Baltic Business

 Observer Latvija SIA

WEEK 42nd 2003

Thursday, the 16th of October, 2003

Good forecast
SEB has published Baltic Outlook, which is a survey about the political, and economical development of Latvia, Lithuania, and Estonia. The survey indicates that the economical development of the Baltic States will remain the most dynamic in Europe. Between 2004 and 2005, the growth of GDP could amount 5.5% to 7%. SEB believes that the Baltic States and Slovenia would be the first to introduce euros, however, it will not happen sooner than 2008.

Wednesday, the 15th of October, 2003

Can trust Latvia
The international rating agency Capital Intelligence has increased long-term rating of Latvia in foreign currency from BBB- to BBB, whereas short-term rating in foreign currency in Latvia has been estimated to be A3. Long-term rating in local currency equals to BBB+, whereas short-term – to A2. The agency explains the ratings with the growth of economy of Latvia in the recent years. Since 1999, the GDP has increased by 30 % in Latvia. Also middle-term development perspectives are evaluated as very good, due to the structural reforms, increase in investments, and entering the EU in 2004.
(Vesti Segodnja)

Tuesday, the 14th of October, 2003

Retail sales takes turns
In August 2003, the turnover of retail sales including sales of cars, an their repair parts, amounted LVL 243 million in real prices. The retail turnover has increased by 1% in comparative prices, and by 11% if compared to August 2002. In the eight months of current year, the turnover of the retail sales amounted LVL 1.747 billion, which is 12% more than in the respective time period last year. The largest increase or 19% was for unspecialised shops, which are mostly selling food products. The turnover in these shops amounted LVL 534.8 million.
(Kommersant Baltic Daily)

Export increases by 16.8%
In the first eight months of 2003, timber, textiles, and metal working products mainly contributed to the increase of the export. The export of timber and its products has increased by LVL 80.8 million or 26.2%, the export of metal, and its products has increased by LVL 22.5 million or 18.6%, whereas the export of textiles, and soft goods has increased by LVL 19.0 million or 16%. The export in actual prices has increased by 16.8% reaching LVL 1.069 billion.
(Dienas Bizness)

Monday, the 13th of October, 2003

Anticipate 7% increase of GDP
The Bank of Latvia has increased the GDP prognosis from 6.5% to 7% for this year, due to the dynamic development of the national economy of Latvia in the last months. Q2 GDP has increased by 6.2% if compared to Q2 last year, whereas in the first six months of 2003, GDP has increased by 7.5%.
(Dienas Bizness)


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