If the residents of Latvia choose local products more often instead of imported ones, the country's economy could gain an additional half a billion euros annually. This was stated by chief economist Karlis Purgailis.
According to available data, residents of the country spend about 2.9 billion euros a year on food, but products from Latvian producers account for only about 1.2 billion euros — less than half of the total volume.
Purgailis noted that purchasing local products helps keep money within the country's economy: businesses pay salaries, create jobs, and invest in development.
In his estimation, if at least one or two imported products out of every five were replaced with products from local producers, Latvia's economy could gain an additional 330 to 570 million euros a year. This would also create up to 13,000 new jobs and increase budget revenues by 78–136 million euros.
The economist emphasized that it is impossible to completely abandon imports, but even a small change in purchasing habits can significantly support the country's economy.
