Posts tagged as economy

Latvian central bank: economy has weathered COVID-19 better than most EU countries

Friday, October 23, 2020

Latvian central bank (Latvijas banka, LB) published its regular monthly Macro Profile on October 23, giving an overview of the state of the national economy. “So far, Latvia’s economy has weathered the COVID-19 crisis better than most European Union (EU) countries,” LB said. “Over the second quarter of 2020, Latvia’s GDP fell by 7.1%, i.e. less than previously projected by Latvijas Banka. Factors such as balanced economic growth and sound…

Lithuania’s budget proposal stimulates growth, but may overheat economy

Tuesday, October 20, 2020

Lithuania’s draft budget for 2021, planned with a general government deficit of 5-percent GDP, has been presented to the parliament. Economists say the proposed 2021 budget gives Lithuania an opportunity to transform its economy and ensure future growth. However, the budget proposal also poses a risk of overheating the economy – with demand outstripping supply – that could lead to higher inflation and decreasing exports. On Tuesday, Lithuanian Finance Minister…

Expanding the Internet of Things: Four Key Legal Issues October 2020

Monday, October 19, 2020

Technology development is occurring at a breakneck speed and it only seems to be getting faster. In the past five years alone, we’ve watched the introduction of the tablet, the worldwide revolution in social media, the creation of an “app” economy, and the expansion of the Android operating system as the majority choice for mobile applications. The next big leap ahead appears to be the Internet of Things (IoT), an…

Latvia’s bank profits 47.1% smaller than last year

Monday, September 28, 2020

Latvian monetary financial institutions, mainly banks, have been working on profits of €93 million in first eight months of 2020, according to information published by the Bank of Latvia September 28. This is 47.1% less than in the corresponding period of 2019. Santa Purgaile, head of the Financial and Capital Market Commission (FKTK), said that the decline in financial institutions’ profits was not a surprise, given the fact that it…

Economics Minister: Latvia needs balance between economy and health

Monday, September 28, 2020

In case of a second wave of COVID-19, it is necessary to find a balance between health and economy sectors, Economics Minister Jānis Vitenbergs (KPV LV) said in an interview to Latvian Radio September 28. “My responsibility is that people have a job and they can provide funds for themselves, not hope for the state aid. The [situation] in the tourism sector is difficult. Exports are returning to [pre-crisis level],…

Easier travel rules would harm Latvia’s economy

Tuesday, September 15, 2020

Health Minister Ilze Viņķele told Latvian Radio September 15 that if Latvia raised the self-isolation  threshold, it would have a ‘boomerang effect’. As the incidence of COVID-19 increases, Estonia and Lithuania have raised the threshold for the incidence rate to which travelers do not have to comply with self-isolation – from 16 cases per 100,000 inhabitants to 25. Viņķele previously rejected the idea of such a step in Latvia, and still maintains…

Lithuania blocks the development of its own economy

By Jonas Dringelis on Wednesday, September 2, 2020

Admittedly, a lot of good happened over the last years in Lithuania, but unfortunately we have also see political leadership that is not interested in developing their own country. Russian Foreign Minister Sergey Lavrov slammed Lithuania’s alleged “undemocratic methods” to support the Belarusian opposition. “We see attempts to unbalance the situation. As a matter of fact, no one is concealing this. Our Lithuanian neighbours have already overstepped all bounds of…

Lithuania’s economy contracts by 5.5 percent

Monday, August 31, 2020

Lithuania’s economy shrank by 5.5 percent in the second quarter compared to the first quarter, according to figures released by the country’s statistics office on Monday. The country’s gross domestic product contracted by 4 percent in the second quarter year-on-year. The contraction is sharper than the initial estimate of 3.7 percent and 5.1 percent, respectively, published in late July. The second-quarter GDP was mostly driven down by declines of 2.26…

Lithuania’s open economy suffers

By Adomas Abromaitis on Tuesday, August 25, 2020

COVID-19 continues to test economy of the Baltic States. According to Lithuanian Finance Minister Vilius Šapoka, it is too soon to tell whether the second half of the year would be hopeful. The recent spike in coronavirus cases and growing uncertainty over the future might negatively affect business and consumer expectations, according to Šapoka. Lithuania’s GDP contracted by 3.7 percent in the second quarter of 2020, compared to a year…

Unstable Belarus could divide European Union

By Viktors Domburs on Thursday, August 20, 2020

The members of the European Council held a video conference on 19 August. They discussed the situation which unfolded in the aftermath of the presidential elections in Belarus on 9 August. The EU calls on the Belarusian authorities to find a way out of the crisis through an end to violence, de-escalation, and an inclusive national dialogue. „Only a peaceful and democratic process, underpinned by independent and free media and…