Juris Bunkis, Honorary Consul for the Republic of Latvia in California

Juris Bunkis, Honorary Consul for the Republic of Latvia in California Fanpage of Juris Bunkis, Honorary Consul, Republic of Latvia in Southern California

Official fanpage of Juris Bunkis, Honorary Consul General, Republic of Latvia in California.

09/01/2026

Bi-Weekly update: August 3 – 31
by the Treasury of the Republic of Latvia

MACROECONOMICS

• Data compiled by the Central Statistical Bureau (CSB) shows that in the 2nd quarter of 2026, gross domestic product (GDP) at constant prices rose by 3.0 % (according to seasonally and calendar non-adjusted data). Compared to the previous quarter, GDP has increased by 0.7 % (according to seasonally and calendar adjusted data at constant prices). Wholesale and retail trade, repair of motor vehicles and motorcycles contributed the most to the GDP growth. In the first 6 months, compared to the respective period of the previous year, GDP at constant prices (seasonally and calendar non-adjusted) increased by 2.8 %. (August 31, CSB)
• The data of CSB show that in July 2026, compared to June 2026, the average level of consumer prices decreased by 0.7 %. Compared to July 2025, in July 2026 the average level of consumer prices increased by 2.6 %. (August 11, CSB)
• CSB provisional data show that in June 2026 Latvia had foreign trade turnover of EUR 3.87 billion, and at current prices it was 16 % higher than a year ago. Value of exported goods increased by 18.6 % and of imported goods by 14.1 %. The exported goods were valued at EUR 1.7 billion and imported goods at EUR 2.17 billion. (August 11, CSB)
• Results from the Labour Force Survey (LFS) conducted by CSB show that in Latvia 885.5 thousand people, or 65.1 % of the population aged 15–74, were employed in Q2 2026. Year on year, the employment rate rose only slightly overall, with increase also recorded among young people and older people. Unemployment rate stood at 7.0 %. (August 14, CSB)
• Calendar adjusted data (at constant prices) compiled by CSB show that, compared to July 2025, in July 2026 total retail trade turnover rose by 7.0 %. Retail trade in food products increased by 2.6 %. Retail trade in non-food products (except for retail sale of automotive fuel) increased by 9.6 %, but turnover of retail sale of automotive fuel – by 8.2 %. (August 28, CSB)

Ukrainian Independence Day celebration in LA today.   Here are my remarks:Remarks on the 35th Anniversary of Ukraine's I...
08/24/2026

Ukrainian Independence Day celebration in LA today. Here are my remarks:

Remarks on the 35th Anniversary of Ukraine's Independence
Members of the Board of Directors of the Ukrainian Cultural Center, distinguished clergy, honored guests, and my fellow Eastern Europeans:
On behalf of the Latvian community of Los Angeles, the Ambassador of Latvia in Washington, D.C., and my wife, Dr. Deborah Ekstrom, I offer my warmest congratulations to the Ukrainian community on this very special occasion—the 35th anniversary of Ukraine's regained independence.
As Ukraine celebrates its independence, it is impossible not to think of the extraordinary courage and sacrifice of the Ukrainian people in defending it. Thousands of lives have been lost. Families have been separated, and homes and cities destroyed. Yet Ukraine continues to stand against a vastly larger aggressor with a resilience that has inspired the world.
Latvia knows something about what it means to live under Russian occupation. The Soviet Union occupied Latvia in 1940. That first year of Soviet rule came to be known as Baigais Gads—the Year of Terror. Arrests, murders, deportations, and the theft and destruction of property became the norm. When Germany invaded the Soviet Union in 1941, the Soviet occupiers were driven out, but, to no one's surprise, life under the Germans was equally brutal—especially for our Jewish citizens.
Then, as the Soviet front advanced westward and Latvia was again swallowed up by the Red Army in 1944 and 1945, my parents, along with approximately 200,000 other Baltic refugees, fled to the West.
The memories of Soviet atrocities were so deeply etched into the minds of those refugees that they never truly disappeared.
When Russia launched its full-scale invasion of Ukraine on February 24, 2022, the news and images on television brought those memories flooding back for my mother. She is now 100 years old and, thankfully, still doing well. But she could not bear to watch the coverage. She told me that it brought back too many terrible memories from her teenage years.
So she asked me to give her a synopsis of what was happening.
And she eagerly awaited the news of the Ukrainians fighting back so gallantly—but asked me to spare her the images of Russian troops and the suffering they were inflicting upon the civilian population.
Latvians understand, perhaps especially well, what is at stake. Ukraine and Latvia share remarkable similarities. Both of our nations first declared independence in the aftermath of the First World War. Ukraine lost its freedom again to Soviet occupation, while Latvia remained independent until the Second World War. Both of us ultimately regained our independence with the collapse of Soviet communism.
We are both nations living beside a powerful and historically aggressive neighbor. We both know that freedom can never be taken for granted. And we also know that a nation's identity is far more difficult to conquer than its territory.
Through occupations, deportations, repression, and attempts to suppress our languages and cultures, both Ukrainians and Latvians preserved who we are. We preserved our songs and dances, our poetry and literature, our traditions, our food, and—most importantly—our languages and our sense of nationhood.
Latvia today stands firmly with Ukraine. Despite being a small country, Latvia has provided substantial military, humanitarian, and civilian assistance and continues to commit significant resources to Ukraine's defense. Latvia helped initiate and, together with the United Kingdom, leads the international Drone Coalition, now involving 20 countries, and continues to provide equipment, training, and other military support to Ukraine.
And here in Los Angeles, support is also deeply personal. Our Latvian Lutheran pastor, Reverend Guna Reins, has led a “Prayer for Ukraine” gathering on Zoom every evening at 8:00 p.m. since the first day of the Russian invasion—a remarkable and continuing expression of solidarity and faith.
Tonight, as you celebrate 35 years of renewed independence, we celebrate with you. May Ukraine remain strong. May its culture continue to flourish. May its people know peace—but a peace built upon freedom, sovereignty, as members of the EU and NATO. Congratulations to the Ukrainian community of Los Angeles. Thank you for preserving your heritage and passing it on to future generations.
Long live a free Latvia. Long live a free Ukraine. Dievs Svēti Latviju! Slava Ukraini!

New article about So Cal Consul:
08/17/2026

New article about So Cal Consul

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Viņaprāt, visiem cilvēkiem ir jāpieliek kopīgas pūles brīvības sargāšanā – nevar atļaut kādam citam to vienkārši piesavināties.

ETIAS implementation delayed
08/13/2026

ETIAS implementation delayed

The EU has quietly pulled the 2026 launch date for its new travel permit. Here’s what the change means for your next trip to Europe.

07/27/2026

Russians are barbarians!

Latvian honorary consulate in Eastern Ukraine bombed
Hungarian bank with Russian links to enter Baltic market?
JURIS KAŽA

JUL 27

The Latvian Foreign Ministry on July 24 said its honorary consulate in Sloviansk in eastern Ukraine had been destroyed by a Russia aerial bomb and two consulate workers injured. The bombing also destroyed other structures and killed several people in the area.
Vadim Filashkin, head of the Donetsk regional military administration, said five people were killed and nine others were injured in the Russian bombing. Two of the dead were pensioners; information about the others is still being clarified. The attack damaged ten private homes, business premises in addition to the building of the Latvian honorary consulate.
In a statement, the Foreign Ministry said: “According to information provided by Ukrainian authorities, the consulate was hit by a Russian KAB-250 aerial bomb. The Honorary Consul of Latvia, Oleksandr Pavenko, was not injured in the attack, but two employees of the consulate were injured.”
“Latvia today (July 24) summoned the chargé d’affaires of the Russian embassy and submitted a note of protest, expressing the strongest condemnation of Russia for the brutal attack on the city of Sloviansk and the destruction of the building of the Latvian honorary consulate,” the statement went on to say.
“Latvia strongly condemns Russia’s barbaric attacks on Ukraine, which have resulted in civilian casualties and the destruction of civilian infrastructure. Latvia will continue to stand firm in its support for Ukraine. Pressure must be maintained on Russia, including by strengthening sanctions against it, and Ukraine’s defense capabilities must be strengthened, including by providing it with the necessary military support and air defense systems,” the Ministry statement said.

07/27/2026

Latvia signs memorandum of understanding with US company to build missile production plant

Voice Of Emirates | Jul 25, 2026

The Latvian Ministry of Economy announced that Minister of Economy Viktors Valaines officially signed a strategic memorandum of understanding with the American company Native Trading, outlining the construction of a state-of-the-art artillery rocket manufacturing plant in Latvia. The ministry stated that the project aims to attract at least €70 million in private investment and that it is planned to be fully implemented within 24 months of the agreement’s signing and the commencement of construction and preparatory work.

https://www.voiceofemirates.com/en/politics/2026/07/25/latvia-signs-memorandum-of-understanding-with-us-company-to-build-missile-production-plant/

07/20/2026

Bi-Weekly update: June 29 – July 17
by the Treasury of the Republic of Latvia

FINANCING AND DEBT

• On Tuesday, July 7, the Treasury of Latvia set a milestone in Swiss franc market and successfully priced its inaugural bond raising CHF 130 million. (July 9, Treasury)
• On July 1, domestic GMTN Notes due on October 2, 2035 were offered in a competitive multi-price auction via Primary dealers. Notes were sold in nominal value of EUR 50 million and the total demand reached EUR 288.6 million. The weighted average yield rate was 3.582%. (Jul 1, Treasury)

CREDIT RATING

• On Friday, July 17, 2026, Moody’s has completed a periodic review of the ratings of Latvia, keeping Latvia`s credit rating unchanged at A3 level with stable outlook. (July 18, Treasury)

MACROECONOMICS

• The Ministry of Finance has updated its indicative medium-term macroeconomic and fiscal forecasts, taking into account the latest economic developments and the geopolitical situation. The forecasts indicate slower economic growth and higher inflation than projected in February of this year, while also outlining the potential fiscal space available for the coming years. The forecast for Latvia’s economic growth this year has been revised downward by 0.6 percentage points to 2.0%, and for 2027 by 0.7 percentage points to 2.0%, compared with the forecast published in February 2026. By the end of the forecast period, economic growth is expected to return to the previously projected rate of 2.5%. In the medium term the deficit is indicatively projected to be higher under a no-policy-change scenario than was forecast in April of this year: 4.2% of GDP in 2027, 5.4% of GDP in 2028, 4.3% of GDP in 2029, and 3.5% of GDP in 2030. This is primarily driven by a downward revision of tax revenue projections due to weaker economic growth, reflecting slower increases in both consumption and the wage bill. More information available in M*F website (only in Latvian). (July 9, M*F)
• According to the Central Statistical Bureau (CSB), retail trade turnover in May 2026 was 3.3 % higher than a year ago (calendar adjusted data at constant prices). For food products, the volume of retail trade increased by 2.9 %, for non-food products, except automotive fuel, it rose by 5.5 %, while for automotive fuel it reduced by 2.1 %. (June 30, CSB)
• CSB data show that in June 2026, compared with May 2026, the average level of consumer prices remained unchanged. Among the main commodity groups, rise in prices for recreation, sport and culture and decline in prices for transport, in particular fuels for transport, contributed the most to the price level changes. Compared with June 2025, in June 2026 the average level of consumer prices increased by 3.4 %. (July 8, CSB)
• CSB provisional data show that in May 2026 Latvia had foreign trade turnover of 3.86 billion euro, and at current prices it was 8.4 % higher than a year ago. Value of exported goods increased by 6.9 % and of imported goods by 9.6 %. The exported goods were valued at 1.74 billion euro and imported goods at 2.12 billion euro. (July 10, CSB)

06/30/2026

Latvia Treasury Bi-Weekly June 7 - 29

Bi-Weekly update: June 7 - 29
by the Treasury of the Republic of Latvia

FINANCING AND DEBT

• On July 1, domestic GMTN Notes due on 2nd October 2035 will be offered in a competitive multi-price auction via Primary dealers. (June 29, Treasury)

MACROECONOMICS

• According to the Central Statistical Bureau (CSB) in May 2026, compared to April 2026, the average level of consumer prices increased by 0.5 %. The rise in prices of restaurants and accommodation services, mainly of hotel services, as well as housing, water, electricity, gas and other fuels contributed the most to the price change. (June 9, CSB)
• Central Statistical Bureau (CSB) provisional data show that in April 2026 Latvia had foreign trade turnover of EUR 4.13 billion, and at current prices it was 12.6 % higher than a year ago. Value of exported goods increased by 13.9 % and of imported goods by 11.4 %. In April, Latvia exported goods in the amount of EUR 1.94 billion, but imported in the amount of EUR 2.19 billion. (June 9, CSB)
POLITICS
• On Saturday, 20 June, the Loan Agreement under the European Union's Security Action for Europe (SAFE) instrument was formally signed during a ceremonial event at the Cabinet of Ministers. The agreement provides Latvia with a total of EUR 3,497,870,000 to strengthen its defence and security capabilities. The signing ceremony was attended by Prime Minister Andris Kulbergs, European Commissioner for Defence and Space Andrius Kubilius, Minister of Defence Raivis Melnis, and Minister of Finance Māris Kučinskis. (June 25, CoM)

Latvia moves up three spots in the IMD World Competitiveness RankingLIAA | Jun 19, 2026In the face of growing geopolitic...
06/22/2026

Latvia moves up three spots in the IMD World Competitiveness Ranking

LIAA | Jun 19, 2026

In the face of growing geopolitical tensions and global economic fragmentation, reliable institutions, the ability to adapt to change, and resilience to shocks play a crucial role in ensuring competitiveness. This is confirmed by the latest IMD World Competitiveness Ranking 2026, which evaluates 70 global economies. Latvia has moved up three spots in the ranking and now ranks 35th in the world

In the face of growing geopolitical tensions and global economic fragmentation, reliable institutions, the ability to adapt to change, and resilience to shocks…

From Baltic American Chamber of Commerce newsletter: Can the Baltics become Europe's engine of innovation?bne IntelliNew...
06/17/2026

From Baltic American Chamber of Commerce newsletter:


Can the Baltics become Europe's engine of innovation?

bne IntelliNews | Jun 12, 2026

Europe has a problem. It’s falling behind both the US and China in innovation. If a European start-up gets off the ground they regularly decamp for the US where the market is bigger and more liquid. And the lack of VC funds coupled with thick red tape, make establishing a start-up more difficult than it should be. But there is an exception. The tech-savvy Baltic States have been churning out start-ups that have scaled and quickly become world leaders.

Europe has a problem. It’s falling behind both the US and China in innovation. If a European start-up gets off the ground they regularly decamp for ...

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