"Highlights":
* Energy prices keep annual inflation below zero
* Manufacturing growth regains momentum
* Latvia's exports: a zigzag path maintained
"In Focus":
* Latvia's exports to euro area: developments after joining, autore: Daina Pelēce
1) The Latvian economy experienced a temporary slowdown in the first quarter of 2016, with GDP growth of 1.3% year-on-year but a decline of 0.1% quarter-on-quarter, driven by a large drop in construction output.
2) Exports declined in the first quarter, driven by decreases in machinery, electrical equipment, and re-exports, while import volumes also fell.
3) Retail trade growth was supported by rising incomes in 2015 but may slow in 2016 as wage growth moderates and the contribution from lower fuel prices diminishes. Income levels, lending, demographics, and consumer habits are more important determinants of retail trade in the long run than
Highlights:
Annual inflation stands positive
Manufacturing growth has become stronger
Government debt servicing costs have been reduced
"In Focus":
What are the different effects of oil price developments on Latvia's inflation? autori: Oļegs Tkčevs and Andrejs Bessonovs
Highlights:
* GDP growth at 2.6% in 2015
* Current account posted improvement
* Unemployment continues to decrease, but at a slower pace
In Focus:
Zero-based approach to government budgeting, Baiba Traidase
Macroeconomic Developments Report. December 2015Latvijas Banka
Based on data from tLatvijas Banka, Central Statistical Bureau of Latvia, Ministry of Finance, and Financial and Capital Market Commission, this publication assesses developments of the external sector and exports, financial market, domestic demand and supply, prices and costs, and balance of payments, and provides forecasts for the economic development and inflation.
"Macroeconomic Developments Report", March 2014Latvijas Banka
The document provides an executive summary of Latvia's Macroeconomic Developments Report for March 2014. Some key points:
- Latvia's exports weakened at the end of 2013 due to high base effects and seasonal factors, but competitiveness remained high. The current account deficit decreased to 0.8% of GDP.
- Latvia's major trade partners' growth forecasts were revised, with significant downgrades for Russia and Ukraine due to political instability. Euro area GDP growth was stronger than expected.
- As of January 2014, Latvijas Banka became a full member of the Eurosystem, implementing the euro area's single monetary policy. Loans in Latvia continued declining in December and January.
- Latvia had among
This document provides a macroeconomic developments report for June 2015. It discusses developments in Latvia's external sector and exports, monetary policy and financial markets, domestic demand, aggregate supply, costs and prices, and the balance of payments. It also provides GDP growth projections for Latvia's major trade partners in 2014-2016 and concludes by revising Latvia's GDP growth forecast for 2015 down slightly to 2.0% while also lowering the inflation forecast.
"Macroeconomic Developments Report", January 2014Latvijas Banka
The document provides an overview of macroeconomic developments in Latvia and its major trade partners. Some key points:
- The IMF revised downwards GDP growth forecasts for many countries, particularly Russia, Estonia, and Finland. However, forecasts for the Eurozone were unchanged.
- In Q3 2013, exports and imports of Latvian goods contracted year-over-year due to weakening external demand and a strong base effect from previous years. Nevertheless, Latvia continued to expand its export market shares.
- In response to low inflation, the ECB and Latvijas Banka both unexpectedly lowered interest rates in November. Credit growth remained subdued as banks retained excess liquidity.
Macroeconomic Developments Report, June 2017Latvijas Banka
Based on data from Latvijas Banka, Central Statistical Bureau of Latvia, Ministry of Finance, and Financial and Capital Market Commission, this publication assesses developments of the external sector and exports, financial market, domestic demand and supply, prices and costs, and balance of payments, and provides forecasts for the economic development and inflation. The publication is available only in electronic form.
1) The Latvian economy experienced a temporary slowdown in the first quarter of 2016, with GDP growth of 1.3% year-on-year but a decline of 0.1% quarter-on-quarter, driven by a large drop in construction output.
2) Exports declined in the first quarter, driven by decreases in machinery, electrical equipment, and re-exports, while import volumes also fell.
3) Retail trade growth was supported by rising incomes in 2015 but may slow in 2016 as wage growth moderates and the contribution from lower fuel prices diminishes. Income levels, lending, demographics, and consumer habits are more important determinants of retail trade in the long run than
Highlights:
Annual inflation stands positive
Manufacturing growth has become stronger
Government debt servicing costs have been reduced
"In Focus":
What are the different effects of oil price developments on Latvia's inflation? autori: Oļegs Tkčevs and Andrejs Bessonovs
Highlights:
* GDP growth at 2.6% in 2015
* Current account posted improvement
* Unemployment continues to decrease, but at a slower pace
In Focus:
Zero-based approach to government budgeting, Baiba Traidase
Macroeconomic Developments Report. December 2015Latvijas Banka
Based on data from tLatvijas Banka, Central Statistical Bureau of Latvia, Ministry of Finance, and Financial and Capital Market Commission, this publication assesses developments of the external sector and exports, financial market, domestic demand and supply, prices and costs, and balance of payments, and provides forecasts for the economic development and inflation.
"Macroeconomic Developments Report", March 2014Latvijas Banka
The document provides an executive summary of Latvia's Macroeconomic Developments Report for March 2014. Some key points:
- Latvia's exports weakened at the end of 2013 due to high base effects and seasonal factors, but competitiveness remained high. The current account deficit decreased to 0.8% of GDP.
- Latvia's major trade partners' growth forecasts were revised, with significant downgrades for Russia and Ukraine due to political instability. Euro area GDP growth was stronger than expected.
- As of January 2014, Latvijas Banka became a full member of the Eurosystem, implementing the euro area's single monetary policy. Loans in Latvia continued declining in December and January.
- Latvia had among
This document provides a macroeconomic developments report for June 2015. It discusses developments in Latvia's external sector and exports, monetary policy and financial markets, domestic demand, aggregate supply, costs and prices, and the balance of payments. It also provides GDP growth projections for Latvia's major trade partners in 2014-2016 and concludes by revising Latvia's GDP growth forecast for 2015 down slightly to 2.0% while also lowering the inflation forecast.
"Macroeconomic Developments Report", January 2014Latvijas Banka
The document provides an overview of macroeconomic developments in Latvia and its major trade partners. Some key points:
- The IMF revised downwards GDP growth forecasts for many countries, particularly Russia, Estonia, and Finland. However, forecasts for the Eurozone were unchanged.
- In Q3 2013, exports and imports of Latvian goods contracted year-over-year due to weakening external demand and a strong base effect from previous years. Nevertheless, Latvia continued to expand its export market shares.
- In response to low inflation, the ECB and Latvijas Banka both unexpectedly lowered interest rates in November. Credit growth remained subdued as banks retained excess liquidity.
Macroeconomic Developments Report, June 2017Latvijas Banka
Based on data from Latvijas Banka, Central Statistical Bureau of Latvia, Ministry of Finance, and Financial and Capital Market Commission, this publication assesses developments of the external sector and exports, financial market, domestic demand and supply, prices and costs, and balance of payments, and provides forecasts for the economic development and inflation. The publication is available only in electronic form.
"Highlights":
* Manufacturing growth supported by nearly all sectors
* Exports regain pace
* Inflation boosted by global food prices growth while oil prices decrease
"In Focus":
* Comparison of the Baltic States' exports, author Daina Pelēce
Highlights:
- Current account reflects the recovering investment activity
- Annual inflation continues hovering around 3%
- GDP growth exceeds expectations and leads to revised forecasts
In Focus:
- Latvia 2017: Back to growth and structural reforms, by Mārtiņš Grāvītis
Macroeconomic Developments Report. December 2014Latvijas Banka
The document summarizes macroeconomic developments in December 2014. It reports that growth was weak in many of Latvia's major trade partners in late 2014. The IMF lowered GDP growth projections for the Eurozone, Germany, Sweden, Estonia and Lithuania for 2014 and 2015. Latvia's exports to Russia declined in the first nine months of 2014, though exports to other countries increased. The ECB lowered interest rates and implemented new bond purchase programs to stimulate lending and the Eurozone economy. Latvian lending continued a slow downward trend in late 2014 despite ECB actions. Inflation in Latvia remained low at 0.5% in October 2014.
This document discusses the economies of the Baltic states - Estonia, Latvia, and Lithuania. It notes that while they share a common history and currency, each country has achieved economic success in different ways. For example, Estonia established a stabilization fund in 1997, Lithuania built the first LNG terminal in the Baltics, and Latvia carried out effective fiscal consolidation. The use of the euro has increased economic integration and positioned the Baltic states as a single region for investors. Going forward, fiscal policy and international trade will be important drivers of sustainable growth and competition among the three countries.
Macroeconomic Developments Report. June 2014Latvijas Banka
The document provides an overview of recent macroeconomic developments and forecasts for Latvia and its major trade partners. Some key points:
- The IMF revised down GDP growth forecasts for 2014 globally and for Russia, Finland, Lithuania and Estonia. Forecasts were upgraded for other countries except the US.
- Eurozone recovery is ongoing but constrained by high unemployment and debt. German growth is slowing. Estonian GDP fell in Q1 due to weak demand from Finland and Russia. Lithuanian growth relied on domestic demand.
- Latvian exports rebounded in early 2014 after declining previously, though confidence is falling due to Russian-Ukrainian tensions. Inflation and growth forecasts for Latvia were revised down for 2014.
"Highlights":
* Healthy growth, but caution warranted
* Inflation growth decelerating
* Recovery of imports increased current account deficit
"In Focus":
* Does the financing from the EU structural funds improve the competitiveness of Latvian businesses?, autors: Oļegs Krasnopjorovs
Macroeconomic Developments Report. June 2016Latvijas Banka
This document provides a macroeconomic developments report for June 2016. It summarizes key developments in the external sector and exports, monetary policy and financial markets, domestic demand, aggregate supply, costs and prices, and the balance of payments for Latvia. It also includes forecasts for Latvia's GDP growth and inflation for 2016. Some of the main points covered include weaker-than-expected global economic growth in 2015, accommodative monetary policy decisions by the ECB, private consumption as the main driver of GDP growth in Latvia, and a revised downward GDP growth forecast for Latvia of approximately 2.0% in 2016.
Latvijas Bankas "Monthly Newsletter", 10/2016Latvijas Banka
"Highlights":
* Substantial increase in high technology sectors
* Inflation is rising, but to a large extent owing to last year's developments
* External trade in August testifies to the power of Latvian cereal exports
"In Focus":
* #reformasLV or why Latvijas Banka cares about education and healthcare?, autors: Oļegs Krasnopjorovs
Consumer prices in February remained broadly unchanged with annual inflation at 0.5%. While prices for winter clothing offset rising prices for seasonal tourist services, external factors like slightly higher oil prices contributed to marginal fuel price rises. Inflation is expected to remain positive in the coming months, albeit potentially lower than previously forecast due to delays in electricity market liberalization.
The Latvian economy experienced slower GDP growth of 1% in 2016 due to delayed absorption of EU funds, but fundamentals remain robust. While industrial production and exports exceeded records, the labor market continued improving. The 2016 slowdown was temporary and GDP growth is expected to rebound in 2017. To accelerate convergence with Western Europe, the focus should shift to supply-side reforms in public institutions, education, and healthcare to strengthen potential GDP growth.
The document summarizes recent economic developments in Russia. It notes that while external factors like rising oil prices and capital inflows have provided some relief, domestic vulnerabilities remain. The economy contracted sharply in 2009 but the rate of contraction slowed in the third quarter. Expansionary fiscal and monetary policies are mitigating the downturn but risks remain from growing deficits, weak corporate balance sheets, unemployment, and an still recovering banking sector. Growth is forecast to recover to 4.3% in 2010 but the medium term outlook is muted without reforms to address financial imbalances and boost productivity and competition. Domestic demand from households and businesses remains weak.
The Latvian economy experienced its strongest growth since 2012 in the second quarter of 2017, with GDP increasing 4.1% year-on-year. Growth was driven by accelerating construction sector investment and EU structural fund absorption against a backdrop of gradual lending market recovery. Manufacturing continues to be a strong contributor to growth, supported by favorable conditions in major trading partners, while the retail sector also picked up pace in Q2 after moderate growth in late 2016 and early 2017. If current trends persist, GDP growth could be higher than previously expected.
"Macroeconomic Developments Report", October 2013Latvijas Banka
The document provides a macroeconomic developments report for October 2013. It summarizes developments in Latvia's external sector and exports in the second quarter of 2013. Key points include:
- Latvia's exports continued to grow but at a slower annual rate due to weakening demand from major trade partners. Exports of base metals declined due to a factory closure.
- Imports declined in both volume and value as production and investment activity decreased. Imports of base metals and vehicles fell the most.
- Despite challenges, Latvia increased its share of world imports according to WTO data. The report examines economic conditions in Latvia's key trade partners.
Inflation in Latvia grew slightly to 0.8% in August. Exports and imports increased in July despite geopolitical tensions, growing 7.4% and falling 3.5% respectively. Manufacturing output fell 2.6% annually but some sectors such as food and wood products saw growth. Borrowing costs in Latvia have decreased since adopting the euro in January 2014, with interest rates on loans falling over 1 percentage point for some enterprises. However, credit spreads may only gradually shrink over the coming years.
Macroeconomic Developments Report, December 2016Latvijas Banka
Based on data from Latvijas Banka, Central Statistical Bureau of Latvia, Ministry of Finance, and Financial and Capital Market Commission, this publication assesses developments of the external sector and exports, financial market, domestic demand and supply, prices and costs, and balance of payments, and provides forecasts for the economic development and inflation.
1) Estonia has attracted the most foreign direct investment as a percentage of GDP from euro area countries and other Baltic states since adopting the euro.
2) Latvia and Lithuania saw large drops in FDI, mainly due to restructuring at Swedbank.
3) Adopting the euro is expected to help Latvia attract more foreign investment by increasing credibility, though responsible fiscal policy is also important.
Highlights:
- Economic growth in Latvia is gathering momentum
- Household savings in banks on the rise
- Surplus in the current account for third consecutive quarter
In Focus:
- About Latvijas Banka's inflation forecast revisions in March and June 2017, by Oļegs Krasnopjorovs
"Highlights":
* Inflation stabilizes, main risk stems from oil price fluctuations
* Manufacturing retains high growth momentum
* Exports of goods increase volume and diversity
"In Focus":
* Tax reform, autors: Kārlis Vilerts
Latvia's economy grew robustly in 2014 despite external vulnerabilities from geopolitical tensions. Exports exceeded 1 billion euros for the first time and tourism reached record highs, helping compensate for weaker Russian demand. The labor market continued improving with unemployment declining below the Eurozone average. Inflation remained subdued at 0.9% while wages grew in line with productivity. GDP is projected to grow 2% in 2015 while inflation remains around 0.9%, demonstrating sustainable growth without imbalances.
- Annual wage growth has gradually decreased from 6.6% in Q4 2014 to 6.1% in Q1 2015, while annual inflation rose to 1.2% in May indicating sustained demand. GDP growth was stable and moderate at 2% year-on-year in Q1 2015.
- Private consumption was the main driver of GDP growth, rising 2.6% year-on-year due to increased wages and other factors like improved consumer confidence. Exports also grew but investment decreased slightly.
- Core inflation grew slightly more than expected in May, which can be partially explained by increased prices for accommodation and other services due to Latvia's presidency of the EU council, but also indicates the effect of sustained
The document provides an overview of Siemens Rail Automation Private Limited (SRAPL) in Bangalore, India. It describes the various departments within SRAPL, including sales and development, project management, supply chain, designing, production, human resources, and finance. It then discusses the main product of SRAPL called WESTRACE, which is an electronic train control and monitoring system. It lists and describes the key hardware components that make up the WESTRACE system.
This document contains descriptions of 15 artworks created by Kyler Pahang between August 2015 and February 2016. The artworks include portraits, figure drawings, landscapes and still lifes created using mediums such as chalk pastel, oil paint, pencil and mixed media. Each entry provides the title, medium, dimensions, date and a brief description of the creative goals and techniques used for that piece. Overall the document outlines Kyler's artistic process and progression over this period through short descriptions of various completed art projects.
"Highlights":
* Manufacturing growth supported by nearly all sectors
* Exports regain pace
* Inflation boosted by global food prices growth while oil prices decrease
"In Focus":
* Comparison of the Baltic States' exports, author Daina Pelēce
Highlights:
- Current account reflects the recovering investment activity
- Annual inflation continues hovering around 3%
- GDP growth exceeds expectations and leads to revised forecasts
In Focus:
- Latvia 2017: Back to growth and structural reforms, by Mārtiņš Grāvītis
Macroeconomic Developments Report. December 2014Latvijas Banka
The document summarizes macroeconomic developments in December 2014. It reports that growth was weak in many of Latvia's major trade partners in late 2014. The IMF lowered GDP growth projections for the Eurozone, Germany, Sweden, Estonia and Lithuania for 2014 and 2015. Latvia's exports to Russia declined in the first nine months of 2014, though exports to other countries increased. The ECB lowered interest rates and implemented new bond purchase programs to stimulate lending and the Eurozone economy. Latvian lending continued a slow downward trend in late 2014 despite ECB actions. Inflation in Latvia remained low at 0.5% in October 2014.
This document discusses the economies of the Baltic states - Estonia, Latvia, and Lithuania. It notes that while they share a common history and currency, each country has achieved economic success in different ways. For example, Estonia established a stabilization fund in 1997, Lithuania built the first LNG terminal in the Baltics, and Latvia carried out effective fiscal consolidation. The use of the euro has increased economic integration and positioned the Baltic states as a single region for investors. Going forward, fiscal policy and international trade will be important drivers of sustainable growth and competition among the three countries.
Macroeconomic Developments Report. June 2014Latvijas Banka
The document provides an overview of recent macroeconomic developments and forecasts for Latvia and its major trade partners. Some key points:
- The IMF revised down GDP growth forecasts for 2014 globally and for Russia, Finland, Lithuania and Estonia. Forecasts were upgraded for other countries except the US.
- Eurozone recovery is ongoing but constrained by high unemployment and debt. German growth is slowing. Estonian GDP fell in Q1 due to weak demand from Finland and Russia. Lithuanian growth relied on domestic demand.
- Latvian exports rebounded in early 2014 after declining previously, though confidence is falling due to Russian-Ukrainian tensions. Inflation and growth forecasts for Latvia were revised down for 2014.
"Highlights":
* Healthy growth, but caution warranted
* Inflation growth decelerating
* Recovery of imports increased current account deficit
"In Focus":
* Does the financing from the EU structural funds improve the competitiveness of Latvian businesses?, autors: Oļegs Krasnopjorovs
Macroeconomic Developments Report. June 2016Latvijas Banka
This document provides a macroeconomic developments report for June 2016. It summarizes key developments in the external sector and exports, monetary policy and financial markets, domestic demand, aggregate supply, costs and prices, and the balance of payments for Latvia. It also includes forecasts for Latvia's GDP growth and inflation for 2016. Some of the main points covered include weaker-than-expected global economic growth in 2015, accommodative monetary policy decisions by the ECB, private consumption as the main driver of GDP growth in Latvia, and a revised downward GDP growth forecast for Latvia of approximately 2.0% in 2016.
Latvijas Bankas "Monthly Newsletter", 10/2016Latvijas Banka
"Highlights":
* Substantial increase in high technology sectors
* Inflation is rising, but to a large extent owing to last year's developments
* External trade in August testifies to the power of Latvian cereal exports
"In Focus":
* #reformasLV or why Latvijas Banka cares about education and healthcare?, autors: Oļegs Krasnopjorovs
Consumer prices in February remained broadly unchanged with annual inflation at 0.5%. While prices for winter clothing offset rising prices for seasonal tourist services, external factors like slightly higher oil prices contributed to marginal fuel price rises. Inflation is expected to remain positive in the coming months, albeit potentially lower than previously forecast due to delays in electricity market liberalization.
The Latvian economy experienced slower GDP growth of 1% in 2016 due to delayed absorption of EU funds, but fundamentals remain robust. While industrial production and exports exceeded records, the labor market continued improving. The 2016 slowdown was temporary and GDP growth is expected to rebound in 2017. To accelerate convergence with Western Europe, the focus should shift to supply-side reforms in public institutions, education, and healthcare to strengthen potential GDP growth.
The document summarizes recent economic developments in Russia. It notes that while external factors like rising oil prices and capital inflows have provided some relief, domestic vulnerabilities remain. The economy contracted sharply in 2009 but the rate of contraction slowed in the third quarter. Expansionary fiscal and monetary policies are mitigating the downturn but risks remain from growing deficits, weak corporate balance sheets, unemployment, and an still recovering banking sector. Growth is forecast to recover to 4.3% in 2010 but the medium term outlook is muted without reforms to address financial imbalances and boost productivity and competition. Domestic demand from households and businesses remains weak.
The Latvian economy experienced its strongest growth since 2012 in the second quarter of 2017, with GDP increasing 4.1% year-on-year. Growth was driven by accelerating construction sector investment and EU structural fund absorption against a backdrop of gradual lending market recovery. Manufacturing continues to be a strong contributor to growth, supported by favorable conditions in major trading partners, while the retail sector also picked up pace in Q2 after moderate growth in late 2016 and early 2017. If current trends persist, GDP growth could be higher than previously expected.
"Macroeconomic Developments Report", October 2013Latvijas Banka
The document provides a macroeconomic developments report for October 2013. It summarizes developments in Latvia's external sector and exports in the second quarter of 2013. Key points include:
- Latvia's exports continued to grow but at a slower annual rate due to weakening demand from major trade partners. Exports of base metals declined due to a factory closure.
- Imports declined in both volume and value as production and investment activity decreased. Imports of base metals and vehicles fell the most.
- Despite challenges, Latvia increased its share of world imports according to WTO data. The report examines economic conditions in Latvia's key trade partners.
Inflation in Latvia grew slightly to 0.8% in August. Exports and imports increased in July despite geopolitical tensions, growing 7.4% and falling 3.5% respectively. Manufacturing output fell 2.6% annually but some sectors such as food and wood products saw growth. Borrowing costs in Latvia have decreased since adopting the euro in January 2014, with interest rates on loans falling over 1 percentage point for some enterprises. However, credit spreads may only gradually shrink over the coming years.
Macroeconomic Developments Report, December 2016Latvijas Banka
Based on data from Latvijas Banka, Central Statistical Bureau of Latvia, Ministry of Finance, and Financial and Capital Market Commission, this publication assesses developments of the external sector and exports, financial market, domestic demand and supply, prices and costs, and balance of payments, and provides forecasts for the economic development and inflation.
1) Estonia has attracted the most foreign direct investment as a percentage of GDP from euro area countries and other Baltic states since adopting the euro.
2) Latvia and Lithuania saw large drops in FDI, mainly due to restructuring at Swedbank.
3) Adopting the euro is expected to help Latvia attract more foreign investment by increasing credibility, though responsible fiscal policy is also important.
Highlights:
- Economic growth in Latvia is gathering momentum
- Household savings in banks on the rise
- Surplus in the current account for third consecutive quarter
In Focus:
- About Latvijas Banka's inflation forecast revisions in March and June 2017, by Oļegs Krasnopjorovs
"Highlights":
* Inflation stabilizes, main risk stems from oil price fluctuations
* Manufacturing retains high growth momentum
* Exports of goods increase volume and diversity
"In Focus":
* Tax reform, autors: Kārlis Vilerts
Latvia's economy grew robustly in 2014 despite external vulnerabilities from geopolitical tensions. Exports exceeded 1 billion euros for the first time and tourism reached record highs, helping compensate for weaker Russian demand. The labor market continued improving with unemployment declining below the Eurozone average. Inflation remained subdued at 0.9% while wages grew in line with productivity. GDP is projected to grow 2% in 2015 while inflation remains around 0.9%, demonstrating sustainable growth without imbalances.
- Annual wage growth has gradually decreased from 6.6% in Q4 2014 to 6.1% in Q1 2015, while annual inflation rose to 1.2% in May indicating sustained demand. GDP growth was stable and moderate at 2% year-on-year in Q1 2015.
- Private consumption was the main driver of GDP growth, rising 2.6% year-on-year due to increased wages and other factors like improved consumer confidence. Exports also grew but investment decreased slightly.
- Core inflation grew slightly more than expected in May, which can be partially explained by increased prices for accommodation and other services due to Latvia's presidency of the EU council, but also indicates the effect of sustained
The document provides an overview of Siemens Rail Automation Private Limited (SRAPL) in Bangalore, India. It describes the various departments within SRAPL, including sales and development, project management, supply chain, designing, production, human resources, and finance. It then discusses the main product of SRAPL called WESTRACE, which is an electronic train control and monitoring system. It lists and describes the key hardware components that make up the WESTRACE system.
This document contains descriptions of 15 artworks created by Kyler Pahang between August 2015 and February 2016. The artworks include portraits, figure drawings, landscapes and still lifes created using mediums such as chalk pastel, oil paint, pencil and mixed media. Each entry provides the title, medium, dimensions, date and a brief description of the creative goals and techniques used for that piece. Overall the document outlines Kyler's artistic process and progression over this period through short descriptions of various completed art projects.
Kevin Kelly,editor jefe de una revista de Tic muy importante de los Estados Unidos :"Wired",escribió diez reglas de la nueva economía, o economía intangible.
Google App Engine is a platform as a service (PaaS) cloud computing platform for developing and hosting web applications in Google-managed data centers.
"Makroekonomisko Norišu Pārskats" 2015. gada decembrisLatvijas Banka
Izdevumā, izmantojot Latvijas Bankas, Latvijas Republikas Centrālās statistikas pārvaldes, Latvijas Republikas Finanšu ministrijas un Finanšu un kapitāla tirgus komisijas datus, vērtētas ārējā sektora un eksporta, finanšu tirgus, iekšzemes pieprasījuma un piedāvājuma, izmaksu un cenu, kā arī maksājumu bilances norises un sniegtas tautsaimniecības attīstības un inflācijas prognozes.
Enquête: les nouvelles contraintes peuvent-elle pousser à un arrêt prématuré ...Medical Web Services
L’inflation des contraintes, des contrôles, des restrictions budgétaires et des tâches administratives imposées et non rémunérées ne risquent-ils pas de pousser certains médecins à un arrêt prématuré de la pratique médicale?
This document discusses how to improve communication skills as a tutor to have more successful and collaborative tutoring sessions. It emphasizes becoming a better speaker by satisfying the student's needs, keeping the conversation engaged, and being honest in feedback. It also stresses becoming a better listener by showing the student you are listening through body language, leaning in, and waiting for the student to finish speaking before reacting to allow them to fully process their thoughts. Mastering these communication qualities can help tutors better understand how they interact with students and lead to more fulfilling tutoring sessions.
Este documento resume la normatividad colombiana sobre protección a la discapacidad desde 1980 hasta 2007. Inicialmente se mencionan decretos y leyes anteriores a 1991 que abordaron temas como educación, rehabilitación y empleo para personas con discapacidad. Luego, la Constitución de 1991 consagró derechos como igualdad, atención especializada y acceso a educación. Posteriormente se expiden leyes como la 100 de 1993 que creó el sistema de seguridad social, entre otras normas que desarrollan este tema. El documento concluye
Annual inflation in May dropped slightly to 0.6% due to falling food prices, while core inflation remained at its April level. GDP growth slowed to 0.6% quarter-over-quarter in the first quarter, remaining around 2.8% year-over-year. The Russia-Ukraine conflict has weakened investor sentiment and external demand, posing risks to Latvia's economy. Latvijas Banka has lowered its GDP and inflation forecasts for 2014 in light of softer growth in key export partners and uncertainty from geopolitical tensions.
"Highlights":
* Macroeconomic recovery expected in 2017
* Budget deficit target met; financing of priorities in 2017
* Stable growth in both loans and deposits
"In Focus":
* The tourism industry in Latvia as a Mirror of the Economy, autore: Linda Vecgaile
"Highlights":
Consumer prices are on the rise though annual inflation remains negative
Surplus in the current account for the second consecutive quarter
Lending is back
"In Focus":
Macroeconomic forecasts, by: Igors Kasjanovs
The document discusses the effects of geopolitical crisis between Russia and Ukraine on Latvia's economy. It finds that the effects have been less significant than initially feared, as Russia remains Latvia's second largest trading partner despite a slight decline in exports and imports. Specifically, it notes that the Russian economic weakness has had a bigger impact than sanctions. Certain industries like dairy farmers and food manufacturers have been negatively impacted by sanctions and lower Russian demand. However, the overall effects on Latvia's economy have been limited so far. Risks remain from further potential sanctions or disruptions in gas supply from Russia.
Consumer prices in Latvia remained unchanged in 2013 compared to 2012 due to external factors such as global oil and food prices. Inflation expectations decreased as Latvia joined the eurozone in January 2014. Money supply resumed increasing in November 2013 as deposits grew. Manufacturing output increased 2.1% in November, supported by growth in fabricated metals, wood products, and food manufacturing. The article focuses on Latvia experiencing sustainable economic growth prior to joining the eurozone, with robust GDP growth, declining unemployment, increased private consumption, and reduced emigration without creating economic imbalances. GDP growth is projected to reach 4.1% in 2014 while inflation is projected to be 1.7%.
Manufacturing output in Latvia grew 3.3% in February month-over-month according to seasonally adjusted data, though annual manufacturing output dropped 0.6% overall. Some manufacturing sub-sectors saw substantial annual growth, while the wind-down of a large metals company continued to negatively impact basic metals manufacturing. Exports of goods grew in February helping improve Latvia's foreign trade balance, despite challenges from the conflict between Russia and Ukraine which are important trade partners. Annual inflation dropped to 0.3% in March due to seasonal factors and lower food prices compared to the previous year.
1) Inflation in Latvia remained low at 0.4% in January 2014, partly due to increases in potato and vegetable prices being lower than the previous year. External factors like oil prices also remained stable.
2) GDP in Latvia grew by 0.7% quarter-on-quarter and 3.5% year-on-year in Q4 2013. The economy is projected to grow 4.1% in 2014, driven by external markets and increasing investment.
3) Unemployment in Latvia decreased to 11.3% in Q4 2013, indicating a shift to more productivity-based growth as employment grew only 0.8% while GDP increased significantly.
- Latvia's external trade retained moderate positive growth in the first nine months of 2014, despite political instability in neighboring countries and low external demand. Exports grew 2% while imports dropped 1.1%.
- The Latvian economy continued growing in the third quarter of 2014, with GDP up 2.2% year-on-year, driven by domestic consumption and a good tourism season boosting retail trade.
- Inflation dropped to 0.7% in October, slowed by falling fuel prices, though food prices remained impacted by Russian sanctions. Inflation is projected to be higher in 2015 due to electricity market liberalization.
Latvijas Banka Monthly Newsletter
Content:
"Highlights":
- Export growth resists adverse external environment
- Money indicators develop favourably
- Economic sentiment tends to improve
"In Focus":
"Allocation of resources in Latvia improved after the crisis" by Konstantīns Beņkovskis
Bank deposits rose 1.2% month-on-month and 4.9% year-on-year in February as both businesses and households increased savings despite economic slowdown. Manufacturing output grew slightly by 0.7% month-on-month and 1.8% year-on-year in February, led by wood, metals, and furniture industries. Inflation rose to 0.4% in March due to both global commodity prices and domestic factors. Conditions are expected to be favorable for lending to improve following new housing loan rules and Eurosystem stimulus measures.
Highlights:
* Fastest GDP growth in 6 years
* Inflation slightly down
* Dynamic year for retail trade
In Focus.
Four years in the euro area – have the promises come true? author: Egils Kaužēns
- Annual inflation remained slightly negative at -0.1% in May due to falling fuel and food prices. This year's average annual inflation is projected to be the lowest since the 1990s.
- GDP grew 1.4% quarter-over-quarter in Q1 2013, driven mainly by private consumption which expanded on the back of employment growth and wage increases.
- Exports of Latvian goods continued rising at 17.5% year-over-year in April despite weak external demand, demonstrating the flexibility of Latvian exporters.
The Latvian economy grew at a stable rate in the first quarter of 2014, with real GDP increasing 0.7% quarter-on-quarter and 2.8% year-on-year. There were some positive surprises supporting growth, including stronger construction activity due to warm weather and strong performance in the transportation sector. However, weaker retail trade and industrial growth weighed on the overall economy. Annual inflation was 0.7% in April, reflecting moderate economic growth. The latest export data also showed the ability of Latvian exporters to quickly adapt to changes in external demand.
Latvijas Banka Monthly Newsletter: June 2018Latvijas Banka
Latvijas Banka Monthly Newsletter provides accurate and concise information about the most topical and important developments in the Latvian national economy.
Šoreiz, sadaļā "Highlights":
* Inflation returns
* Moderate growth in retail
* Challenging environment for exporters
"In Focus":
* ICT is almost a perfectly performing sector, autors: Igors Kasjanovs
"Highlights":
* Manufacturing buoyant in May
* Exports withstand geopolitical circumstances
* Growth trends in lending stabilize
"In Focus":
* Overproduction of economists and lawyers in Latvia? Let's debunk this myth, autori: Oļegs Krasnopjorovs and Kārlis Vilerts
The document discusses inflation and economic growth in Latvia. It notes that inflation in June 2013 was slightly positive (+0.2%) due mostly to base effects of unprocessed food prices, while other factors contributed to a year-on-year drop. It also mentions that grain harvests are expected to be better than last year and could benefit from lower global food prices. Meanwhile, domestic factors do not point to substantial inflation pressures, and unusually low inflation is expected for 2013 due to positive economic growth and other offsetting factors.
"Highlights":
Wage dynamics reflect moderate warming up of the labour market
Current account ran a deficit of 0.8% of GDP in 2017 despite strong export growth
February saw slower price rises due to pick up in the near term
"In Focus":
Human capital in Latvia, autors: Oļegs Krasnopjorovs
"Highlights":
* 2016 passed in expactations of investment and in the environment of weak external demand
* Wages grew at a slower rate last year
* Current account recorded a surplus of 369.5 million euro or 1.6% of GDP in 2016
"In Focus":
* Foreign direct investment globally and in Latvia, autore: Santa Bērziņa
Annual inflation in Latvia declined to 0.6% in June due to falling energy and food prices. Bank loan portfolios increased for the first time in eight months driven by corporate lending. Merchandise exports continued to grow with machinery and chemicals seeing the fastest increases, though exports to Russia declined as other markets like Lithuania and the UK expanded. Latvijas Banka held a discussion on boosting productivity to support sustainable economic growth above 2-3%, noting the need for government strategy and education reforms to increase competitiveness.
Human capital as the key to economic developmentLatvijas Banka
This document discusses human capital as the key driver of economic development in Latvia. It finds that while Latvia's population and workforce are projected to decrease in the coming decades, there are still substantial internal labor reserves that could be activated, such as among the young and upper-middle aged men. Improving health outcomes and reducing excess mortality is identified as the most promising way to stop depopulation trends. Additionally, public spending on education and healthcare in Latvia has been modest and outcomes could be improved by increasing efficiency. Attracting high-skilled immigration through improved quality of life is also discussed but perceived livability in Riga does not yet lead to mass immigration.
Latvijas tautsaimniecības makroekonomiskā attīstība | Septembris 2023Latvijas Banka
Latvijas Bankas prezidenta Mārtiņa Kazāka un Monetārās politikas pārvaldes vadītāja Ulda Rutkastes prezentācija 2023. gada 29. septembrī par jaunākajām ekonomikas prognozēm.
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Latvijas Bankas Makroekonomikas analīzes daļas galvenās ekonomistes Baibas Brusbārdes prezentācija seminārā "Aktualitātes ekonomikā" 2023. gada 24. augustā.
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Latvijas Banka has revised Latvia's macroeconomic forecasts for 2023-2025. Inflation is projected to decline to 10% in 2023 and further to 2.7% in 2024 and 2.6% in 2025. GDP growth is forecast to be 0.5% in 2023, then increase to 3.7% in 2024 and 3.3% in 2025. Unemployment is projected to remain stable around 7.3-7.4% through 2025. The general government deficit is expected to decline from 4% of GDP in 2023 to around 2.7-1.5% of GDP in 2024-2025.
Latvijas tautsaimniecības makroekonomiskā attīstība | Marts 2023Latvijas Banka
Latvijas Bankas prezidenta Mārtiņa Kazāka un Monetārās politikas pārvaldes vadītāja Ulda Rutkastes prezentācija 2023. gada 31. martā par jaunākajām ekonomikas prognozēm.
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Madhya Pradesh, the "Heart of India," boasts a rich tapestry of culture and heritage, from ancient dynasties to modern developments. Explore its land records, historical landmarks, and vibrant traditions. From agricultural expanses to urban growth, Madhya Pradesh offers a unique blend of the ancient and modern.
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Monthly Newsletter 04/2016
1.
2. 1. Highlights Latvijas Banka Monthly Newsletter April 2016
Energy prices keep annual inflation below zero
In March, consumer prices grew by 0.7% month-on-
month, annual inflation remained negative at –0.6%, food
and oil prices crept up, but they began to spill over to Lat-
via's consumer prices only gradually. However, as natural
gas tariffs are set with a delay in time, heat energy prices
declined even stronger. Moreover, according to the JSC
Latvijas Gāze April estimate, natural gas tariffs for heat
producers are likely to go down both in April and May.
Core inflation is positive but still low, reflecting the nega-
tive impact of costs.
In the coming months, inflation may be pushed up by ris-
ing excise tax on alcoholic beverages as of April and the
introduction of VAT on management services of dwell-
ing from July. However, the impact of the demand side is
likely to be moderate because of weaker anticipated wage
rises and somewhat higher savings.
Manufacturing growth turned positive in February
(+4.3%) year-on-year. It was driven by favourable de-
velopments in the wood industry, which reached a his-
torically high level (+11.2%), and by the manufacture of
fabricated metal products (+10.0%). Moreover, the food
industry reported a 4.3% increase in output. This has
been the best result achieved since 2014.
The industrial confidence indicator merely fluctuated
within a narrow range over the past two years. Although
currently it is premature to speak about any marked trend,
a slightly positive signal emerged in March 2016, i.e. the
assessment of order volume had improved substantially.
Overall, manufacturing growth is likely to remain rather
weak this year. It will, to a large extent, depend on eco-
nomic growth outside Latvia since almost two thirds of the
sector's output are exported. Likewise, the performance of
the food industry will depend on the extension or lifting
of sanctions imposed against Russia and by Russia.
Manufacturing growth regains momentum
Latvia's foreign trade turnover grew by 10.8% month-
on-month in February 2016, contracting by 3.3% year-
on-year. Over the past 12 months, exports of goods re-
ported a 0.1% year-on-year rise on average. Although
the slow euro area recovery and contraction of Russia's
demand contributed to a decline in exports of goods to
several Latvia's major trade partners, various previously
less traditional export markets reported an increase.
In the coming months, Latvia's exports are likely to be
hindered by slower than expected recovery of the euro
area economy and continued deceleration of economic
growth in emerging Asian economies. Despite sluggish
demand, Latvian companies still have a growth poten-
tial in several sectors. For instance, the wood industry
proved its ability to transform outputs into higher added
value articles. Moreover, Latvia is well-positioned to
benefit from food demand gradually switching to or-
ganic, ecological and top quality products.
Latvia's exports: a zigzag path maintained
3. Reporting
period
Data (%)
Gross domestic product (GDP)
Real GDP (year-on-year growth)
Real GDP (quarter-on-quarter growth; seasonally adjusted)
2015 Q4
2015 Q4
2.3
–0.3
Public finances
General government budget expenditure (since the beginning of the year, year-on-
year growth)
Tax revenue (since the beginning of the year; year-on-year growth)
2016 III
2016 III
0.2
3.8
Consumer price changes
Consumer Price Index CPI (year-on-year growth)
Harmonised Index of Consumer Prices HICP (year-on-year growth)
12-month average inflation (HICP)
11.04.2016 Obstinately low inflation despite price hikes
2016 III
2016 III
2016 III
–0.6
–0.6
0.1
Foreign trade
Exports (year-on-year growth)
Imports (year-on-year growth)
13.04.2016 Latvia's exports: no reason for much optimism, a zigzag path maintained
2016 II
2016 II
–1.2
–5.0
Balance of payments
Current account balance (ratio to GDP)
Foreign direct investment in Latvia (net flows; ratio to GDP)
2015 Q4
2015 Q4
1.4
1.0
Industrial output
Working day-adjusted manufacturing output index (year-on-year growth)
07.04.2016 After a slowdown in January, manufacturing growth regains momentum
2016 II 4.3
Retail trade turnover
Retail trade turnover at constant prices (year-on-year growth) 2016 II 2.3
Labour market
Registered unemployment (share in working age population)
Job seekers rate (share in working age population)
2016 III
2015 Q4
9.1
9.8
Monetary indicators
Resident deposits (year-on-year growth)
30.03.2016 Accruals of businesses with banks growing fast
2016 II 11.9
Sources: Treasury, CSB and Latvijas Banka.
2. Macroeconomic Data Latvijas Banka Monthly Newsletter April 2016
4. For two years now, Latvia has been a member of the euro area (EA).
Already before Latvia had joined the EA, the latter was and continues
to be an important market for Latvian exporters.
At present, slightly less than a half of total exports from Latvia go to
markets of EA countries: in 2015 overall, the volume of goods and
services exports to the EA accounted for 44.2% of the total export
volume. The Figure below shows that exports of goods notably dominate over exports of services in
total Latvian exports. Currently, almost half of total goods exported from Latvia (amounting to 49.0%
in 2015) are sold in the EA markets. As to exports of services, the EA share is considerably smaller and
in 2015 accounted for 32.0% of total services exports. It is noteworthy that almost two thirds of total
exports of goods to the euro area go to Estonia
and Lithuania, the two neighbouring Baltic
States participating in the euro area.
Via joining of the single currency area several
barriers have been lifted, e.g. currency
fluctuation risk has been reduced, currency
conversion costs have been eliminated, bank
lending interest rates have fallen, etc. As a result, some potential momentum is likely to be given to
the foreign trade activity in a longer term. Nevertheless, Latvia's EA export dynamics has not been
promising in the recent two years, yet, taking into account the region's overall slow and uneven growth,
even a moderate upward movement should be treated as a positive development. It should also be noted
that in the two respective years the dynamics of both exports of goods and exports of services to the EA
have differed rather notably.
According to the CSB data, a slight increase by 2.2% in 2014 and 2015 annually has been recorded for
exports of goods to the EA. Nevertheless, the 2014 rise in exports to the EA was basically determined
by a positive 4.4% export growth primarily to the
other two Baltic States, as economic weaknesses of
the rest of the EA countries found their reflection in
Latvia's exports already in 2013 when goods exports
to the EA (Baltic States excluding) contracted; ex
ports to the rest of the EA countries continued to de
crease also in 2014, i.e. after Latvia had joined the
single currency area. In 2015, however, the annual
increase recorded for exports of goods to the other
EA countries (2.5%) was similar to the one for the
two other Baltic States (2.1%). In exports to the EA
countries, a pickup was primarily posted by exports
of wood, food and agricultural products.
According to the data of Latvijas Banka, a decrease in services exports to the EA in 2014 was 2.4%
year-on-year, basically on account of falling transport, computer, information and telecommunication
services exports, whereas in 2015 services exports to the EA expanded markedly by 10.5%, primarily
determined by an increase in exports of travel and financial services.
Given the weak demand from the EA, it was and is still important for the Latvian exporters to strengthen
their positions and penetrate new foreign markets also outside the EA. Moreover, better foreign trade
integration and diversification within the EA with its single monetary policy act as preconditions
for an effective absorption of external economic shocks originating outside the EA. That is why the
strengthening of competitive positions of Latvian exporters is more important than passively waiting
for the external demand from the EA to build up.
Latvia's exports to euro area: developments after joining
3. In Focus Latvijas Banka Monthly Newsletter April 2016
Daina Pelēce
Senior Economist
of Monetary Policy
Department
Better foreign trade integration and
diversification within the EA with its single
monetary policy act as preconditions for an
effective absorption of external economic shocks
originating outside the EA.