bnn.lv Latviski   bnn-news.com English   bnn-news.ru По-русски
Ceturtdiena 30.03.2017 | Name days: Nanija, Ilgmārs, Igmārs
LatviaLatvia

Latvia’s overall government state budget deficit and debt declined in 2015

FaceBook
Twitter
Draugiem
print
(No Ratings Yet)

Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUAt the end of 2015, the general government budget deficit at the accounted for EUR 306.2 million or 1.3 % of the Gross Domestic Product, and general government consolidated gross debt was EUR 8 871.7 million or 36.4 % of GDP.

As compared to the operating cash flow data of the State Treasury, where general government consolidated budget deficit in 2015 was EUR 372.3 million, general government budget deficit calculated by the Central Statistical Bureau of Latvia in accordance with the methodological requirements of ESA 2010 is EUR 66.1 million or 0.3 percentage points of GDP less.

The most significant adjustments with positive effect on general government budget decreased on the following : adjustments for balancing foreign financial aid flow of EUR 120.8 million or 0.5 % of GDP; adjustments to obligations against creditors (data of the State Treasury) – by EUR 50.1 million or 0.2 % of GDP; adjustments for exclusion of transactions of derived financial instruments (data of the Treasury) – by EUR 42.6 million or 0.2 % of GDP; adjustments between accrued and paid interest (data of the Treasury) – by EUR 27.4 million or 0.1 % of GDP; adjustments of expenditure on construction of the Southern Bridge (data of Riga City Council) – by EUR 22.1 million or 0.1 % of GDP.

At the same time also adjustments with negative effect on general government budget have been made (deficit increase): adjustments due to purchase of the State Revenue Service building from a private partner (data of the Ministry of Finance and the State Real Estate Agency) – by EUR 67.8 million or 0.3% of GDP; adjustments for claims against debtors (data of the Treasury) – by EUR 65.1 million or 0.3 % of GDP; tax adjustments using the time adjustment method (data of the Ministry of Finance) – by EUR 22.2 million or 0.1 % of GDP; adjustments due to government investments in enterprises (data of the Treasury) – by EUR 21.5 million or 0.1 % of GDP; adjustments of lump sum  payments for  pension schemes (data of the State Social Insurance Agency) – by EUR 19.2 million or 0.1 % of GDP.

In 2015, as compared to 2014, general government deficit decreased by EUR 59.8 million or 0.3 percentage points of GDP. As contrasted with the budget deficit of EUR 51.0 million in 2014, last year the local government subsector showed a budget surplus of EUR 92.6 million. The positive changes were promoted by the increase in revenues from personal income tax, reduction of capital expenditure, and improved financial results of the enterprises reclassified to the government sector. Compared to 2014, central government subsector budget deficit in 2015 grew by EUR 31.5 million or 0.1% of GDP. Since expenditure on social benefits increased due to legislative amendments, the budget surplus of the social security fund subsector decreased by EUR 52.2 million or 0.2 percentage points of GDP.

General government consolidated gross debt in 2015 dropped by EUR 744.6 EUR as compared to 2014. Debt reduction can be explained with the repayment of the loan to the European Commission in the amount of EUR 1.2 billion.

Ref: 102.109.109.9852


Leave a reply

Cooperation among EU member states in investigations of criminal cases to be improved

On Thursday, 30 March, Latvia’s Saeima supported amendments to the Criminal Process Law. These amendments provide for lifting obstacles for cross-border cooperation among European member states in investigations of criminal cases and introducing a single tool for acquiring evidence in member states.

Tele2 plans to open at least 60 new base stations in Latvia this year

Tele2 communications operator plans to build at least 60 new base stations across all of Latvia this year. A total of EUR 3 million is planned to be invested in this plan, the company reports.

Estonian entrepreneur succeeds in Crimean court against Russian Defence Ministry

Estonian entrepreneur has won a trial against the Russian Defense Ministry in a case, where his is defending rights to own real estate in the Russian-annexed Ukrainian peninsular of Crimea.

Agreement reached in regards to minimal wages in construction in Latvia

Latvian Free Trade Unions Association and Latvian Building Contractors Union have agreed on cooperation to reach an agreement on minimal wage levels in construction sector, as reported by LBAS representatives.

Estonian pork producers hope to recover from crisis in no less than three years

In the Estonian pork industry, the amount of pigs will not grow in 2017 and to retake the market share lost to imported produce, it would take no less than three years, a meatpacking firm evaluated.

Seventeen citizens of Vietnam caught trying to illegally cross Latvia’s state border

Seventeen citizens of Vietnam and five guides have been arrested for illegal attempts to cross Latvia’s state border, as reported by State Border Guard.

Circle K Latvia commences reconstruction work at first fuel station

Circle K Latvia has begun reconstruction work at the first fuel station to give it a Circle K look. The opening of the first official Circle K fuel station is planned for May 2017.

WHO: Measles outbreaks occurring in Europe

In countries, where the proportion of the population vaccinated against measles has dropped, the spread of the dangerous infectious disease has been seen with larger outbreaks in Italy and Romania.

Government supports increase of funding for five sports

Prime Minister Maris Kucinskis’ led Latvian National Sports Council has decided to ask the Cabinet of Ministers to review the matter of increasing funding for five sports - bobsleigh, skeleton, luge, biathlon and ice hockey.

Nobel award in literature to be finally handed to Bob Dylan

American singer-songwriter Bob Dylan, who was last year named the laureate of the prestigious Nobel Prize in literature, has agreed to accept his award in Stockholm this week.

Caksa asked to refrain from illegal attempts to influence trade union

A letter has been sent to Healthcare Minister Anda Caksa, asking her to refrain from any attempts to illegally influence decisions of trade unions to refuse working extended work hours, as reported by Latvian Health and Social Care Workers Union.

Kucinskis wants to see Citskovskis in charge of State Chancellery because he has «bright eyes»

One of the strongest characteristics of Interior Affairs Ministry’s deputy state secretary Janis Citskovskis, who is a candidate for the post of director of State Chancellery, is the ability to form a strong and capable team, Prime Minister Maris Kucinskis said in an interview to 900 seconds programme in LNT.

Latvia’s largest taxpayers to be awarded for the twentieth consecutive year

On 30 March, the State Revenue Service will host the Large Taxpayers award ceremony. The festive event will be attended by Finance Minister Dana Reizniece-Ozola, SRS Director General Ilze Cirule and cooperation partners. Awards and certificates will be handed out to the country’s largest taxpayers in twelve nominations.

International credit risk insurer upgrades Latvia’s business risk rating

International credit risk insurer Coface has upgraded Latvia’s business risk rating to A3.

Mixer in U.S. suggests allies should be consistent in their messages

As the Baltic states foreign ministers met with the Speaker of the U.S. House of Representatives, the head of the Estonian foreign service emphasised the significance of consistency and clarity in messages by allies.

Circus support association claims signatures For Human Circus are fake

Riga Circus Support Association has submitted a request to State Police, Corruption Prevention and Combating Bureau and Saeima speaker to commence a criminal process in relation to signatures submitted to the Saeima by Animal Freedom.

Nordea economists: fate of Baltic States – prosperity or undue expensiveness?

Economic growth rate continues to speed up and become more balanced in all three Baltic States. Thanks to more rapid cyclic growth in Eurozone than expected and limited influence of political uncertainty on the global economy, Nordea Bank’s economists predict 3% growth in Lithuania and Latvia, and 2.5% growth in Estonia.

Georgia pleased with new visa-free travel to EU

After four and a half years of negotiations with the European Union, visa-free travel has entered into force for Georgian nationals travelling to the Schengen area, which has been marked by the Prime Minister of the Caucasian country with a trip to Athens and Brussels in a group of students.

Rinkevics invites USA to maintain presence in Baltic region

Strategic partnership between Baltic States and USA in the field of security and defence should continue, says Latvian Foreign Affairs Minister Edgars Rinkevics, inviting USA to maintain its presence in the Baltic region.

Delna: a possible conflict of interests identified in Healthcare Ministry

A possible conflict of interests has been identified in Healthcare Ministry. This conflict remains unresolved, as reported by Delna.

Risky births in Swedish regions prompt government to ensure maternity ward funding

Reacting to reports on risky births in remote places in Sweden, the country’s government has earmarked funding that would maintain the operation of smaller maternity wards and reopen closed ones.

Deputies propose forming a new Public Media Council, preserving NEPLP as a regulator

In a discussion, deputies emphasized the role of an efficient public broadcasters management model in strengthening the media environment, BNN was informed by Saeima’s press-service.

KNAB officers confiscate documents from Jurmala City Council

Corruption Prevention and Combating Bureau confiscated certain documents from Jurmala City Council on Tuesday, 28 March, as confirmed by the city council.

Trump suspends series of anti-climate change measures

Although the U.S. is one of the largest contributors to greenhouse gas emissions globally, the country’s President Donald Trump has issued an executive order aimed at suspending measures introduced by his predecessor in the post hoping to slow down climate change.

Natural gas reserves to be created in Latvia for energy crisis situations

Latvian Cabinet of Ministers supports the plan to entrust the creation of natural gas reserves to Conexus Baltic Grid, as BNN was informed by Economy Ministry.