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

06/08/2026

Latvian Treasury Biweekly Report

Bi-Weekly update: May 25 – June 7
by the Treasury of the Republic of Latvia

FINANCING AND DEBT

• On Wednesday, June 3, 2026, the Treasury, on behalf of the Republic of Latvia, priced 7-year Sustainability Bond raising 1 billion euro, with a reoffer yield of 3,525% and a coupon of 3,500%. (June 4, Treasury)

MACROECONOMICS

• According to the Central Statistical Bureau (CSB), GDP in Latvia increased by 2.5% in Q1 2026 (at constant prices, seasonally and calendar non-adjusted data). Quarter on quarter, GDP grew by 0.6 % (at constant prices, seasonally and calendar adjusted data). Among economic activities, the strongest upward contribution came from electricity, gas, steam and air conditioning supply. Revenue from taxes on products also supported GDP growth. (May 29, CSB)

• CSB provisional data show that in Q1 2026 average monthly gross wages and salaries stood at 1831 euro (in full-time units), representing a rise of 73 euro or 4.2% compared with Q1 2025. Average hourly earnings increased to 11.87 euro or by 2.3 %. (June 1, CSB)

• According to the latest European Bank for Reconstruction and Development (EBRD) forecasts, Latvia's GDP will grow by 2% this year, compared to 2.2% in the EBRD's February outlook, while GDP growth projection for next year has also been cut by 0.2 percentage points to 2.3%. (June 1, EBRD)

• The Organization for Economic Cooperation and Development (OECD) on it`s latest OECD Economic Outlook said that it expected Latvia to record the second fastest economic growth among the Baltic countries this year. Latvia`s real GDP is projected to grow by 1.9% in 2026 and 2.2% in 2027. As OECD points out – rising inflation will reduce real wage growth, mitigating the recovery in private consumption. Defence-related purchases and rising public wages will continue to support public consumption, while rising public investment will crowd in business investment. Exports will recover gradually as global demand strengthens. Inflation will remain high due to rising energy prices and strong wage growth. Delays in the absorption of EU funds could dampen the recovery in domestic demand. (June 1, OECD)

POLITICS

• On Thursday, 28 May, the Saeima (parliament) gave a vote of confidence to the Cabinet of Ministers formed by Andris Kulbergs (“Apvienotais saraksts”) during the extraordinary sitting. (May 28, Saeima)

Lai šī tīmekļvietne darbotos, tā izmanto obligāti nepieciešamās sīkdatnes. Ar Jūsu piekrišanu papildus šajā vietnē var tikt izmantotas statistikas un mārketinga sīkdatnes. Ja piekrītat šo papildu sīkdatņu izmantošanai, lūdzu atzīmējiet savu izvēli:

06/07/2026

The EBRD meeting underscores the growing role of Latvia and the Baltic region

LIAA | Jun 5, 2026

The 35th Annual Meeting of Governors and Business Forum, taking place in Riga from June 5 to 7, underscores the growing international interest in the Baltic region as an attractive destination for investment, innovation, and international cooperation

The 35th Annual Meeting of Governors and Business Forum, taking place in Riga from June 5 to 7, underscores the growing international interest in the Baltic…

06/02/2026

Update on drone entering Baltic airspace

The countries along NATO’s eastern flank have long been on the frontline against Russian aggression. But now they are in the firing line between Ukraine’s long-range drones and targets in northwest Russia. Nick Schifrin spoke with Latvia’s foreign minister and reports on NATO’s efforts to de...

05/28/2026

Polling Stations for Oct 3 Election Confirmed:

15th Saeima Election Polling Stations in the United States Confirmed
The Central Election Commission of Latvia has officially confirmed the polling stations for the 15th Saeima elections in the United States, giving Latvian citizens broad opportunities to participate in the parliamentary elections on October 3, 2026.
The opportunity to vote in person at diaspora polling stations is a privilege and a strong testament to the activity and civic engagement of our community. Every polling station established is the result of the dedication, initiative, and hard work of Latvian communities across the United States. We encourage everyone to take advantage of this opportunity and help shape Latvia’s future.
In-person voting will be available at:
• Embassy of Latvia in Washington, DC
• Permanent Mission of Latvia to the United Nations in New York, New York
• Boston, Massachusetts
• Philadelphia, Pennsylvania
• Indianapolis, Indiana
• Kalamazoo, Michigan
• Denver, Colorado
• San Francisco, California
• Los Angeles, California
• Minneapolis/St. Paul, Minnesota
• Seattle, Washington
• Chicago, Illinois
We are especially pleased to announce four newly established polling stations this year:
• San Diego, California
• Atlanta, Georgia
• Houston, Texas
• Phoenix/Mesa, Arizona
We encourage all eligible voters to verify now that they have a valid Latvian passport or other acceptable identification document required for voting. Having your documents in order ahead of time will help ensure a smooth voting experience on election day.
In the coming months, we will also begin sharing informational materials about political parties, their platforms, and the voting process to help diaspora voters prepare for the 15th Saeima elections.
Latvia is stronger when all of us participate - including those of us living beyond its borders.

05/26/2026

Film shot in Latvia won the Grand Prix at the Cannes Film Festival

This is the first feature film by Zvyagintsev in almost ten years. The plot is based on Claude Chabrol's film "The Unfaithful Wife" (1968). It tells the story of a businessman who, in 2022, faces the necessity of providing the military enlistment

05/26/2026

Bi-Weekly update: April 27 – May 25
by the Treasury of the Republic of Latvia

FINANCING AND DEBT

• On May 7, domestic GMTN Notes due on January 24, 2032 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 136.6 million. The weighted average yield rate was 3.249%. (May 7, Treasury)

MACROECONOMICS

• Calendar adjusted data (at constant prices) compiled by the Central Statistical Bureau (CSB) show that, compared to March 2025, in March 2026 total retail trade turnover increased by 3.9 %. (May 7, Treasury)
• Latvia receives fourth Recovery and Resilience Facility payment of €371.2 million. The payment was made after the European Commission (EC) assessed and approved the successful implementation of the 41 reform and investment indicators set out in Latvia’s RRF plan, for which Latvia’s payment request and supporting documents were submitted to the EC at the end of 2025. (May 8, M*F)
• Results from the Labour Force Survey (LFS) conducted by the Central Statistical Bureau (CSB) show that in Latvia 871.2 thousand people, or 63.8 % of the population aged 15–74, were employed in Q1 2026. (May 22,CSB)
• The data of the Central Statistical Bureau (CSB) show that in April 2026, compared to March 2026, the average level of consumer prices increased by 0.6 %. The rise in prices of clothing and footwear, as well as in transport group, mainly of fuels for transport, contributed the most to the price change. (May 12,CSB)

POLITICS
• Prime Minister Evika Siliņa announced her resignation on May 14, and informed President Edgars Rinkēvičs and Speaker of the Saeima Daiga Mieriņa about it. (May 14, CoM only in Latvian)
• On May 16, President Edgars Rinkēvičs met with representatives of all Saeima factions – “Progressives,” “Latvia First,” “National Alliance,” “United List,” “New Unity,” and “Union of Greens and Farmers” – and, invited Andris Kulbergs (“United List”) to form new Cabinet of Ministers. (May 16, President of Latvia)

05/24/2026

In Latvia today, “Vasarsvētki” refers to the Christian holiday of Pentecost or Whitsunday — the celebration of the descent of the Holy Spirit upon the Apostles, occurring 50 days after Easter.

However, in Latvian culture it has evolved into something broader and more characteristically Latvian than simply a church observance.

Traditionally, Vasarsvētki signifies:

the arrival of true summer,
renewal and light,
greenery and fertility,
and the transition from spring into the warm season.

Historically and culturally, Latvians blended Christian observances with older pre-Christian seasonal traditions, so Vasarsvētki has both:

a religious dimension,
and a folk/nature-centered atmosphere.

Common traditions included:

decorating homes and churches with birch branches and greenery,
spending time outdoors,
church services,
family gatherings,
and folk beliefs tied to health, fertility, and prosperity.

Today, though, Vasarsvētki is generally considered:

quieter,
less nationally dominant,
and less exuberant than Latvia’s great midsummer celebration, Jāņi/Līgo in June.

For many Latvians now:

religious families may attend church,
others simply enjoy a spring/summer holiday weekend,
and the day carries a gentle “green holiday” feeling associated with nature and the countryside.

By contrast, the truly major Latvian seasonal celebration is:

Jāņi / Līgo Svētki (June 23–24),
the ancient summer solstice festival with bonfires, wreaths, songs, beer, Jāņu cheese, and staying awake until sunrise.

So, in modern Latvian consciousness:

Vasarsvētki = Pentecost, greenery, beginning of summer, quieter family/church holiday.
Jāņi / Līgo = Latvia’s great national midsummer festival and one of the central expressions of Latvian folk identity.

1167 atzīmes Patīk, 132 komentāri. “ /vasaras svētki/apsveikumi/”

05/18/2026

Latvian films, talent and locations are on full display at Cannes this year. Directed by Viesturs Kairišs, the coming-of-age basketball drama Ulya is screening in Un Certain Regard, supported by the National Film Centre of Latvia (NFC) as a Latvian majority co-¬production led by Guntis Trekteris from Ego Media. The co-producers are Ieva Norviliene from Lithuania’s Tremora, Pille Rünk for Estonia’s All Film and Malgorzata Staron for Poland’s Staron-Film.

Latvian films, talent and locations are on full display at Cannes this year, with coming-of-age basketball drama 'Ulya' screening in Un Certain Regard.

04/27/2026

Bi-Weekly update: April 12 – 26
by the Treasury of the Republic of Latvia

FINANCING AND DEBT
• On April 15, domestic GMTN Notes due on May 21, 2030 were offered in a competitive multi-price auction via Primary dealers. Notes were sold in nominal value of EUR 100 million and the total demand reached EUR 245.2 million. The weighted average yield rate was 3.107%. (Apr 15, Treasury)

CREDIT RATING
• Fitch Ratings affirms Latvia`s credit rating at A- with stable outlook. (Apr 26, Treasury)
• Japanese credit rating agency R&I affirmed Latvia's credit rating at A level with stable outlook. (Apr 27, Treasury)

MACROECONOMICS
• Provisional results (according to European System of Accounts (ESA 2010) methodology) compiled by the Central Statistical Bureau (CSB) show that in 2025, general government budget deficit amounted to EUR 1.1 billion or 2.5 % of gross domestic product (GDP). Compared to 2024, it is EUR 367 million more. In turn, general government consolidated gross debt accounted for EUR 20.2 billion or 46.9 % of GDP, and during a year it has increased by EUR 1.4 billion. (April 22, CSB)

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04/20/2026

Successful trip to Washington DC for the Annual Latvian Consuls Meeting, details attached.

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