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Map: Housing prices in Latvia

The average price of a two room flat ranges from a whopping €50,000 to just over €1,000 in Latvia, according to State Land Service 2015 data.

Almost a third of Latvians don't have any savings

A whopping 32% of Latvian residents do not have any savings compared to 24% of residents in Estonia, and 20% in Lithuania, said Edgars Zilde, a project manager at the Latvian branch of Nordea Bank, citing the latest Nordea survey.

Map: Average pay in Latvia

The highest wages at mid-to-large sized companies in 2015 were recorded in Rīga and the surrounding municipalities.

Tax reform hangs on European Commission decision, says MP

The upcoming tax reform hangs on the decision by the European Commission and will have to be scaled down should Latvia is not allowed to increase its budget deficit, said MP Augusts Brigmanis, head of the Union of Greens and Farmers' Saeima group. 

Audit Office to turn to prosecutor over squandered public bonus pay

The State Audit Office will turn to the Prosecutor General over the misuse of funds paid in bonuses for employees at state institutions last year. The office claims up to €6.3m might have been misused in paying bonuses for public employees, Audit Office head Elita Krūmiņa said on May 18.

Drinks empire enters UK market

Amber Beverage Group, part of SPI global group, has entered the UK’s drink market by acquiring a "strategic stake" in Cellar Trends, the leading UK wine and spirits distributor.

Riga to Liepaja flight launches today

Internal scheduled flights return to Latvia May 16 are a lengthy absence with the opening of a new service from capital city Riga to third-largest city Liepaja operated by airBaltic. 

Tourist numbers up nearly 9% in first quarter

The number of visitors hosted at Latvian tourist accommodation establishments went up by almost 9% in the 1st quarter of 2017, according to the latest data of the Central Statistical Bureau (CSB) released May 15.

Unemployment now below 8%

The unemployment rate in Latvia fell by 0.5 percentage points from the previous month to 7.8 percent in April, according to latest State Employment Agency data - the lowest unemployment level in Latvia since 2009.

Reputations on the line again in Riga

The innovative 'Reputation Time' conference returns to Riga May 12 with an impressive list of speakers discussing the topic of 'Reputation Challenges in the Post-Truth World'.

Yearly inflation at 3.4% in April

The average level of consumer prices in Latvia grew 3.4% in April compared to 2016 levels. Prices of goods grew by 3.2% and prices of services by 4.0%, according to the latest data by Latvia's statistics office. 

Budget deficit hike projected for 2018, says Latvia's top man in Europe

Latvia’s fast economic growth notwithstanding, its budget deficit will grow siginficantly, from 0.8% of GDP this year to 1.8% in 2018 due to the projected tax reform, Valdis Dombrovskis (Unity), the European Commission’s Vice President for the Euro and Social Dialogue, said in Brussels.

Shadow economy still more than a fifth of GDP

Despite some advances in shrinking the size of Latvia's unofficial or 'shadow' economy, it remains equivalent to more than 20% of Gross Domestic Product, an annual report on the subject concluded May 10.

Norway's oil fund invests in Latvia

Last year Norway's Government Pension Fund invested Norwegian sovereign wealth in Latvia for the first time. A total $1.4 million was invested into pharma company Olainfarm, the fiber glass company Valmieras stikla šķiedra (Valmiera Glass), and HansaMatrix, a high-tech manufacturer, reported Rus.lsm.lv on May 9.

Fewer considering economic emigration

Fewer Latvian residents than in previous years are seriously considering going abroad for work in future, according to a public opinion poll carried out by SKDS pollster and reported by the LETA newswire.

Retailer Prisma to quit Latvia, Lithuania

There was bad news for workers and suppliers to the Prisma supermarket chain May 3 with the announcement that the Finnish-owned retailer is leaving the Latvian and Lithuanian markets.

Valmiera is growing too fast for its own good

Valmiera, a city in Latvia's northeast, can't keep up with the pace of its own growth and experiences problems tied to lack of employees, housing and business infrastructure, reports LTV's De Facto prior to the 2017 municipal elections.