Portrait of an Ascending Sovereign Credit
The labour market has negatively affected by the Covid-19, is expected to return to
growth in the second half of the year
The government took swift actions to mitigate the unemployment growth during Covid-19 crisis; productivity growth is on
the rise.
20
20
15
10
Unemployment: Headline Rates
Headline unemployment
80
80
75
15
70
0
65
60
Participation and Employment Rates
(age 15-64, %)
5
55
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
0
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Headline unemployment
Participation rate
Employment rate
Source: Central Statistical Bureau of Latvia data (24.08.2020.)
Source: Eurostat (23.09.2020.)
Real Productivity Growth Per Worker
(2014-2019 average, %)
Average Monthly Wage For Full-time Job (Y-o-y, %)
10.0
9.0
2.7
8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0
Latvia
A+/A3/A-
Czech
AA-/Aa3/AA-
Estonia
AA-/A1/AA-
France
AA/Aa2/AA
Belgium
AA/Aa3/AA-
Austria
AA+/Aa1/AA+
Q1'16
Q2'16
Q3'16
Q4'16
■Gross Nominal Wages
Source: Central Statistical Bureau of Latvia data
Q1'17
Q2'17
Q3'17
Source: Eurostat (20.04.2020.)
11
Q4'17
Q1'18
Q2'18
Q3'18
Q4'18
Real Net Wages
Q1'19
Q2'19
Q3'19
Q4'19
Q1'20
Q2'20View entire presentation