International Internet Magazine. Baltic States news & analytics
Thursday, 23.03.2017, 14:19
Latest projection of the Bank of Lithuania: Given economic acceleration and average wage will rise more than prices21.03.2017
Having assessed the gradual pick-up in domestic economic activity and the improving situation of Lithuanian manufacturers in relevant foreign markets, the Bank of Lithuania projects that this year the economy will expand by 2.6%, while its growth rate next year will reach 2.8%. Wage growth, estimated to stand at 6.1% in 2017 and 5.7% in 2018, will outstrip the rising inflation rates. Such projections for economic and wage growth are higher than expected and announced at the end of last year.
Keyword tags: Analytics, Banks, Direct Speech, Economics, Wages
There is no point in being afraid of thunder – lightning is the real danger. Thunder just reflects with a lag the flashes of lightning by way of sound. An increase in consumer prices is a similar story: it is an objective reflection of previous developments on the global commodity markets.
The current account surplus for 2016 was the largest since independence was regained at 2.7% of GDP. Reinvested income is preferred to new money for use in investment. The net international investment position continued to improve.
Lithuania and Finland: shoulder to shoulder in ensuring security for themselves and the whole region10.03.2017
Lithuania and Finland, two Nordic-Baltic sisters, are interconnected by long-ranging historical, political, and cultural links.
Inflation continued to rise in Estonia, and it was at its fastest for four years in February. Inflation is being driven by higher global prices for oil and food, and by higher excise rates. Core inflation has also risen in recent months because of service prices
Following a short-lived seasonal shrinkage of the loan portfolio in December, January data confirmed that the overall trend of increasing lending has not changed. Growth in both lending to nonfinancial enterprises and consumer lending remains stable.
Vitas Vasiliauskas, the Lithuanian central bank governor, says that the financial services market is undergoing a fast transformation as alternative services providers are growing in numbers, increasing the pressure on the commercial banks to embrace innovation.
The Concept of Foreign Policy of Kazakhstan was approved in 2014. The novelty was public character of the concept in order to help our community and foreign partners to better understand the course and priorities of the foreign policy of Kazakhstan. Better understanding leads to deeper trust.
rowth in the economy was broadly based in the second half of 2016, with only a few sectors declining. The consequence of growth in labour costs is a shortage of profit and investment. Surveys show that companies have an improved opinion of their competitiveness.
According to the data of the Central Statistical Bureau (CSB), the rate of wage increase in 2016 (5.0%) in Latvia was the slowest in the last three years. At the end of the year, in the fourth quarter, the gross wage grew 5.9%. year-on-year. Slowdown in the rise in remuneration in 2016 was expected, for economic growth slowed down and changes in legislation had less of a positive impact than in previous years.
"...the land is thawing, the grass is sprouting, the trees are budding and in the shadow of a leaf, a bird is again singing its eternal spring song. It is the sentimental nightingale or the romantic bluebird s i u r u – what difference does it make! The main thing is it is proclaiming new life with new buds, blossoms and grain."
A simultaneous decrease in unemployment rate and number of employed at the end of 2016 may seem illogical, yet only at a first glance. In fact, the situation in the labour market continues to improve according to expectations.
According to the data of the Central Statistical Bureau (CSB), the turnover value of the external trade of Latvian goods in December dropped by 2.6% month-on-month, with goods exports dropping by 8.8% and imports increasing by 11.4%. Year-on-year, the goods export and import values posted positive growth by, respectively, 7.6% and 11.4%, which should be considered a good performance.
The absolute majority of financial market participants supervised by the Bank of Lithuania acknowledge that supervision by the central bank is effective, while the respondents assess highly the competence and behaviour of the supervisory staff – this is reflected in the results of the first survey of this kind. Market participants expect consultancy and assistance from the central bank, as well as quick response to inquiries and notifications, enhancement of submission of electronic documents.
The availability of financing of companies is aided by good access to bank lending, low interest rates, and profits built up earlier Companies are borrowing more than before from Estonia, and less from abroad Growth in household loans accelerated in 2016, but remained slower than growth in incomes and savings. The loan portfolio to companies and households will grow by around 5% in the years ahead, which is about the same rate as nominal GDP