Budget deficit 0.9% of GDP in 2013

Latvia's general government budget deficit at the end of 2013 was nearly €200m, equivalent to 0.9% of GDP, data released Tuesday from the Central Statistics Bureau (CSB) showed.

"The general government budget deficit at the end of 2013 comprised €199.6 million or 0.9 % of the Gross Domestic Product (GDP), and the general government consolidated gross debt comprised €8875.9 million or 38.2% of the GDP," the CSB said.

The 0.9% figure is only slightly worse than 2012's 0.8% of GDP figure and significantly better than previous years when Latvia was struggling to emerge from recession and striving to pay back early a €7.5bn loan from international lenders.

In 2010 the general government budget deficit was 8.2% of GDP, in 2011 it was 3.4% of GDP.

The improvement in the general government consolidated gross debt at nominal value at end of year has also been impressive, shrinking from 46.8% of GDP in 2010.

Several years of strong economic growth have played their part too, with Latvia's GDP totaling €23bn last year compared to just €18bn in 2010.

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