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Sunday 26.05.2019 | Name days: Varis, Eduards, Edvards
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Income from foreign travellers in Latvia declines

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUIn Q3 2016, Latvia’s current account had a surplus of EUR 93.4 million or 1.5% of GDP, notes Bank of Latvia economist Linda Vecgaile.

Q3 was one of the rare periods when balance of goods and services remained positive (1.5% of GPD) and exports of goods and services exceeded imports. On the one hand, this is good news. On the other hand, positive balance formed at the expense of declining imports. Import decline is not taking place with replacement of locally produced goods, but rather in relation to the stagnation of oil prices, weak demand for raw materials, which reflects weak external demand in insufficient investments in manufacture. Surplus formation was also contributed by increase of export services, the economist told makroekonomika.lv.

According to her, the deficit of the balance of goods declined in Q3 and was EUR 390.1 million (6.1% of GDP). This development was ensured by export growth of 0.6%. Import decline continued for mineral products, mechanisms, electrical appliances and optical devices. This development illustrates the aforementioned factors: oil price stagnation, weak economic development in external markets and weak demand for raw materials and investments into production machineries. Although exports of goods remained close to the previous year’s level, there was positive development for grains and vegetable products, chemical products and food industry products.

Negative contribution was continued by the decline of railway and marine transport services provided to non-residents. Income from foreign travellers visiting Latvia has also declined. It can be explained with a base effect – foreign guests’ expenses in Latvia were higher last year, when Riga was a host of many different international events because of Latvia’s presidency over the EU.

Latvia’s capital account was EUR 2.4 million or 0.04% of GDP in Q3. It was affected by meagre inflow of EU fund money, Vecgaile said.

Cross-border financial inflow was affected by decisions made in the private sector and the public sector in Q3 2016.

[…] Foreign direct investments in Latvia reached EUR 233.3 million (3.6% of GDP). The largest foreign direct investments was noted in insurance, wholesale trade and retail trade, construction and ICT sectors. The largest inflow was noted from Austria, Estonia, Sweden and Lithuania, said the economist.

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