bnn.lv Latviski   bnn-news.com English   bnn-news.ru По-русски
Tuesday 17.01.2017 | Name days: Tenis, Dravis
LatviaLatvia

Latvia’s GDP growth predicted to be 3.2% in 2016

FaceBook
Twitter
Draugiem
print
(No Ratings Yet)

Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RULatvia’s economic growth has been one of the most rapid among European Union member states in recent years. GDP growth rate was 4.4% in 2011-2014. In 2015, in spite of geopolitical instability, Latvia’s GDP continued to grow and reached 2.8%.

Latvia’s economic development is closely tied to global developments. The situation on Latvia’s most important export market – Europe – is gradually improving. Exporters who mainly focus on eastern markets are affected by the poor economic situation in Russia. In spite of the fact that the geopolitical tension makes it difficult for Latvia’s economy to grow, GDP growth may turn out faster than the year before and reach 3.2%, as reported by Economy Ministry.

For a more rapid improvement of competitiveness of Latvian companies, it is first necessary to find effective ways of enhancing knowledge in economic development, raising competitiveness of exporting companies, raising productiveness, innovations and their capacity, as well as continue the process of reformation to improve the business environment, notes the ministry.

The 2014-2020 EU fund planning period opens the way for investing EUR 4.4 billion into Latvia’s growth and development. Economy Ministry’s activities will have access to only approximately EUR 770 million for specific investments into modernization and industrialization of Latvia’s economy.

To encourage entrepreneurs to invest in new, lucrative products and services, it is necessary to preserve existing and create new tax stimuli. It is planned to develop a legislative draft to support beginner entrepreneurs with a special tax regime in early stages of business development, as well as add amendments to regulations in regards to the adoption of a special tax regime for small and micro-enterprises with low annual turnover, the ministry notes.

In the latest Doing Business study by the World Bank, Latvia was put on the 22nd spot among 189 countries. The World Bank has recognized Latvia as one of the TOP 30 leaders that have successfully realized reforms to improve the business environment. The future of Latvia’s business environment will depend on the quality and realization speed of reforms. Latvia’s goal is to be in the TOP 10 among countries of the world in terms of positive business environment rating, notes the ministry.

Over the course of 2015, Latvian government reviewed regulations of the Construction Law in 2015 and continued working on construction rules. The Construction State Control Bureau also started working that year.

Integration of Latvia’s energy market into Europe continues. 2015 was the first year under conditions of free competition for the country’s energy market. Further liberalization of the gas market remains on the government’s agenda. The Cabinet of Ministers has viewed the amendments to the Energy Law, which the Saeima plans to approve at the beginning of 2016.

In addition, improvements to Latvia’s energy market regulations continue and work continues to develop the electrical energy and natural gas infrastructure to help further enhance the country’s energy security and diversify energy supplies.

Ref: 102.109.109.7383


Leave a reply

Media report on Lithuania’s plan to build fence along Kaliningrad border

Vilnius has voiced plans to erect a 45-kilometre-long fence on the Lithuanian-Russian border along the Kaliningrad region, report Russian media.

Noord Natie Ventspils Terminals to offer alternative option for cargo carriers

Noord Natie Ventspils Terminals multifunctional cargo transshipment centre continues its work this year on a wave of positive results. This year, the terminal plans to introduce a new transport line to offer existing carriers and increase cargo turnover.

African swine fever reaches Krimulda and Adazi

On Monday, 16 January, Crisis Management Council decided to declare a state of emergency in Krimulda and Adazi. Because of that, it will be necessary to allocate approximately EUR 100,000 from the state budget for emergencies to combat African swine fever.

Ventspils has the most expensive heating among Latvia’s major cities

The heating season is especially unpleasant for residents of Ventspils, as, according to data from the Public Utilities Commission, Ventspils has the highest heating tariffs among Latvia’s major cities. Heating tariffs are only higher in a couple of smaller cities, but even in most of Latgale tariffs are lower than in Latvia’s richest port city.

VIDEO: how is life for «martyr» Lembergs?

A video has surfaced on the internet, depicting from bird's eye view the home of criminally accused, oligarch and member of Ventspils City Council Aivars Lembergs.

Investment volume in Latvia’s real estate market exceeds EUR 300 million

The volume of investments in Latvia’s real estate market exceeds EUR 300 million for the fourth consecutive year. The total investment volume reached EUR 341.3 million in 2016, compared with EUR 394.4 million in 2015, according to data from Colliers International Latvia.

Calendar of cultural events in Lithuania. International museum selfie day in Kaunas

BNN offers you a selection of cultural and sports events in Lithuania for the week during January 16-23.

Hesburger plans to open nine new restaurants in Baltics

Sales of Finnish and Baltic fast food restaurant network Hesburger in Baltics reached EUR 58 million last year.

Nordea: Latvia is the most demanding among Baltics in terms of bank supervision

Of the three Baltic States, Latvia is the most demanding when it comes to regulator requirements for banks. This is largely because of its banking market’s state. Nevertheless, requirements are not inadequate, Nordea bank head in Latvia Janis Buks said in an interview.

Estonia registers increase in population

The number of Estonian population has last year grown by 0.14%, or 1,850, people – estimated Statistics Estonia.

Lembergs had a shared offshore business with Putin’s advisor

In 1994, Ventspils Mayor Aivars Lembergs travelled to Moscow to sign a document that made him a co-owner of Solvolub offshore. The company’s largest co-owner was Russian businessman Boris Titov, who is currently one of Russian President Vladimir Putin’s advisers. This is also how Lembergs first acquired shares in Ventamonjaks in Ventspils, as reported by Nekā personīga programme of TV3.

Finland testing paying basic income to unemployed

2,000 Finns have been selected for a government social benefit test scheme to provide unemployed people with a basic income of 560 euros for up to two years.

Thaw expected in Latvia this week; ice may yet form in many places regardless

Atmospheric pressure will rise in the first days of the week. Clouds will appear from time to time, however, bringing snow and wet snow, as reported by State Environmental, Geology and Meteorology Centre.

Train row prompts Serbia to voice military threat to Kosovo

Belgrade has voiced a warning expressing readiness to protect the territory it considers belonging to Serbia in its neighbouring country Kosovo. Serbian President Tomislav Nikolić accused Kosovo of seeking a war, after a passenger train painted in Serbian colours and the words «Kosovo is Serbia» was prevented from crossing the Kosovan border.

Week in Lithuania. Landsbergis suggests inviting Russian MPs

Vytautas Landsbergis, Lithuania‘s first post -independence leader, has suggested inviting Russian parliamentarians to memorial events of January 13 coup. In his words, inviting Duma deputies would be a logical and humane step.

Lithuanian President set to root out «eternal» state company CEOs

«Eternal» heads of state and municipal companies, who’ve been at the helm for years and years, must go, insists Lithuanian President Dalia Grybauskaitė.

Vejonis asks Reizniece-Ozola to address envelope wage problem more seriously

«We need a tax policy that will reduce social inequality of our country’s residents, stimulate formation of businesses and enhance society’s trust in state administration,» – said Latvian President Raimonds Vejonis during his meeting with Finance Minister Dana Reizniece-Ozola.

Sproge replaces Truksnis as Mayor of Jurmala

Following Gatis Truksnis' decision to step down his post as Mayor of Jurmala was taken by Riga Sproge on the same day.

EC calls on Italy to substantiate denied claims of alleged car emissions cheating by Fiat

Italy has been invited by the European Commission to substantiate with proof the denial of allegations by the German government that Italian carmaker Fiat Chrysler has installed illegal exhaust emissions cheating equipment.

Truksnis to step down again as mayor of Jurmala; UGF decides to keep him in its ranks

On Friday, 13 January, Mayor of Jurmala Gatis Truksnis intends to announce his decision to step down from his post, as confirmed by head of Latvian Green Party’s office Janis Ledins.

Estonian port company’s corruption case expected before court in 2017

The criminal case on alleged bribery at the Estonian state port company Port of Tallinn that has required investigators to work with Poland, Turkey and Norway, is expected to reach court in the first six months of 2017, Estonian prosecutor general has stated.

Rention: unification will ease rent and other payments

Commencement of cooperation with Corvin Real Estate, Rention housing management system will combine and simplify procedures like management and signing of utilities, rent and other payments, as well as issue of receipts, submission of counter readings and compilation of declarations, Rention representatives say.

Survey: majority of residents perform health improvement activities irregularly

A large number of residents associate New Year with changing established habits. Some intend to drop smoking, other promise to do more sports and start eating more healthily. Survey results show that 67% of respondents perform health improvement activities irregularly.

Estonia to stand for innovative, well-defended and digital EU in its presidency

The government of Estonia has set its political priorities for the country’s first presidency in the Council of the European Union in the second half of 2017.

Presence of allied forces in Latvia may become a hot potato

The presence of allied forces in Latvia may become a ‘hot potato’ in Russia’s information campaign, as stated in a publication of Latvian Foreign Policy Institute on the country’s external and security policy by the head of Defence Policy and Strategy Office of Defence Ministry’s Defence Policy Department Martins Vargulis.