Baltic Business

WEEK 29th 2003

Friday, 18th of July, 2003

Economy of Latvia still winning
Observing the results of Latvia's economic development in the last six months, Hansabank Markets has updated its Baltic Macroeconomy Overview, which now predicts Latvia to experience GDP growth up to 7 percent this year. The overview expresses a possibility that Lithuania's GDP prognosis might be raised later in the year, whereas for Estonia, GDP expectations were lowered. Though all Baltic States developed differently in the first quarter, generally their growth rate was good. All three countries were differently affected by the fluctuations in the euro currency rates, as Lithuania and Estonia suffered from the increased value of euro, which resulted in less exports and more imports.

Thursday, 17th of July, 2003

Yesterday, the Minister of Finance, Valdis Dombrovskis, reported on the work during the first six months.
Overall, the Minister appeared to be satisfied about results: the fiscal deficit of the budget amounted only to LVL 169 thousand, which is LVL 3.3 million less than a year earlier, fight against illegal businesses and envelope salaries is successfully undertaken, as well as improved work with attracting financing from the EU structural funds. The only issue having difficulties is the realization of the plan for construction the National Library of Latvia. (Biznes&Baltija)

Wednesday, th of July, 2003

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)

Tuesday, 15th of July, 2003

Retail trade increases by 12%
In the first five months of this year, the total turnover in retail trade has amounted to LVL 1,027 billion, which is a 12 percent increase if compared to the respective time period last year. According to the Central Statistical Bureau, the most significant increase- 32 percent was observed in retail trade of soft goods, clothing, and shoes.
(Dienas Bizness)

Monday, 14th of July, 2003

Industrial growth still high
Despite the economic trends around the world, Latvia maintains its high growth of manufacturing industries. According to data from the Central Statistical Bureau, the volume of manufactured goods produced in Latvia has increased by 7.4 percent, however the volume of produce in extractive industry has decreased by 24.8 percent. The most significant growth was observed for those industries working to export- hardware manufacturing, mechanism and work equipment manufacturing, timber and wood-work manufacturing.
(Dienas Bizness)

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