Pessimism has returned to the general mood of businessmen in Latvia, according to the survey of business leaders conducted by the Latvian Chamber of Commerce and Industry (LTRK) and the research company “SKDS” in November-December 2023.
The value of the LTRK index in the final quarter of last year was 47.74 points, which indicates the pessimism of entrepreneurs. Compared to the indicators of the first quarter of 2023, the value of the index has decreased by 2.7 points. The value of the index is positive if it exceeds the 50 point mark.
In the survey, 93% of entrepreneurs indicated that the most important thing for entrepreneurs in the field of tax policy is the reduction of labor taxes at least to the level of Lithuania and Estonia, while 92% of respondents said that maintaining a 0% corporate income tax (CIT) rate for profits reinvested in the company is essential.
Also, the survey data show that, when assessing the situation in the field of access to finance, 45% of respondents believe that the situation of access to finance has worsened over the last 3-5 years, in addition, 94% of respondents indicate that they use the company’s own funds for development, while only 38% use different loans from financial institutions.
Evaluating the future forecasts for the next six months, 53% of the respondents stated that the general economic activity in the country will decrease, while 40% believe that the economic activity in the represented sector will decrease.
The data shows that the majority of businessmen continue to predict an increase in the amount of investment, competition, number of employees and turnover of the company. Likewise, entrepreneurs do not expect that the company’s financial situation could improve.
The survey of entrepreneurs was conducted by LTRK in cooperation with SKDS, surveying 750 managers of companies working in Latvia, in the period from November 7 to December 5, 2023.
The LTRK index has been in existence since 2004 (previously “Citadele index” and “Futurum index”), reflecting the assessment of entrepreneurs for the current situation in the economy, as well as forecasts for the next six months.
2024-01-24 10:25:47
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