Reval Hotels
Pietari Express
 Observer Latvija SIA

WEEK 52.2005

Wednesday, the 28th of December, 2005

Shock does not threaten to economy
Latvian economists believe that in 2006 the national economy of Latvia will develop very fast. They forecast that GDP growth could reach 7.5%-8.5%. Trade, processing industry and construction would remain the ‘locomotives’ of Latvian economy. The acquisition of the EU finances will go on more successfully. Experts also predict that some 15-20 thousand people will probably leave the country, which could cause problems with personnel for many companies.
Biznes & Baltija

Deficit will be small
The advisor of the Latvian Prime Minister for economic issues, Aigars Stokenbergs, announced that according to the results of 2005 Latvia’s state budget deficit would constitute 0.8-1.0% of country’s GDP.
Biznes & Baltija

Tuesday, the 27th of December, 2005

Latvian Bank urges to press brakes
The President of the Latvian Bank, Ilmars Rimsevics, announced that the economy of Latvia exceeded the normal speed of development, and the features of its over-heating are becoming more distinct. He stated that urgent preventive measures are necessary. Rimsevics positively evaluated the achievement of Latvian economy in 2005, adding that the most negative thing was high inflation which could remain on the same level in 2006. Steady GDP growth could also cause problems. Moreover, imports still prevails export in Latvia. All this could lead to slowing down the speed of further development and cause economic crisis.
Biznes & Baltija

Storm hits export
In 10 months of 2005 Latvia exported 2.27 million cubic metres of saw timber, which is by 11.2% less than during the same period of 2004. Specialists explain that the reason of this decrease was the consequences of January’s storm. The storm spoilt not less than 7.3 million cubic metres of wood.

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