bnn.lv Latviski   bnn-news.com English   bnn-news.ru По-русски
Tuesday 23.01.2018 | Name days: Strauta, Grieta
LatviaLatvia

Economic Diary of Latvia. How much does one student cost?

FaceBook
Twitter
Draugiem
print
(No Ratings Yet)

Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RU1 September is close. Preparing a child for the first day in school is a full-scale economic process, which includes planning time and finances, setting objectives, finding suppliers, comparing prices and making purchases. All of it is serious. With that, social and commercial organizations have started calculating the costs of sending a child to school.

The Parents for Education association has calculated that preparing a single child for school costs an average of EUR 40. This price includes text books, writing utensils and other items necessary for school. In general, costs vary depending on the education institution. If parents also have to procure school uniform, backpack and footwear, costs can reach upward to several hundred euros.

Preparing children for first grade costs the most to parents, notes the association. This is because older children can still use items left from the previous year in their next school year, so there is no need to buy new items.

According to Swedbank’s Private Finances Institute, parents will need to spend at least EUR 90 to prepare their children for school this year. Depending on certain schools, the price of school accessories may cost EUR 35 and more. Other no less important part of school expenses – sport gear – will cost no less than EUR 45. A backpack will likely cost the least amount of money – EUR 10. Parental experience, however, shows that an expensive backpack (around EUR 60) can serve several years and is therefore a more valuable investment altogether.

A survey carried out by Maxima Latvija shows that 47% of parents in Latvia plan to spend EUR 71 or more to send their children to school. 14% plan to spend up to EUR 25 and 24% of respondents plan to spend around EUR 26 – EUR 55. 15% plan to spend around EUR 56 – EUR 70.

Many parents come up with creative solutions to this matter. Some start planning these expenses in advance. Mothers, who are generally practical in planning finances, prefer to buy only the most necessary items that will serve a long time (a good backpack and high-quality writing utensils). Many save money on clothes, often buying from internet shops and second-hand shops. Children grow up quickly: brand jeans can become too small to wear after a few months.

In spite of the rush related to preparing a child for school, most families consider 1 September a holiday and plan to celebrate it. 51% of respondents will celebrate 1 September with a family dinner at home, 29% will celebrate it outside their home, 6% will attend some cultural event and 2% will go on excursions.

The market is neither alive nor dead

Latvian Real Estate Association published a big report on the state of the country’s real estate market in regions. According to the association, this sector is largely stable – prices neither grow nor fall. However, there are signs of stagnation.

In segments like private housing, apartments and commercial premises, deals are purely rational. Buyers do not acquire anything spontaneously; they carefully compare prices, location and quality. With that, there has been a notable increase in the number of deals with agricultural land. This segment has seen deficit of large areas, which can potentially increase prices by up to 30%.

In general, the real estate market is mostly ruled by local buyers who carefully count their money. With that, this industry is neither alive nor dead. Vidzeme stands out in this. This region is noteworthy with the largest level of economic activity: plenty of jobs and good development conditions. The market is more active there, but it is focused mainly in three cities – Valmiera, Smiltene and Cesis.

In Latgale, deals are mostly carried out with agricultural land.

Interesting events are noted in Kurzeme – banks have almost cleared out their portfolios, having sold objects they had collected during crisis years. With that, they are gradually leaving Kurzeme’s real estate market. Because of that, projects that had been previously frozen are now coming back to life in Liepaja, now that they have changed hands and have been completed by their new owners. There is a lot of interest for these apartments, which is largely because of attractive prices.

In general, the real estate market is a mirror of a country’s economy: if nothing changes, the market remains where it is.

With hopes in the future

The fact that Latvia’s economy is not experiencing anything drastic at the moment is also shown by results of the latest Citadele Index. The value of the index, which reflects the mood of entrepreneurs, was 48.15 points in Q2 2015.

Values that do not exceed 50 points show that entrepreneurs are not satisfied with the state of things in the country and their company. The latest index shows that entrepreneurs believe the state of things has worsened in Latvia in the past six months. The index has stayed on the same level these past four quarters – within 48-49 points. This means entrepreneurs are mostly pessimistic, as explained in Citadele.

Ref: 017.109.109.5923


Leave a reply

Minister: foreigners find Latvia’s business environment more and more attractive

«Measures were performed last year to improve the business environment and make it more attractive for local and foreign investors, as well as significantly ease everyday work for them,» said Latvian Economy Minister Arvils Ašeradens.

Number of students in Latvia declined 35% in the past decade

The number of students accounted for 81.6 thousand in the academic year 2017/2018, indicating a decline of 1.6 % over the year. During the past decade, due to the population decline, the number of students has reduced by 43.8 thousand or 35 %.

National Alliance member: small countries cannot afford legal and corruption scandals

«Every resident living in a democratic country finds it difficult to follow political processes and what political interests each party has. More often than not the loudest and more expressive politicians do not have any wisdom to share or a state development plan to offer and fit Latvia’s interests. If the time comes when we conclude that we do not like a newly-elected Saeima...

Italy's leading party drops euro referendum plan

The anti-establishment 5-Star Movement, leading opinion polls ahead of a March 4 election, has presented a 20-point program which makes no mention of a referendum on Italy’s membership of the euro zone.

Latvia shares experience in civil rights reforms with Uzbekistan

Uzbekistan is one of Latvia’s priority countries for development of cooperation. Considering Uzbekistan’s launched reforms for state administration, Latvia is ready to continue offering support and sharing experience, says Foreign Ministry’s special assignment ambassador Igors Apokins.

Estonian state rail cargo company worked with million-euro losses in 2017

Estonian state-owned rail cargo carrier EVR Cargo concluded the year 2017 with net losses of 1.2 million euros, but managed to earn a million euros in from October to December 2017.

Alcohol industry to adopt social responsibility symbols on labels

More than 60% of all labels of wine and other strong alcoholic beverages purchasable in Latvia will be added with a special social responsibility symbols, reminding residents of responsible consumption of alcohol, BNN was informed by Latvian Alcohol Industry Association (LAIA).

ManaBalss.lv initiative «On saving Agenskalns market» submitted to Riga City Council

An initiative started by Anda Baidekalna «On saving Agenskalns market» has been submitted to Riga City Council for review. More than 2,000 people signed in favour of this initiative on ManaBalss.lv portal. Now Riga City Council will have to decide on approval of this initiative and develop a plan for development of Agenskalns market to preserve its functionality.

Estonian construction price rise influenced most by higher labour costs

Estonian construction price index grew by 1.5% in 2017 aligned with the average of 2016, Estonian statisticians calculated.

Latvian Economy Ministry proposes self-regulatory measures for postal sector

The problem with postal items lacking addresses can be resolved using self-regulatory measures in the postal industry, as mentioned in Economy Ministry’s prepared report on new measures and proposal for mechanisms to help make the work performed by the postal sector more efficient.

Venice tourists stunned over 1 100-euro restaurant bill

The leadership of the picturesque Italian town of Venice has pledged to ensure justice after four Japanese tourists complained of having been handed a 1,100-euro bill for steaks, water, service and a plate of fried fish.

Ratification of Istanbul Convention falls through in Latvia

Unity is the only one of the coalition parties in Latvia that has expressed support for the ratification of Istanbul Convention so far, politicians say.

Spain sees Puigdemont's trip to Denmark as provoking his own arrest

A judge of the Spanish Supreme Court has blamed Catalonia's former President Carles Puigdemont of seeking to provoke his own arrest by visiting Denmark from his country of exile, Belgium, as the politician faces charges carrying a possible prison sentence of up to 30 years.

Latvenergo: Latvia is the largest energy exporter in Baltic States

Latvia continues exporting electrical energy produced in the country – as of Monday, 22 January, it was 832 MW. Especially intensive energy production is recorded for Daugava’s hydro-electric power plants and Riga’s CHP plants. The largest import volume is registered for Lithuania, to which the amount of exported energy equals the amount consumed in Latvia, Latvenergo explains.

LALRG secretary general: we have to reduce gap in quality of life for EU citizens

Ever since Latvia joined the European Union, its population has declined 14%. The most significant decline was caused by the departure of residents of working age to other EU member states. Because of that, the population in eastern regions of Latvia has declined 23%.

Czechs up for close race in this week's presidential run-off

As the Czech Republic nears the second round of its presidential election this weekend, sociologists estimate that the pro-Western academic Jiří Drahoš enjoys a somewhat larger support than the incumbent Miloš Zeman, who easily won the first round.

Producer price level in Latvia’s industry up 3.1%

Compared to December 2016, the level of producer prices in Latvian industry rose by 3.1 % in December 2017. Prices of products sold on the domestic market rose by 3.0 %, while prices of exported products went up by 3.3 %. Prices of products exported to euro area countries grew by 3.8 %, whereas prices of products exported to non-euro area countries rose by 2.9 %.

MEP: an even greater UGF dominance would slow down Latvia’s development

If the Union of Greens and Farmers (UGF) gains an even greater presence in the upcoming Saeima elections, Latvia’s continued development would suffer, said member of the European Parliament Artis Pabriks in an interview to 900 seconds programme of LNT.

Tax reform challenge in January: labour tax recalculation

2018 commenced for Latvia with a historical tax reform and conceptual changes, significantly affecting everyday work performed by businessmen, employers and accountants. One of the changes financial specialists have to remember when calculating wages for January is the one for personal income tax, which also includes changes for state social insurance fees and solidarity tax, BNN was told by accounting experts.

Total tax debts in Latvia reach 1.217 billion euros at beginning of 2018

At the beginning of the year, total tax debts in Latvia, including existing debts, halted debts and debts with extended repayment debts, reached EUR 1.217 billion, which is 3% less when compared with the previous month, as reported by the State Revenue Service.

Estonia emphasises animal welfare as demand for animal food products grows

Although the demand for food products from animals is increasing, attention should be paid both animal welfare and sustainability in agriculture, Estonia's Minister for Rural Affairs Tarmo Tamm has stated.

Latvia hopes to recover its status as a country free of swine fever

There is hope that Latvia may yet recover its status of a country free of swine fever, says Food and Veterinary Service’s (FVS) Animal Infections Monitoring Department lead expert Mārtiņš Seržants.

Estonia prepares to inform population of actions in case of emergency or war

Estonia is preparing a brochure on how its population should act in case of major crisis or war.

De Facto: international lawsuit against Latvia is associated with infamous Winergy case

Norvik Bank’s lawsuit against Latvian state in the international court of arbitration in Washington is associated with Winergy wind park business, as reported by De Facto programme of LTV. The bank has yet to announce the amount of money it wishes to enforce from the state

German Social Democrats vote to U-turn on coalition talks with Merkel's conservatives

In Germany, where four months after its federal parliamentary elections there is still no government, the Social Democrats have voted to enter coalition talks with the conservatives led by German Chancellor Angela Merkel.

Would you be ready to boycott something in your life?

View Results

Loading ... Loading ...

Polls Archive



Category feed: Feed: