International Internet Magazine. Baltic States news & analyticsFriday, 12.03.2010, 05:27
GDP of Latvia fell by 18% in 2009
11.03.2010Compared to 2008 gross domestic product (GDP) in the 2009 has decreased by 18.0%, according to the seasonally non-adjusted data* of the Central Statistical Bureau of Latvia. Compared to the 4th quarter of 2008, in the 4th quarter of 2009 GDP has diminished by 16.9%.
Keyword tags: Analytics, Baltic, Economics, GDP, Latvia
Finance Ministry: Estonia’s economic growth will recover in H2 with the help of exports
11.03.2010Estonian Ministry of Finance commented on the GDP statistics published on Thursday morning, noting that it is to be expected that in 2010 the year-on-year decline pace will gradually slow down, writes LETA/Postimees Online.The ministry expects the year-on-year economic growth to recover in the second half of the year 2010 and the main growth motor will be the exports sector.
Latvia’s Central Statistical Bureau predicts GDP fall in amount of 3% in 2010
11.03.2010In 2010, Latvia's gross domestic product (GDP) will fall by about by 3%, the head of the Central Statistical Bureau (CSB) Aija Zigure predicts. She did point out however that predicting GDP changes is very hard, because the 2009 figures show that various sectors are easily wounded and their results are very unpredictable.
In 2009 the biggest GDP downfall in Estonia was recorded in Q2 – 16.1%
11.03.2010According to Statistics Estonia, in 2009 the gross domestic product (GDP) decreased by 14.1% compared to the previous year. The biggest downfall was in the 2nd quarter when the GDP decreased by 16.1%. After that, the decrease gradually decelerated. In the 4th quarter, the GDP decreased by 9.5% according to the first estimates.
Number of foreign tourists in accommodation establishments of Estonia increased by 18% in January
11.03.2010According to Statistics Estonia, in January 2010, 73,000 foreign tourists stayed in accommodation establishments, which was 18% more than year earlier in the same period.
Government's most important task accomplished in Latvia – state insolvency averted
The government's most important task has been accomplished – state insolvency has been averted in Latvia, the most difficult point of the economic crisis has been overcome, and stability has been achieved in the financial and economic systems, a necessary factor for future efforts for raising of state competitiveness and the renewal of the economy.
Foreign trade deficit of Lithuania grew 2.8 times in January 2010
Statistics Lithuania reports that, based on non-final data obtained from customs declarations and Intrastat reporting data, exports in January 2010 amounted to LTL 3.1 billion, while imports – LTL 3.5 billion. Foreign trade deficit of Lithuania amounted to LTL 0.4 billion, which is 2.8 times more than in January 2009. Data on trade with EU countries were adjusted after VAT returns data had been received.
Non-financial investment in Latvia reduced by 34.2% in 2009
Non-financial investment* (at current prices) in Latvia in 2009 comprised 1702.0 mln lats, of which in the 4th quarter 525.6 mln lats, according to the data of the Central Statistical Bureau. Compared to 2008, the volume of non-financial investment at constant prices in 2009 reduced by 34.2%, and in comparison with the 4th quarter of 2008, in 4th quarter of 2009 it decreased by 31.7%.
Nordea: 59% Latvian citizens have considered starting a business
The majority of Latvian citizens (59%) have considered starting their own business, according to a survey carried out by Nordea banka. However, only 5% of respondents had already drawn up a business plan or looked for potential business partners, Nordea banka Senior Economist Andris Strazds said at a press conference today.
Premier Dombrovskis: some economic problems in Latvia to be over already in 2010
Part of the state's economic problems will be over in 2010 already, and there are first signs of stabilization visible in the economy right now, as Prime Minister Valdis Dombrovskis (New Era) stressed at a press conference today.
Reinoldijus Sarkinas: Greece should copy Baltic adjustment, avoid aid
Lithuania's Central Bank governor Reinoldijus Sarkinas said Greece should avoid seeking international aid and follow the example of the Baltic nation, which suffered the European Union's second-deepest recession last year without a bailout.
New initiative brings credibility to eurozone
More than a decade ago, Germany suggested a common currency for a “common Community”. Last weekend German finance minister came with another idea – creating a European Monetary Fund, EMF to bail out 16 eurozone members in financial difficulties. It is a remarkable idea, though questions abound, e.g. would the EMF cover eurozone or the entire EU, whether the EU treaties should be amended to create the fund.
Harmonised average annual inflation in Lithuania stood at 2.6% in February 2010
Statistics Lithuania calculates the harmonised index of consumer prices (HICP), which is methodologically harmonised with those of other EU Member States, on a monthly basis. The conformity with the price stability criterion, set in the Maastricht Treaty, is assessed taking into consideration the inflation rate which is calculated based on the said index. Average annual inflation calculated based on the HICP in February 2010 stood at 2.6%, which is by 0.3 percentage point less than that calculated based on the consumer price index (CPI).
Unemployment level in Latvia grew at a slower pace in February
The unemployment level in Latvia in February 2010 grew at a slower pace than previous months, according to information from the State Employment Agency (SEA).
Bank of Esonia: resuming economic growth will contribute to stabilising labour market
Productivity per employed person grew by 1.8% in Estonia, year-on-year, in the last quarter of 2009, preliminary data of Estonian Bank shows.
Closer cooperation model for the Baltics and the EU 
