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Sunday 23.07.2017 | Name days: Magda, Magone, Mērija

Largest Baltic enterprises had hired nearly 10,000 people last year

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUThe three largest companies in Baltic States based on turnover are all from Lithuania. Estonia, on the other hand, has demonstrated the largest number of newcomers to the list this year, and Latvia – the largest increase in employment, according to information from the TOP 50 rating of Baltic companies compiled by Coface.

The largest companies in the region have all suffered turnover decline (-5.4%) this year. Coface explains this with the worsening of the economic situation in Russia, Baltic countries’ largest trade partner, and the embargo. Both these factors slowed down economic activity in the Baltic region in 2014. These two factors are also expected to continue negatively influencing GDP growth rates in the region this year.

The largest companies based on turnover growth remain the same – Lithuanian representatives are on the pedestal. Although Orlen Lietuva AB had spent a whole year of full of challenges with considerable losses, it remains the largest company in the region. Similar to previous years, Vilniaus Prekyba UAB and Maxima Grupe UAB also remain at the top of the list.

Lithuania remains a leader of the rating, with a total of 28 companies. The largest number of newcomers to the list belongs to Estonia, however. Estonian companies have had a successful year – eight out of eleven companies have demonstrated revenue growth in 2014.

Latvia has demonstrated the largest increase in employment in recent years: +5.6% among Baltic States. In total, the largest companies in Baltic States had hired nearly 10,000 people in 2014. Rimi Latvia AS ended up in the TOP 10 list for the first time.

«Export has a major role for economies of Baltic States (exports exceed 80% of GDP in Estonia’s and Lithuania’s case), but this year’s main GDP growth engine has been household consumption. This was helped by the decline in unemployment, wage rise and certain measures that had a positive impact on private consumption, including PIT reduction from 24% to 23% in Latvia and raising of minimum wages in Lithuania,» – comments Coface Latvia Director Arnis Blumfelds.

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