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Friday 23.02.2018 | Name days: Haralds, Almants
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FM: financing from EU funds provided 4.5% for GDP growth rate

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The realization of projects of the European Social Fund (ESF), European Regional Development Fund (ERDF) and Cohesion Fund (CF) was provided 94.4% of the total available co-funding amount of the EU funds (3.18 billion LVL).

Payments worth 57% of the total available EU fund money were provided for Latvia’s state budget for the realization of those projects, as well as 52.2% of payments from the European Commission (EC), Finance Ministry reports.

In terms of the total volume of payments from the EC, Latvia ranks the 4th among new EU member states. However, in terms of payments from ESF, Latvia is on the 1st place among all EU member states. The fact that social rehabilitation, general and professional education, business environment improvement, healthcare, energy and transport industries’ EU monitoring indexes exceed expectations is a very good thing, the ministry notes.

In order to make sure Latvia uses the investments that were made available to the country in 2007-2013, it is planned to pay 493.6 million LVL to funding recipients in 2013.

In regard to other financial instruments: six of seven European Economic Area and Norwegian Financial instruments for 2009-2014 period were approved for Latvia’s programs before 2012. The last program was approved in early 2013. These programs will bring Latvia a total amount of additional funding worth 53 million LVL by 2017.

Latvia had the most rapidly growing economy within the EU in the last quarters of 2012. In comparison to the analogous period of 2011, Latvia’s GDP had increased by 5.6% in the first three quarters of 2012. An assessment of the influence of EU funds shows that Latvia’s economic growth was largely supported by the EU funds in 2012. Statistical data suggests that Latvia’s GDP growth would have been short of 4.5% without investments from EU funds in 2012.

An annual social survey was carried out last November in order to collect the thought of the people about their knowledge of EU funds. According to the results, 79.4% of respondents praise the support provided to Latvia’s national economy by EU funds.

Ref: 102.109.109.6608


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