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Friday 20.10.2017 | Name days: Leonīda, Leonīds
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ME: holiday on orthodox Christmas may cut budget by 0.7%

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Holiday on orthodox Christmas would cut budget income by 0.7%, according to Evita Urpena, representative of the Ministry of Economics (ME).

Amount of produced goods and services depend mainly on the total demand – both external and domestic. Amount of the external demand does not depend on number of holidays in Latvia, while the domestic demand is quite low at the moment. The domestic demand in relation to holidays may vary in a month, but it will be compensated with changes on other days or months, because the consumption is directly related to the amount of income.

«We can say that one holiday does not influence the amount of the gross domestic product as, first, it does not change the total demand for goods or services, and, second, the supply is not limited because the manufacturing output is low,» Urpena says.

She also noted that holidays may increase the retail trade turnover and, subsequently, increase value added tax income in these days. Holidays will give a positive impact on tourism. They may also strengthen family links and national traditions.

At the same time she admitted that for some businessmen a new holiday might increase labour costs, as the law provides double pay for work in holidays. In some companies there might be problems with organization of work, if it is necessary to ensure a continuous production. However, according to Urpena, organization of work is in the scope of businessmen themselves, and law provides only recommendations to substitute working days.

Ref: 103.110.110.367


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