The Economic Environment of the Media Market in the Baltics 2023

In 2023, the Baltic countries faced significant economic challenges. Latvia and Lithuania both experienced a GDP decline of -0.3%, while Estonia's GDP contracted by -3%. High inflation rates were a common issue, with Latvia at 9.1%, Lithuania at 8.7%, and Estonia also at 9.1%.

This economic downturn, coupled with high inflation, particularly impacted consumer spending and advertising budgets. The aftermath of Russia’s invasion of Ukraine further exacerbated these issues, leading to cautious spending by both consumers and businesses. Despite these economic challenges, unemployment rates remained relatively stable across the region, indicating a resilient labor market amidst broader economic difficulties. In Estonia, more women were unemployed (6.7%) compared to men (6.2%), whereas in Latvia and Lithuania, the opposite was observed, with higher male unemployment rates.