Analytics, EU – Baltic States, Latvia, Markets and Companies

Latvia displayed strongest growth not only among the Baltic countries but in the entire Central Europe – Latvian companies included in the list achieved average growth of 22% in 2011, compared to Central Europe's average figure of 9.8%, writes LETA.

The growth index for Lithuania was 6.6%, whereas Estonia recorded a 6% fall.

Deloitte business consulting practice's director Raimonds Kulbergs notes, however, that a reduction in the average growth pace in Central Europe last year will make future forecasts more modest.

The number of Latvian companies included in this year's rating remains unchanged, there are six companies altogether: Latvenergo (216th place), Rimi Latvia (400th), Maxima Latvija (402nd), "Elko" (420th), Latvijas Gaze (479th), and newcomer Uralchem Trading (200th). Statoil Latvija, which was ranked 492nd last year, is not listed this year.

Combined revenue of Central Europe's largest companies was EUR 707 billion in 2011, which is near the pre-crisis level in 2008. Regardless of the increasing revenues, the average net profitability has reduced 3.5%.

Data for the first quarter of 2012 show that the average level of revenue is constantly increasing, but the pace of the increase is slowing down. This trend may be suggesting that a new economic downturn is approaching.

Source: Deloitte

In 2011, increase in revenue was similar across all industries, but especially prominent in the construction sector as a result of preparations for the "Euro 2012" football championships in Poland. Manufacturing also recorded a significant increase, as well as energy and quarrying and mining industries.

On top of the list, there are PKN Orlen (Poland), MOL (Hungary) and Skoda (Czech Republic).