Latvia's budget deficit at 7.3% of GDP in 2021

Provisional results published on April 21 compiled by the Central Statistical Bureau (CSB) show that in 2021 general government budget deficit accounted for EUR 2.4 billion or 7.3 % of the Gross Domestic Product (GDP).

General government consolidated gross debt amounted to EUR 14.7 billion or 44.8 % of the GDP.

General Government Budget Deficit or Surplus and Debt

 

2018

2019

2020

2021

Budget deficit (-) / Surplus (+), million EUR

General government

-245.3

-174.0

-1 317.3

-2 415.6

Central government

-300.0

-651.0

-1 395.3

-2 475.3

Local governments

-191.5

186.8

-25.2

-140.9

Social security fund

246.2

290.2

103.2

200.6

General government budget deficit as % of GDP

-0.8

-0.6

-4.5

-7.3

Consolidated gross debt at nominal value at the end of the year, million EUR2

 

 

 

 

General government

10 815.6

11 246.6

12 754.3

14 739.7

Central government

11 039.9

11 885.2

13 598.1

15 974.5

Local governments

1 926.9

2 023.4

2 100.4

2 226.0

General government consolidated gross debt

at nominal value at the end of the year as % of GDP

37.1

36.7

43.3

44.8

Under the impact of Covid-19 pandemic in 2021 general government expenditure, compared to 2020, rose by 16.0 % and reached EUR 14.8 billion, of which EUR 2.1 billion were expenditure on Covid-19 support measures for the national economy. Revenues increased by 8.2 % and reached EUR 12.4 billion.

As compared to operating cash flow data of the Treasury, where consolidated budget deficit in 2021 was EUR 1 825.3 million, budget deficit calculated by the CSB in accordance with the methodological requirements of European System of Accounts 2010 is EUR 590.4 million or 1.8 percentage points of GDP more.

Taking into account the increasing volume of borrowings affected by financing needed to reduce the consequences of Covid-19, in 2021, compared to 2020, general government debt has risen by EUR 2.0 billion and reached EUR 14.7 billion or 44.8 % of GDP.

 

Seen a mistake?

Select text and press Ctrl+Enter to send a suggested correction to the editor

Select text and press Report a mistake to send a suggested correction to the editor

Most important

Please be aware that the LSM portal uses cookies. By continuing to use this site, you agree that we may store and use cookies on your device. Find out more

Accept and continue