Effect of covid 19 in Latgale business indicators

Due to the pandemic of the covid-19 pandemic, the exceptional situation announced in Latvia since 12 March has led to a series of strict restrictions which had a negative impact on the whole economy. In addition, some sectors affected particularly hard – such as tourism, catering, accommodation, organising public events, artistic activities. Following the changes in business indicators, Latgale planning region Latgale business centre not only surveyed regional entrepreneurs, but also analysed publicly available information on the website of the State Revenue Service (SEA) and the State Revenue Service (SRS).
Looking at unemployment rates in Latgale region from January 31 to April 30, we see both the increase in registered unemployment (+996) and the reduction of vacant vacancies (-182). The total registered unemployment rate at 30.04.2020 in Latgale was 15.31 TP1T, which averaged twice as much as in other regions.

 

By analysing THE SRS data on the allocated idle benefit for Latgale enterprises, by 12 May of that year, the aid was granted to 72 companies which employed 899 employees in 2018.
 

However, the extension of the tax period has been received by two companies in Latgale region representing wholesale and manufacturing sectors.
In view of the previous crisis in 2009, the impact of its impact on Latgale region, compared to the Riga region's companies, felt a time shift in terms of several months, but the total financial performance of the company's activities showed a much lower drop in comparison with the other regions and especially with the Riga region. To a large extent, this can be explained by the prudent strategic planning of entrepreneurs, internal resources.
The message was produced by
Latgale Planning Region Latgale Business Centre