Citadele Index: Latgale Awakening
OREANDA-NEWS. June 05, 2013. The mood index of enterpreneurs in the Latgale region in March 2013 reached a level of 50.46 points, which shows that cautious optimism is returning to the region – this according to the Citadele Index survey that is organised by the Citadele Bank in partnership with the SKDS market and public opinion research centre.
The last time that the index was above 50 points in Latgale was in September 2007. Optimism is indicated when the index rises above 50 points, while pessimism is clear if it is below that level.
“We have helped several enterpreneurs in Latgale to open up new businesses this year, with Citadele support in this area,” says Citadele board member Santa Purgaile. “One of the largest farms in Latgale, Kotini, opened a new grain cleaning system and a rebuilt warehouse in the Vilaka Administrative District, while SIA Seces Koks quite recently opened a cogeneration plant. We are prepared to offer more financing to companies in Latvia this year than we did last year. Our priorities in terms of lending include agricultural and industrial manufacturing, trade and transport.”
The Citadele Index in the first quarter of 2013 rose above 50 points in all of Latvia’s regions – 53.66 points in Zemgale, 53.40 in Vidzeme, 53.28 in the Riga metropolitan area, 53.19 in Riga, 52.57 in Kurzeme, and 50.46 in Latgale. In comparison to the last quarter of last year, the index improved most rapidly in Latgale – by 2.4 points. It rose by 2.3 points in Vidzeme, 2 points in the Riga metropolitan area, 1 point in Zemgale, and 0.7 points in Riga. In Kurzeme, the value of the index diminished a bit – by 1.7 points.
The March 2013 study involved 750 corporate leaders from Latvian companies in various sectors and of various sizes.