General government budget deficit at 1.5% of GDP in 2014
General government budget deficit at the end of 2014 amounted to EUR 366.1 mln or 1.5% of Gross Domestic Product (GDP). General government consolidated gross debt reached EUR 9 625.7 mln or 40.6 % of GDP, according to the results of October 2015 general government budget deficit and debt notification1 compiled by the Central Statistical Bureau (CSB), which has been drawn up in line with the methodology of the European System of Accounts (ESA 2010).
October 2015 general government budget deficit and debt notification: main indicators
Budget deficit (-)/ surplus (+), mln EUR
Social security fund
General government consolidated gross debt at nominal value at end of year, mln EUR
Gross domestic product at current prices, mln EUR
As % over GDP
General government budget deficit (-)
General government consolidated gross debt at nominal value at end of year
Compared to the data of cash flow indicated in the annual report of the Ministry of Finance where consolidated budget deficit in 2014 was EUR 397.3 mln or 1.7% of GDP, budget deficit calculated by the CSB in accordance with the methodological requirements of ESA 2010 is EUR 31.2 mln less.
According to the methodological requirements of ESA 2010, adjustments were made in order to comply with the accrual principle in the calculations, financial transactions were excluded from government sector balance, impact of the EU funds was neutralised, data of companies reclassified to general government sectors were included, requirements of debtors and obligations of creditors were adjusted, as well as other adjustments were carried out.
The previously published general government budget deficit and debt data on the previous years have been recalculated taking into account the methodological improvements proposed by Eurostat, the statistical office of the European Union, during a dialogue visit in May 2015. The greatest impact on the recalculation results was put by inclusion of non-refundable payments of the Maintenance Guarantee Fund in government expenditure, reflecting of auctions for the rights of use of radio frequency spectrum band in government revenue, adjustments for repayment of European Union funds.
General government budget deficit by subsector in 2011 - 2014, % of GDP
For the calculation of October 2015 notification data from the Ministry of Finance, the Treasury, the State Social Insurance Agency, the CSB, Riga Council and institutions involved in administration of foreign funds were used.
Eurostat, the statistical office of the European Union, will release information on the results of the October 2015 notification in all EU Member States on 21 October.
More information on General Government Budget Deficit and Debt Notification is available in the CSB database section Government Finances.
1In accordance with the requirements of Regulation (EC) No 479/2009, general government budget deficit and debt notification is submitted to the European Commission twice a year – by 1 April 1 and 1 October. 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 planned and actual general government budget deficit to gross domestic product (GDP) at current prices must not exceed 3.0% and the ratio of government debt to gross domestic product at current prices must not be more than 60.0%.
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