International Internet Magazine. Baltic States news & analytics
Sunday, 30.04.2017, 21:31
After 25 years of the renewed independence, a pivotal even took place in Latvian developmental history - first economic forum with the main idea of defining national economic identity and Latvian role in the EU and the world. The forum has laid down the first bricks in the new narrative, i.e. Latvian political economy.
Keyword tags: Analytics, Economics, Education and Science, EU – Baltic States, Forum, Good for Business, Latvia, Modern EU
The alignment of growth in labour productivity and in wages improved in the second half of 2016 as growth accelerated in productivity and slowed a little in wages. Whether companies can improve their profitability as foreign demand recovers will depend on whether labour productivity grows further. People changed jobs more last year than they did the year before. Simultaneous increases in the number of vacancies and in unemployment indicate however that there is a worse match between labour and jobs.
On March 28, the European Commission (EC) sent a letter to the Swedish and Danish Energy Ministers stating its’ position on Nord Stream – 2 (NS-2). The EC confirmed the 3rd Energy Package does not apply to this trans-Baltic offshore pipeline but also expressed the view that Nord Stream 2 is not in line with the Energy Union objectives as the pipeline does not provide an access to new sources of natural gas.
Only 38% of households in Estonia have enough savings to sustain themselves during three or more months in the event of loss of income, whereas 25% have no savings at all or the amount saved is smaller than a month's expenditures, it appears from a survey taken by the Swedbank Institute for Private Finances and the Estonian Institute of Economic Research.
Latvia had the highest youth unemployment among the three Baltic states last year, according to the Eurostat information about 275 regions in the EU.
Since the beginning of the year, political debates have been mainly focusing on reforming the tax system.
Lithuania has the highest proportion of residents between the ages of 30 to 34 with completed higher education in the EU - 58.7%, according to Eurostat.
In Latvia, families tend to plan their budgets in short term, Evija Kropa, an expert at the Swedbank Institute for Finances, told LETA, citing a survey conducted by the institute.
According to data of the Central Statistical Bureau (CSB), compared to February, in March 2017 the average level of producer prices in Latvian industry grew by 0.1%. The prices of products sold on the domestic market dropped by 0.1 %, whereas the prices of exported products increased by 0.3 %. The prices of products exported to euro area countries grew by 0.2% and of products exported to non-euro area countries – by 0.4%.
The data compiled by the Central Statistical Bureau (CSB) show that in 2016, the total price index of agricultural output * fell by 0.9%, which was mainly due to the 1.5% decline in prices of crop products. The price index of livestock products reduced slightly – by 0.4%.
In 2016 the smallest government sector debt in the euro area was recorded in Estonia, where it totaled 9.5% of GDP, Eurostat reports.
Statistics Lithuania informs that in March 2017 industrial production totalled EUR 1.69 bln at current prices and, compared to February, based on provisional data, decreased by 3.1% at constant prices (seasonally and calendar unadjusted – grew by 4.7%).
2016, the general government budget surplus accounted for EUR 3.4 mln or 0.01% of the Gross Domestic Product (GDP), whereas the general government consolidated gross debt amounted to EUR 10 038.3 mln or 40.1 % of the GDP, according to the results of the April 2017 Notification on General Government Budget Deficit and Debt1 compiled by the Central Statistical Bureau (CSB), which has been drawn up in line with the methodology of the European System of Accounts (ESA 2010).
Latvia showed the second lowest naturalization rate - the number of citizenships granted against the number of non-national citizens residing in the respective country - among EU member states in 2015, the latest Eurostat data shows.
Lithuanians spent a total of 378.4 mln euros on home purchases in the first quarter of this year, up 18.9% compared with a year ago, but down by 8.9% q-o-q, according to the non-final figures from the Center of Registers showed on Friday writes LETA/BNS.