International Internet Magazine. Baltic States news & analytics
Saturday, 04.07.2020, 15:51
Estonia's loss in tax revenue due to untaxed wages totals nearly EUR 130 mln
03.07.2020A study carried out by the Estonian Institute of Economic Research (EKI) into the prevalence of cash-in-hand wages shows that unfair tax practices likely resulted in a 127-million-euro loss in tax revenue for the Estonian state in 2019, cites LETA/BNS.
Keyword tags: Analytics, Estonia, Financial Services, Legislation, Shadow economy, Wages
Retail trade vigorously bounces back from COVID-19 shock in May
03.07.2020Gradual lifting of COVID-19 related restrictions and more clarity with respect to rules of the game in the near term has allowed the retail trade to return to almost its normal course of operation.
IMF: concentration of banking sector in Lithuania hasn’t restricted competition
02.07.2020High concentration in Lithuania's banking sector has so far not resulted in a lack of competition in this sector, Kristalina Georgieva, managing director of the International Monetary Fund, says, cites LETA/BNS.
SEB: Lithuania’s economy to fall by 6.7% in 2020
02.07.2020Lithuania’s economy had no obvious imbalances before the onset of the coronavirus crisis, which enabled it to withstand the hit dealt by the pandemic in spring and offered the country’s business a reasonably good potential to recover rapidly from the trough, which was experienced in the second quarter, in the remaining quarters of this year, the Scandinavian financial group SEB said on Thursday, cites LETA/BNS.
In 2019, rise in forest regeneration and tending costs observed in Latvia
01.07.2020Data compiled by the Central Statistical Bureau of Latvia (CSB) show that in 2019, the average forest regeneration costs in Latvia comprised 705–860 EUR/ha, depending on the forest land quality group*. In 2018, these costs constituted 509–669 EUR/ha, while in 2017 those were 438–567 EUR/ha. Forest regeneration costs include expenditure on soil preparation, sampling expenses and planting costs.
Lithuania's new car market shrinks 29% in H1 y-o-y
A total of 18,503 new passenger cars were registered in Lithuania in the first half of 2020, down 29.2% from 26,152 in the same period last year, the market research company Autotyrimai said LETA/BNS.
Uncertainty weighs on spending in Latvia
Three months spent in a lockdown have resulted in a considerable deterioration of the economic environment and have had negative repercussions in almost all sectors of the economy. With the COVID-19 outbreak starting to subside and the economic activity gradually recovering, we can now look back at the developments in the monetary aggregates over the most recent months.
Moody's: Latvia will see a 7.3% GDP reduction in 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, cites LETA.
Lithuania’s economy to contract by 7% in 2020, to grow by 5.9% in 2021
Lithuania’s economic downturn, triggered by the coronavirus pandemic, likely bottomed out in April 2020 and should be replaced by a gradual recovery in the second half of 2020 following the lifting of restrictions on economic activity in Lithuania and the European Union, the country’s Finance Ministry forecasts based on the latest statistical data, cites LETA/BNS.
In May, annual retail trade in Latvia fell by 0.6%, monthly grew by 7.8%
Calendar adjusted data (at constant prices) compiled by the Central Statistical Bureau (CSB) show that, compared to May 2019, in May 2020 total retail trade turnover reduced by 0.6%. Turnover of retail trade in food products grew by 1.6%. Retail trade in non-food products (except for retail sale of automotive fuel) decreased by 3.9%, but turnover of retail sale of automotive fuel – increased by 3.3%.
Colliers: The office is soon to be alive and kicking again
Colliers predicts a new revolution in office occupancy, which will see businesses balance collective in person collaboration with focused remote working opportunities.
More and more men receiving parental benefit in Estonia
According to Statistics Estonia, 27,989 women and 3,920 men received parental benefit in Estonia in 2019. The average monthly parental benefit paid to men was a third higher than that paid to women.
In May, construction costs in Latvia rose by 1.4% y-o-y
Data of the Central Statistical Bureau (CSB) show that, compared to April, in May 2020, the level of construction costs in Latvia increased by 0.1%. Labour remuneration of workers rose by 1.4%, maintenance and operational costs of machinery and equipment – by 0.1%, but prices of building materials – reduced by 0.5%.
Global peacefulness has deteriorated over the year 2019
Global peacefulness has deteriorated over the past year, with this being the fourth time in the last five years that the world has seen a fall in peacefulness, according to the latest Global Peace Index.
Cheaper vegetables, fuel slow inflation in Lithuania – expert
As Lithuania's statistics service, Statistics Lithuania, said on Monday the monthly inflation rate for June is estimated at 0.4%, Aleksandr Izgorodin, an economic from ME Finance, says cheaper vegetables and lower fuel prices caused by a drop in oil prices slowed inflation growth in Lithuania cited LETA/BNS.
German Council Presidency in pandemic time
