Weekly update: August 14-18, 2023

by the Treasury of the Republic of Latvia

MACROECONOMICS

¨       The Cabinet of Ministers considered medium-term projections of the Ministry of Finance for macroeconomic indicators, as well as revenue and general government budget balance (at unchanged policy) in 2024, 2025 and 2026.  (RĪGA, Aug 15, CoM)

¨       Central Statistics Bureau from August 14 till August 18 published new data on labour market, employment/unemployment, export and other. (RĪGA, CSB)

¨       Latvian unemployment rate remained 6.4 % in Q2 2023. Results of the Labour Force Survey (LFS) conducted by Central Statistical Bureau (CSB) show that in Q2 2023 Latvia had an unemployment rate of 6.4 %. Over the quarter it has not changed and over the year reduced by 0.2 percentage points. (RĪGA, Aug 15, CSB)

¨       The Cabinet of Ministers reviewed the Declaration of Fiscal Risks and approved the fiscal security reserve for 2024, 2025 and 2026 in the minimum amount which is stipulated in the Fiscal Discipline Law (FDL) - 0.1% of the gross domestic product (GDP). (RĪGA, Aug 15, MoF – only in Latvian)

POLITICS

¨       Prime Minister Krišjānis Kariņš submitted the letter of government’s resignation to the President Edgars Rinkēvičs. The Prime Minister informed that the “New Unity” - the political power he represents, has nominated a new candidate for the Prime Minister’s post, the current Minister of Welfare Evika Siliņa. K. Kariņš pointed out that if the President promotes E. Siliņa as a candidate for the Prime Minister’s post, he is confident that E. Siliņa will soon form a strong government with broad support in the Saeima. (RĪGA, Aug 17, CoM)