Posts tagged as GDP

LRT English Newsletter: Mask up, again

By Justinas Šuliokas on Friday, July 31, 2020

With over 100 new coronavirus infections confirmed over the past week, there is a palpable sense that the pandemic might be resurging. Lithuania’s health minister, who leads the country’s Covid-19 response, has even agreed to cut his five-week holidays (to four) and check in every Friday. Meanwhile the members of the cabinet who are not on a break  decided to bring back mandatory facemasks  . As of Saturday, one must…

Moody’s: Latvia’s GDP to shrink by 7.3%

Thursday, July 2, 2020

Latvia’s gross domestic product (GDP) will fall by 7.3% this year, while the economy will grow by 4.7% next year, predicted international rating agency Moody’s Investors Service, Inc. (Moody’s) on July 1. According to Moody’s, the Latvian credit rating, set at A3 level, is supported by three key factors – the flexible and relatively diversified Latvian economy, the moderate level of Latvian government debt and effective policy making. The Agency…

Latvia will see a 7.3% GDP reduction in 2020

Wednesday, July 1, 2020

Latvia’s GDP will see a reduction of 7.3% this year, but next year economic growth will reach 4.7%, the international ratings agency Moody’s Investor Service, Inc (Moody’s) points out. The credit profile of Latvia (A3 stable) is supported by the country’s flexible and relatively diversified economy, moderate government debt relative to GDP and a record of effective policymaking, Moody’s said in an annual report released today. The coronavirus crisis will lead to…

Revised Bank of Latvia forecast says GDP to shrink 7.5% in 2020

Friday, June 5, 2020

The Bank of Latvia has revised its economic forecast. It now predicts GDP will shrink in 2020 by 7.5% (from the March prediction of 6.5%) and inflation will be at 0% (down from predicted 0.5% in March). The institution predicts the economy to grow 6.7% in 2021 and inflation to be at 0.2%, the Bank of Latvia told the press June 5. The new forecasts reflect the impact of the…

Estonia’s GDP falls 0.7% y/y in Q1 but coronavirus impact “not considerable” yet

Monday, June 1, 2020

Estonian GDP declined 0.7% y/y in the first quarter after expanding 3.9% y/y in the fourth quarter, unadjusted data from Statistics Estonia showed on May 29. The fall is less an effect of the coronavirus (COVID-19) pandemic than the weakness of Estonia’s energy and manufacturing sectors, the statistical office said. The impact of the coronavirus was “not yet considerable. However, the virus seems to have negatively affected trade, transport and…

COVID-19 crisis support measures reach 4.7% of GDP

Monday, May 18, 2020

The overall impact of the COVID-19 crisis support measures on the government budget base has reached 4.7% of gross domestic product (GDP), reported the Fiscal Discipline Council (FDC) on May 18. The FDC concluded in its third crisis monitoring report on the impact of COVID-19 on the country’s economy and fiscal situation that one of the risks is the unbalanced risk sharing between the government on the one hand and entrepreneurs…

Baltic countries are on the verge of state bankruptcy

By Lukas Ramonas on Wednesday, April 29, 2020

The coronavirus pandemic spreads throughout the world. And its victims are not only people, but also the economies of states. As it is known, the number of patients diagnosed with COVID-19 daily increases by 100-130 people in the Baltic countries. At the same time, the International Monetary Fund has predicted GDP decline in these states. According to the IMF forecast, the biggest recession is expected in Latvia. The fund forecasts…

Every quarantine week shrinks Lithuania’s GDP by 0.5 percent

Tuesday, April 7, 2020

Economists estimate that every week of the quarantine in Lithuania shrinks the country’s GDP by 0.5 percent, Finance Minister Vilius Šapoka said on Tuesday. “So, naturally, the longer the quarantine is, the bigger that impact will be,” the minister told LRT RADIO. If the spread of the coronavirus in Lithuania and the European Union is contained in the first half of this year, Lithuania’s economic will contract by a single-digit…

Eurostat: Latvia’s GDP growth reportedly below average in EU in Q4 2019

Monday, February 17, 2020

When compared to the same period of the previous year, Latvia had a lower GDP than the average in the European Union in Q4 2019, according to data published by Eurostat for 20 of the union’s countries. According to seasonally adjusted data, Latvia’s GDP increased 1% in Q4 2019 when compared to the same period a year prior. A more rapid economic growth was observed in Hungary (+4.6%), Romania (+4.2%),…

Modest GDP growth in fourth quarter of 2019

Saturday, February 1, 2020

A flash estimate issued by the Central Statistical Bureau (CSB) January 31 shows that, compared to the 4th quarter of 2018, in the 4th quarter of 2019 the gross domestic product (GDP) value increased by 1.1 % (seasonally and calendar non-adjusted data). “[The] Main upward pressure on the GDP was exerted by the volume increase in services sectors (according to preliminary estimates – of 0.9 %), including rise of 1.7% in retail trade. Manufacturing shows…