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 % | May 13 |
| Stock Market | 1,017 | 0.17 % | May 13 |
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Economic News
Latvia: Industrial output rebounds in March
May 7, 2019
Industrial output increased 1.5% in working day-adjusted year-on-year terms in March, contrasting February’s 3.2% fall, which had marked the worst result in over five years.
Latvia: Growth decelerates in Q1
April 30, 2019
Growth decelerated to 2.8% in year-on-year terms in the first quarter of the year, down sharply from the previous quarter’s 5.1% increase and marking the weakest expansion since Q3 2016.
Latvia: Inflation inches down in March
April 15, 2019
Consumer prices rose 1.1% from the previous month in March, accelerating sharply from February’s 0.1% increase.
Latvia: Industrial production suffers sharpest contraction in over five years in February
April 8, 2019
According to Latvia’s Central Statistical Bureau, industrial output dropped 3.2% in working day-adjusted year-on-year terms in February, an over five-year low and a steeper decline than January’s 1.8% fall.
Latvia: Inflation ticks down in February
March 15, 2019
Consumer prices rose 0.1% from the previous month in February, moderating from January’s 0.5% increase.
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