COFACE BALTIC TOP 50 2023

27 Lithuanian, 17 Estonian and 6 Latvian companies among the 50 largest in the Baltics

The number of Estonian companies is increasing, while the number of Lithuanian and Latvian companies is decreasing, according to the latest TOP-50 ranking of the largest companies in the Baltics, prepared annually by the international risk management company Coface. While the number of Lithuanian companies currently represents more than half of the list (27), a year ago the number was 28 and in 2021 it was 32. Conversely, the number of Estonian companies is growing year on year, with 17 on the list this year, 14 last year and 10 in 2021. Latvian companies remain the most modest, with only 6 in the ranking this year compared to 8 in previous years.

In his assessment of the economic environment, Grzegorz Sielewicz, Coface Economist for Central and Eastern Europe, points out that the economies of Lithuania, Latvia and Estonia have been severely affected by the consequences of Russia's invasion of Ukraine, which was launched by a neighbouring country. Consumer and industrial confidence has fallen, while higher commodity and input prices and significant supply chain disruptions have pushed inflation to record highs in a matter of months. The Baltic countries are set to record the highest inflation among EU Member States in 2022, with an annual average of 19.4% in Estonia, 18.9% in Lithuania and 17.2% in Latvia. Nevertheless, economic resilience has been relatively good, with only Estonia recording a contraction of -0.5% in 2022. The other Baltic countries experienced a slowdown, but their GDP growth was 3.4% in Latvia and 2.4% in Lithuania. Coface's assessment of the riskiness of the Baltic economies is rated A4 (Reasonable) for Lithuania and Latvia and slightly higher A3 (Satisfactory) for Estonia.

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