**Latvia's tax service looks for a new head**

On Thursday, October 5, the State Chancellery announced an open competition for the position of Director General of the State Revenue Service (VID).

https://eng.lsm.lv/article/economy/economy/05.10.2023-latvias-tax-service-looks-for-a-new-head.a526547/?utm_source=rss&utm_campaign=rss&utm_medium=links 

 **Weak industrial and manufacturing figures in August**

Calendar-adjusted data published by the Central Statistical Bureau October 4 show that, compared to August 2022, in August 2023 industrial production output reduced by 4.9 %.

https://eng.lsm.lv/article/economy/economy/05.10.2023-weak-industrial-and-manufacturing-figures-in-august.a526096/?utm_source=rss&utm_campaign=rss&utm_medium=links 

 **46% of Latvian workforce classed as 'highly skilled'**

The need for highly-skilled workers is a common cry, and latest Eurostat figures give some idea of where they are to be found.

https://eng.lsm.lv/article/economy/employment/04.10.2023-46-of-latvian-workforce-classed-as-highly-skilled.a526474/?utm_source=rss&utm_campaign=rss&utm_medium=links 

 **Daugavpils has hopes to get ahead of heating prices**

In Daugavpils on Tuesday, October 3, a time capsule was built into the foundation of the new woodchip boiler house. It is planned to start work as early as next year and the heat tariff could also reduce thanks to it.

https://eng.lsm.lv/article/economy/economy/04.10.2023-daugavpils-has-hopes-to-get-ahead-of-heating-prices.a526408/?utm_source=rss&utm_campaign=rss&utm_medium=links 

 **Harsher penalties planned for drunk driving in Latvia**

For drunk driving resulting in an accident claiming life, additional penalties are planned. Fines are to be imposed in addition to the primary punishment, for instance, a prison sentence. The fines could range from from EUR 6,200 to EUR 3.1 million, LETA reported Tuesday, October 3.

https://eng.lsm.lv/article/economy/transport/04.10.2023-harsher-penalties-planned-for-drunk-driving-in-latvia.a526377/?utm_source=rss&utm_campaign=rss&utm_medium=links 

 **Mortgage payment support to be considered in Latvia**

The Saeima Budget and Finance Committee will continue discussions on the protection of mortgage borrowers, including a 50% reduction in loan interest payments for one year, the Chairman of the Committee Jānis Reirs (New Unity) told Latvian Television on October 3.

https://eng.lsm.lv/article/economy/economy/03.10.2023-mortgage-payment-support-to-be-considered-in-latvia.a526238/?utm_source=rss&utm_campaign=rss&utm_medium=links 

 **Rīga mayor has questions about temporary tarmac**

Riga Mayor Vilnis Ķirsis (New Unity) asks for clarification of the conditions regarding the laying of temporary asphalt on Slokas Street to accommodate the World Road Running Championship over the weekend. There is no answer to the question of how much it has cost and who will cover it, Latvian Radio reported on October 2.

https://eng.lsm.lv/article/economy/transport/02.10.2023-riga-mayor-has-questions-about-temporary-tarmac.a526153/?utm_source=rss&utm_campaign=rss&utm_medium=links 

 **Employment opportunities for disabled people still a problem in Latvia**

The lack of workforce has been felt in the Latvian labor market for a long time. According to operational data from the State Employment Agency (NVA), the unemployment rate registered on September 25 had dropped to 5.3% in the country and there were 47.5 thousand people unemployed. The NVA database also had 21.8 thousand vacancies and at least some of them could be filled by people with disabilities, Latvian Radio reported October 2.

https://eng.lsm.lv/article/economy/employment/02.10.2023-employment-opportunities-for-disabled-people-still-a-problem-in-latvia.a526091/?utm_source=rss&utm_campaign=rss&utm_medium=links 

 **Trolley bus route 1 restored in Rīga after two years**

Rīga resumes running route 1 trolley bus from Valmieras Street to Pētersalas Street as of Monday, October 2.

https://eng.lsm.lv/article/economy/transport/02.10.2023-trolley-bus-route-1-restored-in-riga-after-two-years.a526084/?utm_source=rss&utm_campaign=rss&utm_medium=links 

 **LTV's De Facto: plant product imports from Russia have tripled in Latvia**

Although Latvia currently imports considerably fewer goods from Russia than before the invasion of Ukraine, there are product categories that also bring hundreds of millions of euros of income to the Russian economy. It is cattle feed, especially maize, oil cake from sunflower seeds, and other agricultural products, Latvian Television's De Facto reported October 1.

https://eng.lsm.lv/article/economy/economy/02.10.2023-ltvs-de-facto-plant-product-imports-from-russia-have-tripled-in-latvia.a526079/?utm_source=rss&utm_campaign=rss&utm_medium=links 

 **Latvia's retail turnover slightly down on year in August**

Calendar adjusted data (at constant prices) published on September 29 by the Central Statistical Bureau (CSB) show that, compared to August 2022, in August 2023 total retail trade turnover reduced by 2.7 %.

https://eng.lsm.lv/article/economy/economy/29.09.2023-latvias-retail-turnover-slightly-down-on-year-in-august.a525225/?utm_source=rss&utm_campaign=rss&utm_medium=links 

 **Reduced VAT abolition on produce will drive shadow economy: association**

The plan to stop applying a reduced value-added tax rate – 5% – to fruits and vegetables grown in Latvia next year has caused confusion and dissatisfaction among the Association of Latvian Fruit and Vegetable Traders. The association says it will once again boost the shadow economy and be a blow to local producers.

https://eng.lsm.lv/article/economy/economy/29.09.2023-reduced-vat-abolition-on-produce-will-drive-shadow-economy-association.a525869/?utm_source=rss&utm_campaign=rss&utm_medium=links 

 **Latvian Central Bank president: economy is weak this year**

The economy of both the eurozone and Latvia is weak this year, but it will begin to recover in the second half of next year, said Mārtiņš Kazāks, President of the Latvian central bank (Bank of Latvia, LB), in an interview with the Latvian Television morning newscast on Septemebr 29.

https://eng.lsm.lv/article/economy/economy/29.09.2023-latvian-central-bank-president-economy-is-weak-this-year.a525814/?utm_source=rss&utm_campaign=rss&utm_medium=links 

 **Solar panel owners might have to reconsider their capacities in Latvia**

The Ministry of Climate and Energy (KEM) has prepared amendments to the Electricity Market Law, which stipulates that no more than 20% of the solar electricity produced by the user will be able to be sold to the network. The state has decided that the current system is not beneficial, Latvian Television reported on September 28.

https://eng.lsm.lv/article/economy/economy/29.09.2023-solar-panel-owners-might-have-to-reconsider-their-capacities-in-latvia.a525804/?utm_source=rss&utm_campaign=rss&utm_medium=links 

 **Small-denomination coins may soon be on the way out**

The latest "Payment Radar" information published by the Latvian central bank (Latvijas Banka, LB) suggests that around half of the population is tired of having small coins ratling around in its purses and pockets.

https://eng.lsm.lv/article/economy/banks/28.09.2023-small-denomination-coins-may-soon-be-on-the-way-out.a525736/?utm_source=rss&utm_campaign=rss&utm_medium=links 

 **VAT reduction on local produce likely to be abolished next year**

In the next year's budget, it is no longer planned to maintain the reduced value-added tax rate for fruits and vegetables produced Latvia, but farmers might be provided with state aid for investments and competitiveness, Agriculture Minister Armands Krauze (Union of Greens and Farmers, ZZS) told Latvian Radio September 28.

https://eng.lsm.lv/article/economy/economy/28.09.2023-vat-reduction-on-local-produce-likely-to-be-abolished-next-year.a525680/?utm_source=rss&utm_campaign=rss&utm_medium=links 

 **Construction costs slightly up on year in Latvia**

Data of the Central Statistical Bureau published September 27 show that in August 2023, compared to August 2022, the level of construction costs in Latvia increased by 3.0 %.

https://eng.lsm.lv/article/economy/economy/27.09.2023-construction-costs-slightly-up-on-year-in-latvia.a525226/?utm_source=rss&utm_campaign=rss&utm_medium=links 

 **Another set of average speed cameras launched in Latvia**

During the night to Thursday, September 28, on the Bauska Highway (A7) from Tilderi to Iecava (25.3-40 km), the average speed control cameras will start operating, Latvian State Roads reported.

https://eng.lsm.lv/article/economy/transport/27.09.2023-another-set-of-average-speed-cameras-launched-in-latvia.a525529/?utm_source=rss&utm_campaign=rss&utm_medium=links 

 **Latvian Postal service head says prices will stay the same**

The Latvian Postal service (Latvijas Pasts, LP) does not currently see the possibility of reducing service rates, but it is possible to maintain them at the current level in 2024, Beāte Krauze-Čebotare, head of the company, told Latvian Radio on September 27.

https://eng.lsm.lv/article/economy/transport/27.09.2023-latvian-postal-service-head-says-prices-will-stay-the-same.a525498/?utm_source=rss&utm_campaign=rss&utm_medium=links 

 **Finance Ministry comes up with draft budget figures**

The Ministry of Finance is offering to finance new government programs and priorities in the amount of EUR 783.5 million in the 2024 state budget in addition to existing state programs, the Ministry of Finance said on September 26.

https://eng.lsm.lv/article/economy/economy/27.09.2023-finance-ministry-comes-up-with-draft-budget-figures.a525493/?utm_source=rss&utm_campaign=rss&utm_medium=links 

 **airBaltic appoints financial advisors ahead of planned IPO**

Latvian airline airBaltic announced another step September 26 in its long-lasting journey towards an Initial Public Offering (IPO) of its shares on the open market.

https://eng.lsm.lv/article/economy/transport/26.09.2023-airbaltic-appoints-financial-advisors-ahead-of-planned-ipo.a525360/?utm_source=rss&utm_campaign=rss&utm_medium=links 

 **Rail Baltica project in Latvia has money concerns**

The first high-speed train on the would-be Rail Baltica tracks in could start running in 2028. The entire route from Tallinn to the Lithuanian/Polish border is promised to be completed by 2030. The biggest concern is whether the multi-billion euro project will have enough money. To finish work in Rīga, EUR 200 million is already lacking, Latvian Radio reported on September 26.

https://eng.lsm.lv/article/economy/transport/26.09.2023-rail-baltica-project-in-latvia-has-money-concerns.a525351/?utm_source=rss&utm_campaign=rss&utm_medium=links 

 **Rail Baltica project in Latvia has money concerns**

The first high-speed train on the would-be Rail Baltica could start running in 2028. The entire route from Tallinn to the Lithuanian/Polish border is promised to be completed by 2030. The biggest concern is whether the multi-billion euro project will have enough money. To finish work in Rīga, EUR 200 million is already lacking, Latvian Radio reported on September 26.

https://eng.lsm.lv/article/economy/transport/26.09.2023-rail-baltica-project-in-latvia-has-money-concerns.a525351/?utm_source=rss&utm_campaign=rss&utm_medium=links 

 **57-year-old train goes on its final ride in Latvia**

The legendary ER2M-605 train, which has carried passengers for 57 years, has now made its final journey before the “Passenger Trains” (PV) deservedly retires it, Latvian Television reported September 25.

https://eng.lsm.lv/article/economy/transport/26.09.2023-57-year-old-train-goes-on-its-final-ride-in-latvia.a525322/?utm_source=rss&utm_campaign=rss&utm_medium=links 

 **Latvian drone on the loose 'possibly' found in Russia**

The National Armed Forces have launched a service investigation into the surveillance drone lost along the Latvia-Russia border over the weekend. Meanwhile, information about a similar aircraft found in the Pskov area is already appearing on Russian social media, Latvian Television reported Monday.

https://eng.lsm.lv/article/economy/transport/26.09.2023-latvian-drone-on-the-loose-possibly-found-in-russia.a525321/?utm_source=rss&utm_campaign=rss&utm_medium=links 

 **Coalition supports idea of seizing cars with Russian, Belarusian plates**

In several countries, cars with Russian license plates are no longer allowed in, and there is currently discussion about how to treat those cars that were able to enter the European Union before the ban. Latvia is working on a framework that will determine the timeframe before these cars must be registered in Latvia or they should leave the territory of our country, as agreed on by the coalition on Monday, September 25.

https://eng.lsm.lv/article/economy/transport/26.09.2023-coalition-supports-idea-of-seizing-cars-with-russian-belarusian-plates.a525320/?utm_source=rss&utm_campaign=rss&utm_medium=links 

 **No major tax changes foreseen next year; plans to raise excise duty**

The Ministry of Finance (FM) proposes to raise excise duty on tobacco and alcohol next year, as well as introduce a mandatory advance payment of corporate income tax to banks in the amount of 20% of the profit of the previous year. This is set out in a report on tax policy guidelines for the next three years, which will be presented to the government on Tuesday, September 26.

https://eng.lsm.lv/article/economy/economy/25.09.2023-no-major-tax-changes-foreseen-next-year-plans-to-raise-excise-duty.a525245/?utm_source=rss&utm_campaign=rss&utm_medium=links 

 **Eurostat: Latvia has more than 200 hi-tech manufacturing businesses**

Fresh figures from Eurostat give a snapshot of where Latvia's hi-tech sector stands in relation to its European Union peers.

https://eng.lsm.lv/article/economy/economy/25.09.2023-eurostat-latvia-has-more-than-200-hi-tech-manufacturing-businesses.a524327/?utm_source=rss&utm_campaign=rss&utm_medium=links 

 **Solar energy production tripled in Latvia over past year**

The amount of solar electricity produced and transferred to the grid in Latvia has tripled over the past year, according to the electricity market review prepared by the Latvian transmission system operator JSC “High Voltage Network” (Augstsprieguma tīkls, AST) on September 25.

https://eng.lsm.lv/article/economy/economy/25.09.2023-solar-energy-production-tripled-in-latvia-over-past-year.a525228/?utm_source=rss&utm_campaign=rss&utm_medium=links 

 **Latvian-Belarusian border fence builders accused of nonpayment**

The owners of guesthouses in the border area of Belarus say they have been waiting at least half a year for payment from the builders of the fence of the eastern border of Latvia. The promised wages for winter work in swampy areas have also allegedly not been received by workers. The general contractor, Citrus Solutions, says subcontractors have not been left in debt, Latvian Television reported September 23.

https://eng.lsm.lv/article/economy/economy/25.09.2023-latvian-belarusian-border-fence-builders-accused-of-nonpayment.a525170/?utm_source=rss&utm_campaign=rss&utm_medium=links 

 **Corruption cops probe Valmiera's acquisition of EU funds: LTV's De Facto**

Official statements from the European Public Prosecutor's Office and the Corruption Prevention and Combating Bureau (KNAB) have indicated officials from Valmiera municipality may have abused the service position in order to unlawfully obtain more than EUR 4 million from the European Regional Development Fund, Latvian Television's De Facto broadcast reported on Sunday, September 24.

https://eng.lsm.lv/article/economy/economy/25.09.2023-corruption-cops-probe-valmieras-acquisition-of-eu-funds-ltvs-de-facto.a525159/?utm_source=rss&utm_campaign=rss&utm_medium=links 

 **Latvian army loses drone above Latvian-Russian border**

The National Armed Forces (NBS), lost contact with a drone on Saturday, September 23, that may have landed on Russian soil. The incident took place during military exercises Namejs 2023, the Ministry of Defense (AM) said Sunday.

https://eng.lsm.lv/article/economy/transport/25.09.2023-latvian-army-loses-drone-above-latvian-russian-border.a525158/?utm_source=rss&utm_campaign=rss&utm_medium=links 

 **Five Latvian startups on show at TechChill Milano**

Five Latvian startups to watch will attend TechChill Milano, which will be held from September 25-27 in Milan, Italy. Participants are invited to meet the startups at the "Latvia's startup frontiers meet Italy" side-event, which is being sponsored by the Investment and Development Agency of Latvia (LIAA) at 16:00 on September 25 at Cascina Triulza in Milan, organizers said.

https://eng.lsm.lv/article/economy/business/24.09.2023-five-latvian-startups-on-show-at-techchill-milano.a524943/?utm_source=rss&utm_campaign=rss&utm_medium=links 

 **Tourist numbers visiting Latvia continued to increase in July**

Latvia's tourist sector continues to experience a significant revival in the post-Covid period, with visitor numbers performing strongly in July.

https://eng.lsm.lv/article/economy/economy/14.09.2023-tourist-numbers-visiting-latvia-continued-to-increase-in-july.a523457/?utm_source=rss&utm_campaign=rss&utm_medium=links 

 **Nordic investor issues "science challenge" to regional startups**

Helsinki and Stockholm-based early-stage investor Voima Ventures has announced what it is calling "a science challenge for pre-seed and seed stage science-based startups in the Nordic and Baltic areas, aiming to accelerate science-based innovations across the region."

https://eng.lsm.lv/article/economy/business/14.09.2023-nordic-investor-issues-science-challenge-to-regional-startups.a523909/?utm_source=rss&utm_campaign=rss&utm_medium=links 

 **Residential real estate prices up by more than 5% on year**

Provisional data published by the Central Statistical Bureau (CSB) September 13 show that, compared to the 2nd quarter of 2022, in the 2nd quarter of 2023 prices of dwellings rose by 5.6 %.

https://eng.lsm.lv/article/economy/economy/13.09.2023-residential-real-estate-prices-up-by-more-than-5-on-year.a523821/?utm_source=rss&utm_campaign=rss&utm_medium=links 

 **Profits double in Latvian banking sector**

In the first half of this year, the Latvian banking sector made a profit of 350.312 million euros, which is 2.6 times more than in the corresponding period of 2022, according to data published by the Bank of Latvia.

https://eng.lsm.lv/article/economy/banks/13.09.2023-profits-double-in-latvian-banking-sector.a523759/?utm_source=rss&utm_campaign=rss&utm_medium=links 

 **Russian-registered cars banned from entering Latvia and EU via eastern border**

As of Tuesday, September 12, persons with vehicles registered in the Russian Federation are prohibited from entering the European Union (EU) through the Latvian-Russian and Latvian-Belarusian border crossing points, according to information from the State Revenue Service (VID) and Ministry of Foreign Affairs.

https://eng.lsm.lv/article/economy/transport/12.09.2023-russian-registered-cars-banned-from-entering-latvia-and-eu-via-eastern-border.a523734/?utm_source=rss&utm_campaign=rss&utm_medium=links 

 **Plan to clamp down on undeclared online holiday lets**

There are several online platforms offering short-term tourist accommodation operating in Latvia, but the country does not have accurate data on this sector and there are concerns about risks that it is contributing to an already oversized shadow economy, so in the future it is planned to create a register of such accommodation, according to a government report from the Ministry of Economics.

https://eng.lsm.lv/article/economy/economy/12.09.2023-plan-to-clamp-down-on-undeclared-online-holiday-lets.a523672/?utm_source=rss&utm_campaign=rss&utm_medium=links 

 **Minister warns that high interest rates could prompt new wave of emigration**

"We definitely don't want to experience a new wave of emigration", said outgoing Economy Minister Ilze Indriksone (National Alliance) in an interview with Latvian Radio September 12, commenting on the potential impact of increased Euribor interest rates on society.

https://eng.lsm.lv/article/economy/economy/12.09.2023-minister-warns-that-high-interest-rates-could-prompt-new-wave-of-emigration.a523602/?utm_source=rss&utm_campaign=rss&utm_medium=links 

 **July trade figures show scale of trade swings to central Asian countries**

Central Statistical Bureau (CSB) provisional data published September 11 show that in July 2023 Latvia had foreign trade turnover of EUR 3.15 billion, which at current prices is 17.7 % lower than a year ago.

https://eng.lsm.lv/article/economy/economy/11.09.2023-july-trade-figures-show-scale-of-trade-swings-to-central-asian-countries.a523455/?utm_source=rss&utm_campaign=rss&utm_medium=links 

 **July trade figures show scale of trade swings to central Asian countries**

Central Statistical Bureau (CSB) provisional data published September 11 show that in July 2023 Latvia had foreign trade turnover of EUR 3.15 billion, which at current prices is 17.7 % lower than a year ago.

https://eng.lsm.lv/article/economy/economy/11.09.2023-july-trade-figures-show-scale-of-trade-swings-to-central-asian-countries.a523455/?utm_source=rss&utm_campaign=rss&utm_medium=links