Observer Latvija SIA
WEEK 12th. 2004

Friday, the 19th of March, 2004

Petrol becomes more expensive
The Latvian Parliament accepted the amendments to the law on excise tax, harmonizing it with the EU requirements. According to the forecasts of Latvian Fuel Traders Association, the price will grow also because the price of oil in the global market increases. The price of 95th petrol could grow from the present EUR 0.627 up to EUR 0.657-0.672. The price of diesel fuel could increase from the present EUR 0.538 up to EUR 0.627-0.642.
(Kommersant Baltic Daily)

Thursday, the 18th of March, 2004

Latvia's debt is 1,270 million euros
During February 2004 the state debt of Latvia increased by EUR 10.762 million and on March 1 reached EUR 1,270 million. The outer debt is EUR 623.228 million; it decreased by EUR 499 thousand in February. The remaining EUR 647.236 million constitute the inner debt.

The Japanese came for reconnaissance
On March 16-17 the delegation from the Japanese business federation Keidanren paid a visit to Latvia. There were the representatives of Mitsubishi, All Nippon Airways, Japan Airlines, Japan Bank for International Corporation, Toshiba, Mitsui & Co in the delegation. They met with the PM Indulis Emsis, the vice-PM Ainars Slesers, the Minister of Economy Juris Lujans and other high officials. The delegation also visited the companies Latvijas Finieris and Hanzas Elektronika. The representatives of the delegation noted that Latvia is very attractive for the investors because soon the country will become the member of the EU. They came here to know what sectors of the national economy are more successful and to evaluate the opportunities for business development.

Wednesday, the 17th of March, 2004

Labour force in Latvia is cheap
The Federation of European Employers made a research Pay in Europe 2004 about the amount of salaries in 46 European countries. It found out that the highest hour's rate is in Denmark - in average a person receives there EUR 27.89. Latvia is on 38th place with EUR 1.39 per hour.

Tuesday, the 16th of March, 2004

Gross domestic product grows
According to the Central Statistical Bureau, last year Latvian GDP grew by 7.5%. The main driving force of the Latvian economy was trade, construction and processing industry, as well as transport and communications. The specialists forecast that next year the growth of GDP could be 6.5%-7%.
(Dienas Bizness)

Monday, the 15th of March, 2004

Capital flows away from the euro-zone
In the end of the last year the tendency of the investment capital to flow away from the euro-zone with its economic stagnation became stronger. In 2003 the total amount of these investments reached EUR 9.3 billion while in 2002 EUR 61.9 billion had flown into the euro-zone. According to the Central European Bank, Latvia is one of the countries, which receives a part of that capital. As in other EU candidate-countries, Latvian economy is developing quickly.

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