Latvia’s unemployment level was 8.5% in July. This is the eighth highest level among EU member states, according to data published by Eurostat.

Compared to Q1 2017, Latvia’s gross domestic product at constant prices increased by 1.2 % in Q2. Compared to the corresponding period of 2016, in Q2 of this year the GDP grew by 4.0 % according to seasonally and calendar non-adjusted data and by 4.8 % according to adjusted data.

In Q2 2017, all Baltic States had experienced a moderately rapid rise of average wages. The highest increase was noted in Estonia, followed by Latvia and Lithuania, according to data from Baltic statistical bureaus.

Compared to July 2016, the total retail trade turnover rose by 3.9 % in July 2017. Turnover of retail trade in food products increased by 4.6 %, and turnover of retail trade in non-food products grew by 3.3 %.

Latvian Shipping Company has plans to increase its base capital to EUR 120 million by releasing new shares in a closed emission of shares, according to information from Nasdaq Riga.

The law that provides stricter language requirements for procurement of agriculture land is not discriminatory towards citizens of other European Union member states, says Latvian Agriculture Ministry, commenting on complaints submitted to EC centre for setting conflicts Solvit by foreign businessmen in relation to the requirements imposed by Latvia on privatization of land.

Increase of economic activities contributes to the rise of wages. In 2017, gross wages continue growing. Its growth rate is nonetheless more rapid that it was in the previous two years. In Q2 2017, average wage was 8.7% higher than a year ago – EUR 927. Additional pressure on wage growth is created by the situation on the labour market, mainly the lack of qualified workers in certain labour segments, Economy Ministry explains.

Compared to July 2016, construction costs increased by 1.7 %. Labour remuneration of workers grew by 4.4 %, prices of building materials increased by 1.3 %, while maintenance and operational costs of machinery and equipment rose by 0.5 %.

The European Commission has approved Riga’s tramway infrastructure development project. As part of this project, it is planned to build the 3.5 km Skanstes tram line, which will cost EUR 97.4 million, as reported by Rīgas satiksme representative Viktors Zakis.

Pressure on the increase of costs in the next several years will be enormous, and there are worries about the government’s ability to withstand that, said Fiscal Discipline Council’s member Andzs Ubelis in an interview to 900 seconds programme.