bnn.lv Latviski   bnn-news.com English   bnn-news.ru По-русски
Friday 21.07.2017 | Name days: Meldra, Meldris, Melisa
LatviaLatvia

Consumption expenditure of Riga households on a rise

FaceBook
Twitter
Draugiem
print
(No Ratings Yet)

Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUAverage monthly household consumption expenditure per household member comprised EUR 299 in 2014, which is EUR 1.24 or 0.4% less in comparison with 2013. Taking into account the 0.6% increase of consumer prices, consumption expenditure at constant prices has reduced by 1.0%.

Rise of consumption expenditure in 2014 continued only in the capital city – in Riga. In 2014 households in Riga spent EUR 377 – 3.3% or EUR 12 more than in 2013, according to information from the Central Statistical Bureau of Latvia.

In 2014, household expenditure in cities grew by 0.1%, on average reaching EUR 322.95 per household member monthly. But household consumption expenditure in rural areas was on average EUR 250 per one household member monthly – 1.9% less than in 2013.

Households used increase of disposable income for consumption reservedly. It could be affected by Latvia’s entering euro area and economic instability, as well as by other factors. Reduction of consumption expenditure in rural areas was additionally affected by drop of purchasing prices of agricultural products and imports restrictions put by Russia.

Also financial literacy index of the Financial and Capital Market Commission (FCMC) indicates that over a year level of knowledge of population on financial issues has increased and population is creating “safety cushion” in a shape of money savings. FCMC data witness that in 2014 as compared to the previous year deposits of households in Latvian banks have increased by 7% or EUR 335 million.

As price scale changed due to the introduction of euro, in the first half of 2014 households significantly limited their expenditure, but in the second half of 2014 consumption expenditure returned to the level of 2013.

Households spent more on food which comprised 28% of total consumption expenditure. On average monthly household expenditure on food per one household member reduced from EUR 85 in 2013 to EUR 82 in 2014. More rapidly increased expenditure on recreation and culture (by 11.3% or EUR 2.40), on furnishings and household equipment and routine maintenance of the house (by 8.6% or EUR 1.09), as well as on restaurants and hotels (by 6.7% or EUR 0.89).

Despite the fact that in 2014 consumption expenditure at current prices was lower than in 2008, household expenditure on housing and public utilities, as well as on health has exceeded the pre-crisis level by EUR 9 and EUR 3, respectively. It was affected by a rapid price growth for housing and public utility costs in 2014, as compared to 2008, of 23% and for health – of 18%.

Such main expenses on meeting daily needs as costs on food, housing, transport, clothing and footwear, as well as health constituted more than two thirds (69%) of total consumption expenditure. In general richest (5th quintile) households for primary expenses could spend EUR 338 per one household member monthly, while poorest (1st quintile) households – EUR 126. For recreation and culture richest households spent 5.7 times more than poorest households.

In consumption area households of salaried persons and entrepreneurs were more active, whose consumption expenditure per household member monthly comprised EUR 311 and EUR 346 respectively, while of retired persons – EUR 249. Households living in rural areas spent 77% of consumption expenditure of citizens (in 2013 – 79%) and 66% of Riga residents (in 2013 – 70%). Out of all households living in rural areas, every second household belongs to the poorest (1st and 2nd quintiles) households, but in Riga – every fourth (28%).

In 2014, 3,713 households from different places of Latvia participated in the Household Budget Survey of CSB.

Ref: 103.109.109.3463


Leave a reply

Saeima deputies sign agreement on Oligarch talks committee’s formation

So far only parliament members have signed the agreement on the formation of a Saeima committee for the investigation of Oligarch talks. Neither of them represents Unity – Karlis Serzants from Union of Greens and Farmers and Einars Cilinskis from VL-TB/LNNK.

Seaima Praesidium approves parliamentary budget for 2018

On 20 July, Saeima Praesidium approved the parliament’s budget request for 2018. It is planned to be EUR 22.04 million, setting funding to maintain current functions on the level of 2017, BNN was informed by Saeima press-service.

Beer brewers: fooling around with tax reforms could destroy Latvia’s beer industry

By increasing excise tax for beer, the goal of reducing alcohol consumption will not be achieved. This is because consumption of other alcoholic beverages will increase as a result, notes CEO of Latvian Breweries Union Peteris Linins, commenting on the government’s plans to raise excise tax for beer.

4,558 marriages registered in Latvia in first six months of 2017

Over the past three years, Latvian birth number almost has not changed and constitutes 22 thousand annually. 10,175 children were born in the first half of 2017, which means 990 newborn fewer than in the same period a year ago.

Broadcasting organizations ask NEPLP to stop meddling with public media contents

The board of Latvian Association of Broadcasting Organizations urges the government and National Electronic Mass Media Council to continue realizing reforms in public media.

Kucinskis also met with Slesers in the infamous meeting room of Ridzene hotel

Latvian Prime Minister Maris Kucinskis admits having met with Ainars Slesers in the now infamous meeting room in Ridzene hotel a couple of times, specifically when the People’s Party made the decision to join Par labu Latviju.

Pumpurs hands 99% of Užavas alus capital shares to his son

Ildis Pumpurs, up until now the only owner and board member of Ventspils Užavas alus brewery, has handed 99% of the company’s capital shares to his son Oskars Pumpurs.

Repeated elections in Kekava – activity twice as high so far

Repeated election has commenced in Kekava’s 785 election site. 274 voters or 7% of local voting population took part in elections in the first day, according to data from the election site.

Estonia plans accepting from Turkey 160 Syrian refugees

Estonian police are looking into the documents on 160 refugees from Syria that are to be moved to Estonia in line with an agreement reached between the EU and Turkey.

Experts: potato harvest in Latvia may come later than usual this year

Potato harvest in Latvia may come one week later than usual. Still, the harvest is expected to be on the level of last year, BNN was told by Potato Growers and Processors Union.

News feed to be added to Google's website and mobile app

Internet search giant Google has said it would add a continuous feed of news and other content to its homepage and mobile app, which would be displayed before a user makes a search query.

NATO and Chinese ships perform joint manoeuvrer before entering Baltic Sea

This week, Standing NATO Maritime Group One welcomed in international a group of Chinese Navy ships that entered the Baltic Sea through the Strait of Denmark from the North Sea. Ships of both groups performed a mutually coordinated manoeuvrer for the ships to ensure safe entry of ships into the Baltic Sea, as reported by Latvian Defence Ministry.

Russia distances itself from proclamation of «Malorossiya» in eastern Ukraine

The Kremlin has noted that the proclamation of a county entitled «Malorossiya», or «Little Russia» in the pro-Kremlin-separatist-held eastern parts of Ukraine is a personal initiative of the rebel leader.

Expert: oil prices will likely remain zigzag-like

Aside from one week, oil reserves have been continuously declining since April. This trend will likely continue. Oil refining activities were not too high. This reduced demand for oil. In Q3, oil producers will increase production output and compound stores, comments macroeconomics expert Dainis Gaspuitis.

Construction output in Q1 in Latvia – tenth largest in EU

In Latvia, construction production volume in Q1 2017, when compared with the same period of last year, grew 8.4%. This puts Latvia on the tenth place among EU member states, according to the latest data from Eurostat.

Pabriks invites Estonia to focus on protecting Europe’s borders during presidency

MEP from Latvia Artis Pabriks invites Estonia as the presiding country in the European Council to focus on the protection of Europe’s borders and help motivate other member states to follow through with their objectives.

Contract signed for 60 million euros loan for Rīgas satiksme

Nordic Investment Bank and Riga municipality’s company Rīgas satiksme have signed a contract for the allocation of a loan worth 60 million euros. Funding is intended to be used to purchase hydrogen-powered buses and low-floor trams, as well as investments into tram infrastructure.

Household expenditure on consumption exceeds pre-crisis levels in Latvia

In 2016, household consumption expenditure comprised on average EUR 333 per household member monthly – EUR 17 or 5.4 % more than in 2015.

Antane: government has set ‘checkmate’ for Latvia’s transport industry

With plans to increase excise tax on fuel, the government has set ‘checkmate’ to Latvia’s transport industry and transit sector. Instead of the awaited tax revenue compensation, Latvia risks considerably reducing the competitiveness of the industry that brings in one billion euros to the economy every year, says Inga Antane, President of Baltic Association – Transport and Logistics.

Four Dutch soldiers arrested after fight in Lithuania

After getting involved in a brawl in Lithuania, four Dutch troops, who are part of the NATO multi-national force in the Baltic country have been sent back to their homeland.

Swedbank: small companies contribute to appearance of new loans

Swedbank’s profits in Latvia reached EUR 52 million in the first six months of 2017. This is a similar result when compared with the same period of last year.

Three million Mercedes-Benz diesel cars to be recalled for emissions software update

German car-builder Daimler made a step to voluntarily avoid troubled waters in relation to emissions concerns and has announced a recall of over three million Mercedes-Benz diesel cars to change their software.

Demand for seasonal fruits increases in Latvia

Compared with the previous year, demand for seasonal fruits grew this summer: 31% for peaches, 35% for plums and 63% for apricots at Maxima Latvia supermarkets.

German Catholic clergymen blamed for abusing hundreds of boys

The administration the Regensburger Domspatzen boys choir in Germany is blamed for that over a period of 60 years not less than 547 boys have suffered physical abuse and in dozens of cases – sexual abuse.

Saeima to decide on tax discount for donations to sports organizations

A meeting of the Saeima Sports Subcommittee will be held soon to discuss the upcoming changes to the tax reform in relation to PIT discount for donations to organizations and associations, as well as sports organizations, BNN was informed by Saeima’s press-service.

Newest comments

Do you have an acquaintance currently looking for a job?

View Results

Loading ... Loading ...

Polls Archive



Category feed: Feed: