Baltic Business

WEEK 48th 2003

Friday, the 28th of November, 2003

Salaries increase more rapidly than consumption prices
In the third quarter of 2003, the average net salary per month increased faster than the consumption prices in Latvia if compared to the third quarter a year ago. The consumption prices increased by 3.5%, whereas average net salary per month – by 11.3%. The average salary in the public sector increased by 11.5% this year, whereas the average net salary in the private sector increased by 11.7%. In the third quarter the increase of salaries has exceeded the increase in consumption prices also if compared to the second quarter of this year. In the third quarter the consumption prices decreased by 0.4%, while the average monthly salary increased by 1.8% if compared to the second quarter of 2003.

Thursday, the 27th of November, 2003

Dutch to invest
On November 26, the Dutch Minister of Trade, Karin van Gennip, during the meeting with the Latvian Minister of Economy, Juris Lujans, said that the Netherlands have decided to increase the amount of the investments made in Latvia. Ms. Gennip believes that EU membership will foster the co-operation between Latvia and the Netherlands. Currently the Netherlands are 11th largest investor in Latvia. In the third first quarter of 2003, Dutch entrepreneurs invested in Latvia LVL 42.1 million.
(Biznes & Baltija)

Wednesday, the 26th of November, 2003

EBRD anticipates 6.5% increase of GDP
According to the European Bank for Reconstruction and Development (EBRD) the GDP of Latvia could reach 6.5% this year, whereas inflation could amount to 3.3%, which will be the highest since 1998. The EBRD informs that a lot has been done to improve the investment environment in Latvia, however, the improvement of the work of state institutions and preventing corruption should be continued.

Tuesday, the 25th of November, 2003

30 million euros – to credit SME
On November 24, Hansabank group and European Investment Bank (EIB) signed an agreement for issuing a EUR 30 million credit for financing small and medium enterprises (SME) and local governments in all three Baltic states. The money will be lent to industry, service and tourism projects, as well as to environment, power industry, health and education projects. The value of a project should amount to EUR 40,000 to EUR 25 million.

Monday, the 24th of November, 2003

Largest density of economically active residents is in Latvia
Latvia has the largest density of economically active residents among the EU candidate states. 61.8% of the inhabitants of Latvia are economically active. Estonia holds the second position, whereas Lithuania – the eighth.

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