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Tuesday 24.10.2017 | Name days: Renāte, Modrīte, Mudrīte
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State debt ratio in Latvia was the seventh lowest in EU last year

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUAt the end of 2016, Latvia’s state debt was the seventh lowest among European Union member states, according to data published by Eurostat on 24 April.

According to this data, the lowest state debt among EU member states was recorded in Estonia, where it was 9.5% of GDP. The second lowest state debt in 2016 was recorded in Luxembourg – 20% of GDP, followed by Bulgaria (29.5%), Czech Republic (37.2%), Romania (37.6%), Denmark (37.8%) and Latvia (40.1%). Lithuania’s state debt was slightly higher than Latvia’s – 40.2% of GDP.

In general, state debt in 16 EU member states exceeded 60% of GDP last year. The highest state debt was recorded in Greece (179% of GDP), Italy (132.6% of GDP), Portugal (130.4% of GDP), Cyprus (107.8%) and Belgium (105.9%), according to data.

The state debt in the EU declined to 83.5% last year when compared with 84.0% in 20155. In Eurozone, this decline was 89.2% from 90.3%. EU budget deficit declined from 2.4% of GDP in 2015 to 1.7% of GDP in 2016. In Eurozone, the decline was from 2.1% in 201 to 1.5% in 2016.

In Latvia, similar to Bulgaria, the state budget was balanced last year. Budgets of ten countries even formed a surplus: Luxembourg (+1.6% of GDP), Malta (+1% of GDP), Sweden (+0.9% of GDP), Germany (+0.8% of GDP), Greece (+0.7% of GDP), Czech Republic (+0.6% of GDP), Cyprus and Netherlands (+0.4% in both countries), as well as Estonia and Lithuania (+0.3% in both countries).

Other EU member states had budget deficit.

According to data from Eurostat, the lowest state budget deficit of last year was recorded in Ireland (-0.6%), Croatia (-0.8%) and Denmark (-0.9%). Budget deficit in four EU member states exceeded 3% of GDP in 2016: Spain (-4.5%), France (-3.4%), Romania and UK (-3% in both).

Ref: 225.109.109.5001


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