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Saturday 23.09.2017 | Name days: Vanda, Veneranda, Venija
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Latvia's budget deficit of 2014 turns out lower than planned

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUAccording to statistical data from Latvian State Treasury, Latvia’s base budget and special budget deficit was EUR 308.3 million last year, which is EUR 44.2 million lower than what is stated in the approved annual plan.

Similar to previous years, there had been an increase in expenses in December 2014 in comparison with other months. A detailed analysis of budget expenses of 2014 shows that base budget expenses had been 3% lower than planned, as reported by Latvian Finance Ministry.

Operative general budget tax revenue for 2014 is positive, because the annual plan was exceeded. Tax revenue rates became slower in the second half of the year. However, the negative impact of the economic situation was largely negated by effective tax administration and good completion in different tax sectors. Thanks to the increase of average wages, which had a positive impact on retail trade turnover, operative completion of this tax sector is considered the most successful, as reported by the ministry.

In accordance with Saeima Budget and Finance Committee’s approved appropriation for 2014, additional funding was allocated to multiple areas of national importance, such as financial support to Latvian farmers worth a total of EUR 8 million in order to provide assistance to producers that had been impacted by the Russian embargo.

There had been a significant increase in expenses in regard to the use of EU funds last year. At the end of November, the Economy Ministry had carried out division of EUR 24.6 million for the realization of projects launched with help from the European Regional Development Fund. In December, there was an appropriation of EUR 15.6 million for the realization of projects launched with assistance from the European Cohesion Fund. Agriculture Ministry was provided with EUR 17.9 million in order to provide direct payments to farmers. An additional amount of EUR 18.2 million was provided to cover advance payments, because the work day of January 2nd was moved to January 10th. This allowed the government to pay pensions to pensioners who are usually paid at the beginning of the month. It is also worth mentioning that the end of 2014 also market numerous public procurements and service contracts, which led to the increase of expenses at the end of the year.

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