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
| 2013 | 2014 | 2015 | 2016 | 2017 | |
|---|---|---|---|---|---|
| Fiscal Balance (% of GDP) | -1.2 | -1.5 | -1.4 | 0.1 | -0.5 |
Latvia Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 0.55 | 0.0 % | Jun 30 |
| Exchange Rate | 1.12 | 0.65 % | Mar 11 |
| Stock Market | 985 | 0.17 % | Mar 11 |
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Economic News
Latvia: Industrial production contracts in January
March 5, 2019
According to Latvia’s Central Statistical Bureau, industrial output fell 1.8% in working day-adjusted year-on-year terms in January, compared to a strong 4.5% expansion in December.
Latvia:
March 1, 2019
According to comprehensive national accounts data released by the Statistical Institute on 1 March, economic growth reached 5.1% on an annual basis in the final quarter of 2018 (previously reported: +5.0% year-on-year), accelerating from the third quarter’s revised 4.5% expansion (previously reported: +4.8% yoy).
Latvia: Inflation increases in January
February 20, 2019
Consumer prices rose 0.5% from the previous month in January, following December’s 0.4% dip.
Latvia: Industrial production rebounds in December
February 4, 2019
According to Latvia’s Central Statistical Bureau, industrial output jumped 4.5% in working day-adjusted year-on-year terms in December, compared to a 0.6% contraction in November.
Latvia: Growth picks up in the fourth quarter
January 30, 2019
According to a flash estimate released by the Statistical Institute on 30 January, the economy expanded 5.0% in year-on-year terms in the fourth quarter of 2018, up slightly from the third quarter’s sturdy 4.8% increase.
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