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Latvia

Central and Eastern Europe's Financial Elite Gathered at the CEE Forum in Vienna

The 21st Euromoney Central and Eastern European Forum ended in Vienna today, where 1000 delegates from the region joined local and international investors to help plan, debate and analyze the economic agenda for the region for the year ahead. The vast majority of the delegates have a negative outlook for the year 2016. Only one of the participants expects that this year CEE will grow more than 3.5%.

January 20, 2016

VIG Completes Acquisition of Latvian Non-Life Insurer Baltikums AAS

Vienna Insurance Group (VIG) has finalized the 100-percent acquisition of Riga-based Baltikums AAS. As a result of the acquisition, Vienna Insurance Group is now one of the top five insurers on the Latvian market.

October 27, 2015

Analysis: Austrian Economy Falls Behind Eurozone Average

The latest "Attractiveness Survey" from consultancy Ernst & Young Global Limited shows, that espite strong fundamentals, Austria’s economy lost some ground on the Eurozone average in 2014, with growth of just 0.4% compared with 0.9% for the Eurozone as a whole. This comparative weakness will also continue in 2015, with Austria’s GDP growth estimated at 1.1%, against 1.5% in the Eurozone. This is despite a boost from lower energy prices, quantitative easing from the European Central Bank (ECB) and a weaker euro.

June 1, 2015

EBRD Sees Mixed Outlook for CESEE Countries in 2015-16

The outlook for economies in central and south eastern Europe is improving on the back of eurozone monetary easing but prospects further to the east of the transition region have worsened, as the impact of Russia’s recession intensifies.

May 14, 2015

List of National Days of the home countries of all foreign Missions and Delegations in Vienna, Austria

The Vindobona table below is an updated list of National Days of all nations, which belong to at least one of following categories: Foreign Missions and Delegations in Vienna, Austria; Diplomatic Corps and other representations in Austria; International Organizations in Vienna and Permanent Missions; Missions and Delegations to the OSCE.

February 11, 2015 · Updated: March 14, 2016; 08:12

Government Debt Increased to 82.6% of GDP in Austria and to 92.7% in Euro Area

At the end of the second quarter of 2014, the government debt to GDP ratio in the euro area (EA18) stood at 92.7%, compared with 91.9% at the end of the first quarter of 2014. Austria's government debt rose to 82.6 percent of GDP in Q2 2014 from 81.3 percent in Q1.

October 23, 2014

Mid Europa Partners' New Fund to Invest EUR 800 Mln in CEE

Mid Europa Partners, the British private equity firm focused on buyouts in Central & Eastern Europe, announced the final closing of Mid Europa Fund IV at €800 million, complemented by an additional pre-allocated co-investment program of €650 million. Fund IV represents the largest dedicated fund to the CEE Region raised in the last 5 years.

September 5, 2014

Sanction Imposed on Expobank

Russian-Latvian Expobank was added to the Canada’s black list.

May 9, 2014

Labor Costs: No Clear Trend in CESEE

In the Baltic countries and in Romania, unit labor costs rose most. In Slovenia and in the Czech Republic, by contrast, unit labor costs were down.

December 18, 2013

Latvia: Saying Goodbye to the Lat

The introduction of the Euro in the Baltic country has been postponed due to the financial crisis. Latvia originally planned to join the single currency union in 2008 already.

July 26, 2013

CESEE Countries Show More Fiscal Discipline

Euro area government debt up to 92.2% of GDP. EU27 debt up to 85.9%. The debt increase in Hungary, Poland, Bulgaria, Romania and the Baltic countries was very decent or even negative.

July 22, 2013

EU: Highest Inflation in Romania, lowest in Poland

Euro area annual inflation up to 1.6%. In the EU, the inflation was up to 1.7%

July 17, 2013

Latvia: Joining the Eurozone

Lativa is becoming the 18th country in the Eurozone. The EU Economy and Finance Ministers have given their green light for the admission.

July 9, 2013

Latvia Joining The Eurozone As 18th Member

Today the heads of states and governments of the European Union gave their blessing to Latvia’s entry to the Eurozone in 2014.

June 28, 2013

Green Light for Latvia’s Euro Accession

The Eurogroup gave green light for the admission of Lativa to the common European currency.

June 21, 2013

Austria: Leitl Welcomes Latvia to Join Eurozone

Head of the Austrian Chamber of Commerce Leitl considers the Euro adoption as an important political signal for the cooperation and the strengthening of the European currency union.

June 5, 2013

Latvia: Euro to Be Introduced 2014

Latvia will be able introduce the Euro on January 1 2014. According to diplomats, this is what the EU Commission will recommend on Wednesday in Brussels.

June 4, 2013

Lithuania and Latvia Preparing for Euro

The Baltic finance ministers emphasize sustainable growth and euro importance.

April 2, 2013

Latvia: Part Time Workers to Improve Employment

As economic growth has recovered, also demand in the labour market is increasing. Unemployed persons traditionally are the source used to increase the number of employed persons.

March 13, 2013

Russia’s Share in Latvian Exports Decreases

Provisional data of the Central Statistical Bureau show that in January 2013 compared to December of previous year, exports value of goods at current prices decreased by 4.6%, but of imports – by 4.1%.

March 13, 2013

Latvia: Increase for Minimum Wages Turned Down

Prime Minister Valdis Dombrovskis explained that a raise of minimum wages to LVL 303 (€ 428) is not realizable at the moment.

March 12, 2013

Lithuania: Exports Decreased by 7.6 % in January

Foreign trade in January 2013 decreased. Major losses in Agricultural sector.

March 8, 2013

Latvia´s Consumer Prices Stable

Compared to February of previous year, consumer prices have increased by 0.3%.

March 8, 2013

Recession in Euro-Area Still Affects CESEE Countries

According to the Vienna Institute For International Economic Studies (wiiw), the double-dip recession over, yet there is no economic growht in sight for CESEE countries.

March 7, 2013

Latvia: Drop in Industrial Productivity by 3.5 %

Data of the Central Statistical Bureau show that, in comparison with December 2012, industrial production in January 2013 has declined by 3.5 %

March 6, 2013

Latvia: Letter Requesting the Convergence Report is Signed

The Baltic country wants to become a member of the Eurozone by 2014.

March 5, 2013

Latvia: Eager for the Euro. But ready?

Latvia’s leadership considers adopting the Euro in 2015 or 2016. Despite of showing the fastest economic growth rate at 5.1 % in Europe, there is scepticism Latvian population.

March 4, 2013

Latvia: Retail Trade Turnover Grows Moderately

Last month, the turnover in the Latvian retail trade industry was up by 1.2%. Compared to January 2012, the turnover was up by 5.2%.

March 2, 2013

Latvia: Unemployment Shrinks Rapidly

Data of the Central Statistical Bureau show that the number of unemployed persons (aged 15-74) in 2012 has diminished by 11.1 thousand.

March 1, 2013

Latvia: Moderate Growth in Income

During 2012 wages and salaries increased by LVL 17 or 3.7%.

March 1, 2013

Latvia: Exports Remain Growth Driver

In 2013, the Baltic countries will remain the best performing economies in the EU. However, the growth will slow down a bit.

February 23, 2013

Estonia: Gross Wages and Salaries Increased in all Economic Activities

According to Statistics Estonia, in the 4th quarter of 2012, the average monthly gross wages and salaries were 916 euros and the average hourly gross wages and salaries were 5.53 euros.

February 22, 2013

Estonians Suffer from Unfavorable Working Conditions

According to a survey carried out by the daily newspaper Eesti Päevaleht, a considerably high number of Estonians want to leave the country. The situation in Lativa is almost the same.

February 18, 2013

Euro Adoption: Latvian People Not Convinced at All

Latvia´s government is proud of its austerity course of the last years. According to Prime Minister Valdis Dombrovskis, the country is ready for the euro.

February 16, 2013

Latvia: Workforce Grows Moderately

Results of the Labour Force Survey conducted by the Central Statistical Bureau show that, compared to the corresponding period of the previous year, the number of active population (aged 15-74), in the 4th quarter of 2012, has increased by 1.5%.

February 15, 2013

Strong Growth in Lativan Construction Industry

Data of the Central Statistical Bureau show that, in comparison with 2011, construction output in 2012 has grown by 14.8%. Of which construction of buildings increased by 14.7% and of civil engineering structures – by 16.2%.

February 15, 2013

Economic Growth: Baltic Countries Ahead

Euro area GDP down by 0.6% and EU27 down by 0.5%. The CESEE countries show mixed results. Lithuania, Estonia and Latvia have performed best in 2012.

February 14, 2013

Latvia: Industrial Sector Grows Significantly

Data of the Central Statistical Bureau show that, compared to 2011, manufacturing turnover1 at current prices in 2012 increasedby 11.9%, of which in domestic market by 5.7% and in export - by 18.2%. However, the growth flattens.

February 11, 2013

Poland Underlines Necessity of Cohesion Funds

At the EU summit, Poland wants to secure as much cohesion payments in the next multiannual financial framework from 2014 to 2020.

February 7, 2013

Baltic Countries: Strong Increase in Retail Trade

In the EU, the volume of retail trade was down by 0.6%. In Austria, turnover in the retail trade sector is decreasing in real terms.

February 5, 2013

Property Market: Baltic Countries Against the EU Trend

Third quarter 2012 compared with third quarter 2011: Euro area house prices down by 2.5%.

January 31, 2013

„Whatever Happens to the Euro, Happens to Our Currency“

In an interview with the Austrian daily newspaper “Kurier”, Latvia´s Prime Minister Valdis Dombrovskis explains why Latvia joins the Eurozone. However, the Latvians are not convinced at all.

January 30, 2013

Bank Austria Centralizes Operations in Baltic Countries

The Austrian subsidiary of Italian UniCredit has shifted the units in Lithuania and Estonia to Latvia.

January 29, 2013

Lithuania to Join Eurozone in 2015

According to Lithuanian Prime Minister Algirdas Butkevicius, the country will introduce the euro in the medium term.

January 26, 2013

Euro Introduction: Latvian Government Hopes for Public Support

According to Latvia´s minister of Finance Andris Vilks, at least 50% of Latvian citizens should approve the euro introduction next year.

January 16, 2013

Baltic Countries: Strong Increase in Industrial Production

Industrial production down by 0.3% in euro area and EU27.

January 14, 2013

Highest Percentage of Low-Wage Earners in Baltic Countries

One out of six employees in the EU27 was a low-wage earner in 2010. Large differences between men and women, levels of education and types of contract.

December 20, 2012

CESEE: Poverty Grows Considerably

In Europe, one in four citizens is affected by poverty, the Russian newspaper “Rossijskaja Gaseta” states.

December 18, 2012

Euro Introduction: Latvians Still Skeptical

The Latvian government aims to introduce the common currency in 2014. The Latvian Budget and Finance Committee approved the introduction.

December 13, 2012

„Eurobonds Are No Solution“

Latvia´s Prime Minister Valdis Dombrovskis argues that euro-bonds may be implemented at the end of the convergence process.

December 11, 2012