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WEEK 45th 2003

Friday, the 7th of November, 2003

Latvenergo earns less
In the first nine months of 2003, the company Latvenergo has earned LVL 7.8 million, which is LVL 6.2 million less than in the respective time period last year. The large decrease is explained with the imported electrical energy and the increase of the prices of the local electrical power suppliers of Latvenergo. Nevertheless, the turnover of the company has increased by 6% reaching LVL 143.5 million. The turnover has grown due to the increase in the sold volume of the electrical power and heating. The utilization of the electrical power has increased in manufacturing industry, commercial sector, trade and among the inhabitants of Latvia.
(Dienas Bizness)

Thursday, the 6th of November, 2003

To spend 124.3 million lats on investments
According to the Ministry of Finance, LVL 124.3 million of the state budget will go to the financing of investment projects, which is 48.7% more than last year. Thus, the state intends to allocate approximately 2% of the GDP for the investment projects. The foreign financial aid will form 39% of the financing of the investment projects. LVL 3.94 million the state will receive from Phare funds, whereas LVL 44.6 million will come from the resources of the EU ISPA funds. Most of the state financing will receive the local governments for the execution of investment projects, and water supply projects. Large part of the state financing or 28% will go to the environment protection.
(Dienas Bizness)

Tuesday, the 4th of November, 2003

Fast development is not anticipated
On November 4, the Deputy Prime Minister, Ainars Slesers, will present the strategy of the national economy of Latvia. Mr. Slesers anticipates that Latvia could achieve the average GDP level of the EU countries in 20 to 30 years. It is planed to reach 52% of GDP from the average GDP level of the EU till 2010. To achieve this goal the growth of GDP in Latvia has to be 8% annually.
(Dienas Bizness)

Manufacturing industry develops again
At the presentation of the exhibition Baltic Industry 2003, which is held in the Olympic Skonto Hall in Riga this week, the specialists informed that the engineering industry, the metal working industry and electronic industry are experiencing their rebirth in Latvia now, however the process is lingered by the lack of specialists. 400 companies are currently working in the engineering and metal working industries in Latvia and they employ around 22,000 people. 75% of the products are exported and 65% of the export goes to the EU. In the first six months of 2003, the volume of the industry amounted to LVL 179 million which is a growth of 16% if compared to the respective time period a year earlier. The president of the Latvian Electrical Engineering and Electronics Industry Association, Inars Klavins, said that industrial electronics and production of electronic systems and blocks have the fastest development in the electronic industry in Latvia. The most rapidly growing company in this industry is SAF Tehnika.
(Dienas Bizness)

Monday, the 3rd of November, 2003

Inflation can increase up to 4%
By applying the EU directive about the tax on energy resources and electricity the inflation in Latvia will increase by 1% next year. According to the Ministry of Finance (MF), the directives will increase the inflation to 4% in 2004. Thus, there is a risk for Latvia to fail the criteria of Mastricht. The MF will suggest the government to ask for the transition period of 2 to 8 years for applying the tax on energy resources.
(Dienas Bizness)

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