Latvian government debt still low by EU standards

Latvia's levels of government debt remain well below those of most of its European Union peers according to Eurostat data published April 2.

After rising to 43.7 % of GDP during the Covid-affected year of 2021, Latvia's consolidated general government debt subsided to 40.8 % in 2022.

In the euro area the government debt to GDP ratio decreased from 95.5 % at the end of 2021 to 91.6 % at the end of 2022, and in the EU from 88.0 % to 84.0 %.

General government debt, 2021 and 2022
General government debt, 2021 and 2022

In parallel data, provisional results compiled by the Latvian Central Statistical Bureau (CSB) show that in 2022 the general government budget deficit amounted to EUR 1.7 billion or 4.4 % of gross domestic product (GDP), and, compared to 2021, it is EUR 677 million less.

The consolidated gross debt of the general government was 15.9 billion euros or 40.8% of GDP , and during the year it increased by 1.26 billion euros, even though when expressed as a percentage of GDP it fell (see above)  according to the preliminary data compiled by the Central Statistics Office.


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