Baltic Business

WEEK 37th 2003

Friday, the 12th of September, 2003

Joining the European Union will decrease credit interest rates in Latvia
The estimates of Hansabanka indicate that, if Latvia joins the European Union, the annual interest rates for credits that are issued in Latvia in the national currency could decrease even by 50% to 3%, which is the average interest rate level in the European Union countries. This will be due to decreased risk rating of the country, as well as of Latvian banks. The experts of Hansabanka also consider that European banks have several barriers to compete successfully with the local banks in the Latvian market.

Thursday, the 11th of September, 2003

GDP has grown by 7.5%
In the first six month of the current year, the GDP has increased by 7.5% if compared to the respective time period last year, and it has reached LVL 2.61 billion. The sales have increased by 13.3%, the construction - by 13.4%, the manufacturing industry - by 9.3% and the transport and connections industry has grown by 6.8%. The analytics anticipate 6.5% - 7% growth of the GDP this year.
(Dienas Bizness)

Wednesday, the 10th of September, 2003

Sales experience boom
According to the experts of Unibanka, the consumerism continues to increase in Latvia. In June of the current year, the retail sales have increased by 13% if compared to June 2002, and the sales in the supermarkets have in increased by 19%. The turnover of the car dealers has increased by 15%, but the turnover of the shop of home appliances, clothing, and footwear has grown by 30%. In the first six months of 2003, the turnover of the retail sales has reached LVL 1.257 billion, which is an increase of 12% if compared to the respective time period last year.

Tuesday, the 9th of September, 2003

Increased volume of manufactured products
According to the data of the Central Statistical Bureau, in July 2003, the volume of the manufactured goods has increased by 10.1% if compared to the respective time period last year.
(Biznes & Baltija)

Moday, the 8th of September, 2003

To invest EUR 63 million in Baltic States
The investment fund Askembla Growth Fund is ready to invest EUR 63 million in the large and middle-size companies of the Baltic States. According to the information provided by Latvijas Unibanka, Askembla Growth Fund currently is the largest investor of this kind in the Baltic States. The SEB and the European Bank for Reconstruction and Development are the largest investors of the fund.
(Kommersant Baltic Daily)


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