Fi­nance Min­is­ter: this year promises to be good for Latvia’s econ­omy

Baltic News Network - - News -

This year promises to be ben­e­fi­cial for Latvia’s na­tional econ­omy, said Fi­nance Min­is­ter Dace Reizniece-Ozola in an interview to Rīta Panorāma pro­gramme of LTV on Thurs­day, 3 May.

«Gen­er­ally speak­ing, this year will be good,» said the min­is­ter, adding that the coun­try’s GDP growth in Q1 2018 turned out bet­ter than the min­istry had ex­pected. Ac­cord­ing to es­ti­mates, Latvia’s eco­nomic growth is ex­pected to be around 4% this year. At the same time, Reizniece-Ozola added that de­vel­op­ments in Latvia’s fi­nan­cial sec­tor may add cor­rec­tions to eco­nomic growth, but not ma­jor ones.

The min­is­ter men­tioned that sort­ing out the coun­try’s fi­nan­cial sec­tor is no easy task, and this may cre­ate dif­fi­cul­ties in the fu­ture. Nev­er­the­less, it is ex­pected to have a pos­i­tive im­pact over­all. «With our fi­nan­cial sec­tor be­com­ing more sta­ble, or­dered and trans­par­ent, we will be in a good po­si­tion to re­store re­la­tions with USA and at­tract new in­vest­ments,» said Reizniece-Ozola.

She also ad­mits that Latvia is cur­rently in the mid­dle of sort­ing its fi­nan­cial sec­tor. «We are in the mid­dle of this process. Be­cause of that, we are nowhere close to have any­thing to be satisfied with,» said the min­is­ter, ad­mit­ting that the process is go­ing smooth. Nev­er­the­less, there are more than 20 dif­fer­ent mea­sures left to re­al­ize.

She also adds that 2018 com­menced with good tax rev­enue for the state bud­get. The min­is­ter also added that she is satisfied to see in­creased rev­enue from labour taxes. «It is im­por­tant and shows con­tin­ued de­cline of the grey econ­omy and en­ve­lope wages,» said the min­is­ter, adding that the num­ber of small wage re­cip­i­ents in Latvia has sig­nif­i­cantly de­clined (by 23%).

As pre­vi­ously re­ported, Latvia’s GDP has grown 4.3% in Q1 2018 when com­pared to the same pe­riod of 2017.

Edijs Pālens/LETA

Newspapers in English

Newspapers from Latvia

© PressReader. All rights reserved.