Latvia's Economic and Financial Outlook
Fiscal Sustainability Remains Top Priority
Prudent fiscal management has produced small budget deficits well below the EU-28 average over the past 7 years.
Priority is being given to improving the quality of spending and alignment between programs and policy goals.
General Government Budget Balance (% of GDP)
Budget Balance (2018, % GDP)
2012
2013
2014
2015
2016
0.1
2017
2018
2019
2020
-1.2
-1.2
-1.4
-1.4
-1.7
-2.3
-2.9
-3.3
-4.3
-0.6
-0.6
-0.5
-0.4
-1.0 -1.0
-1.0
-1.0
■Latvia ■ EU-28
Source: Eurostat, AMECO, Latvia's Stability Programme 2019-2022
Spending Review Results
(EUR, Million)
7.7
43.6
9.2
24.5
2019
2020
■Resources to common government priorities
■Internal resources for own sectoral priorities
Source: Ministry of Finance
21
- 1.0
EU-28: (-0.6%)
France
Latvia
Belgium Finland
Estonia
Austria
Czech
AA/Aa2/AA A/A3/A- AA/Aa3/AA- AA+/Aa1/AA+ AA-/A1/AA- AA+/Aa1/AA+ AA-/A1/A+
Source: Eurostat
2019 Budget: Expenditure for priorities (EUR million)
29.2
2019
2020
22.5
Implementation of the Moneyval Plan
• Implementation of the provisions of the Diaspora
Law
• Assessment of the functions of the judicial
authorities
• Availability of medicine for rare disease patients
22.8
2021
•
•
Source: Ministry of Finance
Improving the quality of long-term social care
service
Development of special care allowance for children
and adults with disabilities
Implementation of administrative-territorial reform
Support for non-governmental organisationsView entire presentation