Expert Chaslau Koniukh
  • Companies
  • Global investment
  • Investors
  • Terminology
  • Economy
  • Stock Market
  • World exchanges
  • Tech and Marketing
Latvia
Economy

How Latvia’s economy will develop in the near future

24.09.2021
2 min read

Latvia’s economy: major changes this year

Despite its small size and lack of large energy reserves, Latvia’s economy is growing steadily. Even the trials of last year have not diminished its position, and the country’s GDP has shown the best results among the EU member states. The main driving force of the economy is the manufacturing industry. It allowed surviving the difficult period of the pandemic and to recover production volumes in a short time. According to statistics, during the first two quarters of 2020, the figures in the manufacturing industry dropped to almost zero, but after the lifting of quarantine restrictions, processes began to actively resume. Thanks to this, production already began to grow in the fall, and it was quite impressive, as it was for a crisis year. According to statistics, in December 2020 the volume of the industry showed an increase of 4.3% compared to 2019.
Latvia’s GDP in 2020 decreased by 4.7%, and by the end of this year analysts forecast growth of 5.1%. In 2022 and 2023 this indicator is expected to increase by 3.1%. Inflation in the last period was 0.1%, and in 2021 is expected to be 1.4%. It should be noted that due to the unstable situation in 2020, the forecasts were revised and adjusted several times depending on the changing situation on the domestic market and the world market.
According to this year’s budget, the consolidated budget expenditures are set at 10.76 billion euros. As for the main budget, it will amount to 6.68 billion euros and expenditures to 7.8 billion euros. It is worth noting that the budget for 2021 was 328 million euros lower than in 2020, while expenditure rose by 744 million euros. The budget deficit was planned at 3.9 percent of the country’s GDP.
Since the beginning of the year the minimum wage in Latvia increased to 500 euros, until January 2021 it was 430 euros.euro_10From this summer, the country’s authorities introduced new rules for groups of people who operate under alternative tax regimes. Now they are obliged to pay special social contributions. The changes did not affect pensioners and people with disabilities. In addition, the rate of state social insurance has been reduced since this year.
Social security benefits have changed. Now people who have reached retirement age, but do not have a full pension, will receive assistance in the amount of 190 euros. The same rate applies to people with disabilities.
Experts predict that Latvia’s economy will continue to grow in the coming years. It showed its stability during the pandemic, which makes it possible to draw optimistic conclusions for the short term.

Tags: Global Economy
0
Previous Post Louis François Cartier and his jewelry empire: the history of the Cartier brand Next Post Gold reserves in Russia are declining: the factors that affect the movement of the asset

You Might Also Like

China's economic growth
Economy
China’s growth will be among the lowest
15.11.2022
Fiat Chrysler
Economy
Automobile concern Fiat Chrysler Automobiles: plans to merge with Peugeot Societe Anonyme
04.09.2020
Inflation in Switzerland
Economy
Inflation in Switzerland rises for the first time in 10 years
03.09.2022
Turkish authorities
Economy
The Turkish authorities have imposed restrictions on working with the national currency
29.09.2020
Collapse of the Russian economy
Economy
The collapse of the Russian economy: consequences of the coronavirus pandemic
06.02.2021
Deterioration of relations
Economy
Consequences of the deterioration in relations with the United States for China: analyst predictions
27.04.2021

Recent Posts

  • 1Erik Penser
    Erik Penser: the ups and downs of the Swedish businessman
    30.03.2023
  • 2Royal Dutch Shell logo
    Royal Dutch Shell: the history of the British-Dutch company
    29.03.2023
  • 3discount window features
    Discount window: peculiarities of lending from the Federal Reserve System
    28.03.2023
  • 4LG Energy Solution
    LG Energy Solution invests in battery production expansion
    27.03.2023
  • 5troubled crypto exchanges-2
    SEC to closely monitor troubled crypto exchanges
    26.03.2023

Popular Posts

  • Field of activity of the American Monsanto Company Corporation
  • Skolkovo analysts: the Russian energy market is suffering losses
  • Businessman Chuck Feeney: the man who gave the world Duty Free
  • Why the Federal Reserve System (FRS) refused to raise interest rates

Social media

Editor's Picks

Chaslau Koniukh
Analytics

American bankers from JPMorgan and Goldman Sachs advise to invest in gold: review by Chaslau Koniukh.

Press
17.08.2020
Expert Chaslau Koniukh
Analytics

Chaslau Koniukh on the analysts’ opinion on the key stake size change soon

Press
18.06.2020
expert Chaslau Koniukh
Analytics

Chaslau Koniukh: Internet trade market in Russia may reach 2.78 trillion rubles.

Press
30.05.2020
Will the U.S. oil shale industry be able to quickly recover from the crisis: A Review by Chaslau Koniukh
Analytics

Will the U.S. oil shale industry be able to quickly recover from the crisis: A Review by Chaslau Koniukh

Press
16.05.2020

Latest Posts

Japanese Central Bank
Japan’s Central Bank widened the range of bond yields
31.03.2023
Erik Penser
Erik Penser: the ups and downs of the Swedish businessman
30.03.2023
Royal Dutch Shell logo
Royal Dutch Shell: the history of the British-Dutch company
29.03.2023

Chaslau Koniukh

Expert Chaslau Koniukh

Chaslau Koniukh – an expert in marketing and project management, IT consulting, international investments, investor, financial analyst. A commodity trader, private consultant, entrepreneur, lecturer, author of several articles on the stock market.

Popular Posts

  • Field of activity of the American Monsanto Company Corporation
  • Skolkovo analysts: the Russian energy market is suffering losses
  • Businessman Chuck Feeney: the man who gave the world Duty Free
  • Why the Federal Reserve System (FRS) refused to raise interest rates
  • The success story of the company with the most expensive shares – Berkshire Hathaway Inc
Expert Chaslau Koniukh
  • Facebook
  • Twitter
  • Instagram
  • Biography

Chaslau Koniukh – an expert in marketing and project management, international investments, financial analyst.

Social media

Menu

  • Biography
  • Companies and corporations
  • Global investment
  • Investors and Entrepreneurs
  • Economy
  • Market terminology
  • Stock Market
  • World exchanges
  • Tech and Marketing
  • Analytics