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WEEK 30th 2003

Friday, 25th of July, 2003

Anticipate highest increase for Baltic States in Europe
The director of the market and industrial analysis department of Unibanka, Andris Vilks, anticipate the Baltic States to have the highest increase among the countries of Europe in a time period from 2002 till 2004 by reaching 6.2% growth of GDP on average. The highest increase or 6.8% is anticipated to be in Latvia this year, but in 2004 it will reach 6.5%.
(Dienas Bizness)

Wednesday, 23th of July, 2003

Government decreases corporate income tax to 15%
Yesterday, the government decided to decrease the enterprise income tax from 18% till 15% as of the next year.
(Dienas Bizness)

Government raises minimal salary
Yesterday, the government decided to increase the minimum salary from LVL 70 till LVL 80 as of January 1, 2004. However, it will still be lower than the cost of living, which was LVL 91.75 in the first quarter.
(Diena)

Tuesday, 22th of July, 2003

Fitch increases credit ratings of Latvia
On July 21, the international ratings agency Fitch increased Latvia's rating for long-term loans in foreign currency from BBB to BBB+. The agency explains its decision with the strong economy of Latvia. The rating for long-term loans in lats remains in A level, whereas for short-term loans in foreign currencies - in F3 level.
(Diena)

Monday, 21th of July, 2003

Bank of Latvia: in state LVL 629 million is in hard currency
According to the information provided by the Bank of Latvia, the volume of lats in the turnover has increased by 15% reaching LVL 628.8 million by July 1, 2003. 95% or LVL 599.5 million of all the Latvian currency is in bank notes.
(Diena)

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