Budget, EU – Baltic States, Financial Services, Latvia, Legislation, Transport

Photo: em.gov.lv

LETA was told at the Economics Ministry that the meeting between Aseradens and Dombrovskis dealt with Latvia’s current economic issues and the European Semester.

While discussing Latvia’s current economic trends, Aseradens noted a strong growth rate, which is reflected by a 4.3% year-on-year increase of Latvia’s gross domestic product (GDP) in the first quarter of this year, and a 14.8% export growth in the first two months of this year.

Appreciating Latvia’s strong economic performance results, Dombrovskis noted that in some sectors the situation is not good at all. Cargo shipping by rail and through Latvian ports has continued to slow, and the Latvian financial sector has been suffering from a sharp reduction of non-resident business.

Discussing reforms that are being carried out as part of the European Semester and progress on recommendations provided by the European Commission and the Council of the EU, Aseradens and Dombrovskis discussed how to make reform supervision more effective in order to ensure that reforms are being carried out constantly and serve their intended purpose.