Fiscal Balance in Latvia
Latvia - Fiscal Balance
Latvia reduces fiscal deficit ahead of EU-IMF schedule
On 8 June, the European Commission (EC) and the International Monetary Fund (IMF) approved the next loan program agreement with Latvia. This was part of the bailout the country secured two years ago, which allows the country to borrow up to EUR 100 million (USD 146 million). However, owing to the better-than-expected financial and fiscal position, the government decided not to borrow the agreed amount. In fact, in the fourth review under the Stand-by Arrangement, the IMF praised the government's strong spending discipline, which reduced the fiscal deficit to 7.7% of GDP in 2010, well below the 8.5% of GDP target. In addition, authorities anticipate that, on the back of the strong austerity measures adopted by the government in its December budget, this year's fiscal deficit will shrink below 4.5% of GDP. The unused funds are to be transferred to the next tranche, which will be released before the assistance expires on 19 January of 2012. Meanwhile, on 6 June, credit agency Moody's upgraded Latvia's credit outlook from stable to positive, citing the country's ongoing recovery, the consolidation of its public finances, as well as its progress towards meeting the criteria necessary in order to join the euro area.
Latvia - Fiscal Balance Data
| 2014 | 2015 | 2016 | 2017 | 2018 | |
|---|---|---|---|---|---|
| Fiscal Balance (% of GDP) | -1.4 | -1.4 | 0.1 | -0.5 | -0.7 |
Latvia Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 0.55 | 0.0 % | Jun 30 |
| Exchange Rate | 1.12 | 0.65 % | Dec 31 |
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Economic News
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Latvia: Inflation ticks down in January
February 11, 2020
Consumer prices fell 0.4% from the previous month in January, on the heels of December’s 0.2% decrease.
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Latvia: Industrial output contracts at the sharpest rate in nearly six years in December
February 3, 2020
Industrial production fell 3.2% in annual working-day adjusted terms in December, contrasting November’s marginal 0.1% uptick.
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Latvia: Growth dips to over three-year low in Q4 2019
January 31, 2020
Annual GDP growth slumped to 1.1% in the final quarter of 2019, according to preliminary national accounts data released by Latvia’s Statistical Institute on 31 January.
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Latvia: Inflation rises in December
January 10, 2020
Consumer prices fell 0.2% from the previous month in December, following November’s 0.3% decrease.
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Latvia: Industrial output contracts in November
January 3, 2020
Industrial production fell 0.2% in annual working-day adjusted terms in November, contrasting October’s 3.0% expansion.
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