Latvian entrepreneurs were more optimistic last year than in 2020 - EIB survey

Published date20 May 2022
Publication titleLETA

RIGA, May 20 (LETA) - Despite the fact that companies in Latvia invested less in 2021, they were more optimistic than in 2020, according to a study conducted by the European Investment Bank (EIB).

The EIB points out that the largest share of investments in Latvia in 2021 was invested in equipment and machinery (57 percent), which is higher than the average in the European Union (EU), where an average of 48 percent was invested in equipment and machinery.

The survey also concluded that last year companies in Latvia were significantly affected by the Covid-19 pandemic. Nearly half, or 48 percent, of the companies surveyed by the EIB said their sales fell, while 24 percent said the Covid-19 pandemic affected the company's investment plans.

Regarding short-term action in connection with the Covid-19 pandemic, the field of digitization has been highlighted in the responses - 36 percent of Latvian companies have invested in developing digitally in line with the EU average in response to the Covid-19 pandemic.

t the same time, despite the challenges posed by the Covid-19 pandemic, 70 percent of companies in Latvia have noted that their investment has been optimal over the past three years, while only 35 percent of companies in the survey indicated that they were operating at full capacity in 2021, which is below the EU average (49 percent).

Last year, according to the survey data, 30 percent developed or introduced new products, processes or services as part of their investment activity, similar to what was observed in the 2020 survey.

The EIB survey shows that companies in Latvia are relatively pessimistic...

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