General Government Budget Deficit in 2012 has dropped to 1.3 % of GDP
General government budget deficit at the end of 2012 comprised LVL 203.3 (EUR 289.3) million or 1.3 % of the Gross Domestic Product (GDP), and the general government debt comprised LVL 6,305.8 (EUR 8,972.4) million or 40.6 % of GDP, according to the results of the October 2013 general government budget deficit and debt notification  compiled by Central Statistical Bureau (CSB), which has been made in line with the methodology of European System of Accounts ESA’95.
October 2013 general government budget deficit and debt notification: main indicators
Budget deficit (-)
|-1 276.9||-1 040.7||-508.6||-203.3|
|-1 816.8||-1 480.8||-723.6||-289.3|
|Social security fund|
|General government consolidated gross debt at nominal value at end of year|
|4 826.1||5 682.1||5 974.4||6 305.8|
|6 866.9||8 084.9||8 500.8||8 972.4|
|Gross domestic product at current prices|
|13 070.4||12 784.1||14 275.2||15 519.8|
|18 597.6||18 190.2||20 311.8||22 082.6|
|As % over GDP|
|General government net borrowing (-)||-9.8||-8.1||-3.6||-1.3|
|General government consolidated gross debt at nominal value at end of year||36.9||44.4||41.9||40.6|
In the calculation of notification data compiled by the Ministry of Finance, according to the national legislation on the budget and finance management, are used, which show that in 2012 general government sector budget surplus was LVL 27.0 (EUR 38.4) million or 0.2% of GDP.
But, adjustments made accordingly methodology requirements of European System of Accounts ESA’95, which require following accumulation, not money flow, principle in the calculations of government statistics area, to exclude financial transactions from government sector balance, show budget deficit instead of budget surplus.
Main negative adjustments are related to government investment in financial institutions and enterprises, inclusion of balance of enterprises controlled and financed by central and local governments reclassified to general government in data, as well as neutralization of impact of the EU funds.
 In compliance with the requirements of Regulation EC No. 479/2009, the general government deficit and debt notification is submitted to the European Commission twice a year, by April 1 and October 1. 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 the gross domestic product (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 not be higher than 60.0%.
More detailed information is available in the CSB database.
Government Finances Section
Phone: +371 67366963
Statistics by theme
- General Statistics
- Economy and Finances
- Population and Social Processes
- Industry, Construction, Housing, Trade and Services, Structural Business Statistics
- Transport and Tourism
- Foreign Trade
- Agriculture, Forestry and Fishing
- Environment and Energy
- Science and Technology
- Population Census
- Agricultural Census
- Statistical Data on EU Countries
- Statistics of the 1920s – 1930s