Press Release

General government budget deficit amounts to 214.3 million euros

Results of the October 2019 Notification on General Government Budget Deficit and Debt1 compiled by the Central Statistical Bureau (CSB) in line with the methodology of the European System of Accounts (ESA 2010) show that, in 2018 general government budget deficit accounted for EUR 214.3 million or 0.7 % of the Gross Domestic Product (GDP) and general government consolidated gross debt at the end of 2018 amounted to EUR 10.6 billion or 36.4 % of the GDP.

Main indicators of the October 2019 Notification on General Government Budget Deficit /Surplus and Debt

 

2015

2016

2017

2018

Budget deficit (-) / Surplus (+), million EUR

General government

-331.5

16.1

-139.9

-214.3

Central government

-447.4

-15.4

-196.8

-292.7

Local governments

79.5

56.1

-33.6

-167.8

Social security fund

36.4

-24.6

90.5

246.2

General government consolidated gross debt at nominal value at end of year, million EUR

8 953.3

10 091.6

10 352.4

10 600.6

As % of GDP

General government budget deficit (-)

-1.4

0.1

-0.5

-0.7

General government consolidated gross debt at nominal value at the end of year

36.7

40.3

38.6

36.4

 

Compared to the cash flow data indicated in the Annual Report of the Ministry of Finance, where the consolidated budget deficit of 2018 was indicated as EUR 215.4 million, budget deficit calculated by the CSB in accordance with the methodological requirements of ESA 2010 is smaller by EUR 1.1 million.

In accordance with the methodological requirements of ESA 2010, some revisions were made to the general government sector data: financial transactions were excluded from the government sector balance, the impact of EU funds was neutralised and the data on companies reclassified to the general government sector were included, requirements for debtors and obligations of creditors were adjusted.

Previously published data on general government sector were adjusted, taking into account recommendations of the statistical office of the European Union Eurostat – adjustments affect investment of central and local governments in enterprises from 2015 until 2017, as well as debt reclassification in 2017. Also, adjustment of EU funds to local governments was specified for 2017 and 2018. 

As compared to 2017, the general government consolidated gross debt in 2018 grew by EUR 248 million or 2.4 % and comprised EUR 10.6 billion.

Calculations of the October 2019 Notification are based on the data of the Ministry of Finance, the Treasury, State Social Insurance Agency, CSB, Riga City Council, Central Finance and Contracting Agency and institutions involved in the administration of foreign funds.

Information on the results of the October 2019 notifications of all EU Member States will be published by Eurostat on October 21.

More information regarding the Notification on General Government Budget Deficit and Debt is available in the CSB website, in section Government Finances

 

1In 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 twice a year – by 1 April 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 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 %.

 

Media requests:
Communication Section
E-mail:
media@csb.gov.lv
Phone: +371 67366989 , +371 27880666

More information on data:
Vija Veidemane

Government Finances Section
E-mail: Vija.Veidemane@csb.gov.lv
Phone: +371 67366963

 

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