permission to operate in this sector.
(Dienas Bizness)

Monday, 7th of July, 2003

Leaders- Parekss banka, Unibanka, Hansabanka
In the first five months of 2003, Parekss banka has been the leader bank in respect to assets, as it occupies 16.6 percent of the market. Unibanka is the second with 15.9 percent of the market, and is followed by Hansabanka with 15.8 percent. In respect to credits issued, Unibanka is the first with 23.7 percent of market, and Hansabanka follows with 22.0 percent. In respect to deposits attracted, Parekss banka is the leader with 22.1 percent of market shares, Hansabanka is the second with 16.4 percent of market share, and is followed by Unibanka with 13.3 percent market share.
(Diena)

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