International Internet Magazine. Baltic States news & analytics
Sunday, 04.12.2016, 03:53
The rise in wages continues to stall. The average wage for full-time work in the third quarter of 2016 was by only 2.2% higher than a year ago, which is the slowest growth rate in the last six years. Even though there is no doubt about a slower wage rise this year, other statistical data sources (State Revenue Service and national account data) do not have such pronounced slowdown. Thus there is no reason for alarm and the view that the rise in average wage has come to a sudden stop in the past few months. Next year, we are likely to return to a moderate 3-5% year-on-year wage rise – such a rate of growth was the case in 2011-2013.
Keyword tags: Analytics, Banks, Direct Speech, Latvia, Wages
Rubesa: next year's tasks of the Rail Baltic/Rail Baltica project – to achieve project maturity and implement efficient use of resources30.11.2016
On November 30, 2016 an international conference organized by the Ministry of Transport of Republic of Latvia named “Progress of project Rail Baltic/Rail Baltica 2016” was held in Riga, where the representatives of the ministries and implementing bodies informed about their achieved progress in each of the Baltic states. Among the spokesperson in the conference were representatives from the three Baltic states including the CEO and Chairperson of the Board of the joint venture RB Rail AS –Baiba Rubesa.
In October, the increase on all loans granted to households is worth noting: housing, consumer and all other loans were on the rise. Such an increase was observed for the first time after a drop over several consecutive years. The total balance of domestic loans, however, dropped slightly in October, with business lending dropping slightly. With finances growing in the bank accounts of both non-financial companies and households, the balance of deposits attracted by banks grew.
Italy’s Constitutional Referendum: What Are the Possible Scenarios for the Italian Financial Sector?29.11.2016
“Currently, there is no clear line of sight between the results of Italy's constitutional referendum and the ultimate destiny of Italian banks. Many plausible scenarios point to a narrowing of options for the banks in distress, and broadly bad news should NO prevail - but the question is, how bad?”
The place where we were born can have a crucial meaning in our lives. The obligation to defend the country, to pay taxes, abide the certain laws – these all are obligations which people do not choose, they have them by birth.
Universities reach the coasts of the Baltic Sea in the 15th century – Rostock in (1419),Greifswald (1456), Uppsala in (1477) and Copenhagen (1479). The eastern coast got its first academic settlements roughly a hundred years later – in Königsberg (1544) and Tartu (1632) respectively.
Data released put the unemployment rate higher in the third quarter than it was in the second quarter. Jobs have been created most in the service sector since 2010. A reduction may be expected in the rate of growth of labour costs, which has outstripped GDP growth for some time.
In September 2016, the turnover of the foreign trade in goods grew by 4.2% month-on-month. With exports rising by 9.8% and imports narrowing by 0.5% within one month, the goods trade balance improved significantly, while the excess of imports over exports decreased to 87.1 million euro in September. Within a year, the export and import values of goods fell by 2.7% and 3.2% respectively.
According to the Central Statistical Bureau data, the consumer price level in October was 0.8% higher than in September and 1.0% higher than in last October. As was expected following the global trends in resource price developments and the development of purchasing prices of selected agricultural products in the previous months here in Latvia, the increase in inflation was on account of the impact from oil prices seen in fuel prices (+4.2% within one month) and the rise in prices of several food products.
Transport is a key driver of the European and the Baltic economy. In Europe, 1 out of 20 jobs is in the transport sector, providing direct employment for more than 11 million Europeans. We depend on the sector every day, be it for work or play, to ensure our shops are re-stocked, or that a patient can be brought to the hospital on time. When it works well, transport as a subject is largely in the background. However, when there is a failing in the system, such as traffic congestion, or a delayed flight, or an accident, questions are immediately asked about the functioning of the transport system.
– Complex exports of Lithuanian-origin goods to the euro area and the victory of Donald Trump in the US presidential elections has caused considerable confusion in markets of enhanced uncertainty, says Nerijus Cerniauskas, economist of the Macroeconomic and Forecasting Division at the central Bank of Lithuania.
Most of the rise in prices in October came from a rise in excise. Prices of individual items have made inflation more volatile. Average inflation this year will remain close to 0%.