Economics, EU – Baltic States, Funds, GDP, Investments, Latvia

International Internet Magazine. Baltic States news & analytics Saturday, 11.07.2020, 20:47

EU funding investments facilitated economic growth in Latvia by 2% of GDP in 2017

BC, Riga, 17.09.2018.Print version
According to a report from the Finance Ministry, EU funding investments facilitated economic growth in Latvia by 2% of GDP in 2017, cities LETA.

The Finance Ministry reports that Latvia's GDP in 2017, compared to 2016, grew by 4.5%, which was considerably more than the previous year, when Latvia saw 2.2% growth.

The ministry informs that this increase in economic growth was also facilitated by EU funding investments in the country, which alone stimulated economic growth by 2% of GDP in 2017.

As reported, in Latvia work is under way on EU-funded projects worth EUR 2.9 bln in total, which 66% of the 4.4 bln euros made available to Latvia in the current programming period 2014-2020, the Finance Ministry said in a report on the absorption of EU structural funds and the Cohesion Fund’s investments.

The ministry’s representatives informed that 74 projects, which received 215 mln euros in EU co-funding, have been completed already. These projects in have been implemented in areas like increasing the energy efficiency of buildings, road construction, development of business infrastructure and revitalization of undeveloped territories.

The Finance Ministry also informed that this year special attention would be paid to supporting the entities implementing the EU-funded projects of the 2014-2020 programming period and improving the projects’ quality, as well as strengthening financial discipline in order to reduce risks and make sure that the investments are used in accordance with Latvia’s interests.

In July and August of 2018, Latvia received 162.6 mln euros in final payments from the European Regional Development Fund (ERDF) and the Cohesion Fund for the projects implemented in the previous programming period 2007-2013.


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