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Ceturtdiena 29.09.2016 | Name days: Mihails, Miķelis, Mikus, Miks, Miģelis

Lithuanian companies remain the largest in the region

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUTurnover-wise, the three largest companies in Baltic States are all Lithuanian, according to the Top 50 rating of Baltic companies compiled by Coface credit risk company. Coface mentions as positive trend in Baltic States in regards to the growth of household consumption and improvement of the state of the labour market.

The Top 3 remains unchanged since last year. Representatives of Lithuania remain in the Top 3 list. In spite of a drop in turnover last year, Orlen Lietuva AB remains the largest company in Baltic States. The two other biggest companies are Vilniaus Prekyba UAB and Maxima Grupe UAB. The Top 10 list did experience a slight change – Lithuanian Achemos grupe took away 9th place from Latvenergo this year.

Lithuania is represented by 29 companies on the list. A total of 13 Latvian companies have made it to the list, as have 8 companies from Estonia. In spite of the fact that the total turnover of the largest companies in Baltic States has declined slightly in 2015 (-1.0%), profit and employment indexes have increased.

Reduction of the level of employment was mentioned by Coface experts in relation to all Baltic States. It is especially mentioned that the level of registered unemployment in Latvia has returned to a single-digit number for the first time since 2008. Latvia and Lithuania are expected to experience an increase in household consumption and an improvement of the labour market thanks to the increase of minimum wages. One of Estonia’s strong sides is the country’s diversified export structure with a focus on Nordic countries.

«The historic Top 50 of Baltic Countries consists of the biggest players on the market of chemistry, oil and gas, as well as representatives of consumer goods industry. The largest company registered in Latvia is on the 6th place on the list – Uralchem Trading. This demonstrates close business cooperation between Latvia and Russia. Ericsson Eesti remains the largest company in Estonia,» – notes Coface Latvia Director Arnis Blumfelds.

The Top 50 list is created by Coface based on turnover indexes of the largest companies in the region in 2015. This does not include companies that provide financial services, including banks and insurance companies.

Ref: 102.109.109.6798


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