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Sunday 18.02.2018 | Name days: Kintija, Kora
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Overall government budget decreased in 2015

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUIn 2015, the general government budget deficit amounted to EUR 309.0 million or 1.3% of the gross domestic product (GDP), whereas the general government consolidated gross debt amounted to EUR 8 846.3 million or 36.3% of the GDP.

In 2015, the budget deficit amounted to EUR 309.0 million, which was EUR 60.4 million less than the year before. It decreased due to the surplus of EUR 79.9 million in the consolidated budget of local governments in contrast to the deficit worth EUR 51.0 million that was recorded in 2014, according to data from the Central Statistical Bureau of Latvia.

As compared to the previous period, the central government budget deficit has increased by EUR 18.6 million in 2015, reaching EUR 421.5 million.

Compared to the cash flow data indicated in the annual report of the Ministry of Finance, where the consolidated budget deficit of 2015 was indicated as EUR 373.5 million or 1.5% of the GDP, the budget deficit calculated by the CSB in accordance with the methodological requirements of ESA 2010 is EUR 64.5 million or 0.27% lower.

Adjustments have been made in accordance with the methodological requirements of ESA 2010 by excluding financial transactions from the government sector balance, neutralising the impact of EU funds and including data on companies that have been reclassified to the general government sector. Furthermore, requirements for debtors and obligations of creditors have been adjusted, as well as other corrections have been carried out.

In accordance with the requirements of Regulation (EC) No. 479/2009, the Notification on General Government Budget Deficit and Debt is submitted to the European Commission. The results of the notification are used for assessing how the EU Member States observe the compliance of the respective economic indicators with the criteria established by the Maastricht Treaty, that is, the ratio of the general government budget deficit to the GDP at current prices must not exceed 3.0 % and the ratio of the government debt to the gross domestic product at current prices must be no more than 60.0 %.

Ref: 102.109.109.6009


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