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Ceturtdiena 19.10.2017 | Name days: Drosma, Drosmis, Elīna
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FM: 2013 budget completion exceeded previous expectations

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUAccording to information compiled by the Latvian State Treasury, financial deficit of the 2013 state budget was EUR 128.4 million, which is EUR 31.9 million less than Finance Ministry’s initial estimate.

Last December’s labour tax results played an important role for results of the state budget. Last December’s revenue of the aforementioned tax was 16% higher than usual. This was largely because of timely paid wages and timely made deductions to the state budget. It should be said that although annual tax collection growth rates remain positive, growth rates of 2013 were nearly twice as slow as those of 2012 and 2011, as reported by Finance Ministry.

Higher labour tax revenue last December provided for a lower state special budget deficit (EUR 57.9 million) and lower deficit for municipal budgets (EUR 119.9 million). 2013 for the state budget concluded with a surplus of EUR 70.2 million, which complies with the amount that was previously estimated. It was even better than the result planned for the state budget of 2013 (EUR 111.2 million).

‘It was previously estimated that the rise of budget expenses of 2013 would exceed that of revenue. 2013 also marked a more rapid rise of expenses in basic functions in the state budget and municipal budgets, where this trend is more apparent. 2013 also marked a rise of expenses in such categories like social security, payments to the EU budget and subsidies for public transport carriers. All this resulted an a rise of state budget expenses. At the same time, low-interest rate loan transactions performed for the refinancing of the state debt allowed the government to retain state debt interest rates at the level of 2012,’ – ministry explains.

State and municipal budget expenses for EU fund projects did not exceed the level of expenses of 2012. Nevertheless, these financing initiatives still form the bulk of the budget.

In regard to development of municipalities, two loans worth EUR 212.7 million were provided from the state budget in 2013. Municipalities actively used the provided opportunity to fund different important investment projects. It is only logical that this increased municipalities’ expenses, the ministry reports.

Finance Ministry expects the balance of 2013 government budget will not have exceeded the level of 2012 (-1.3% of GDP). However, official results may differ slightly. They will become available later on.

Ref: 102.109.109.3829


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