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 | -1.4 | -1.4 | 0.1 | -0.6 |
Latvia Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 0.55 | 0.0 % | Jun 30 |
| Exchange Rate | 1.13 | 0.65 % | Jul 11 |
| Stock Market | 1,024 | 0.17 % | Jul 11 |
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Economic News
Latvia: Inflation moderates in June
July 15, 2019
Consumer prices rose 0.4% from the previous month in June, up from May’s 0.2% increase.
Latvia: Industrial output rebounds in May
July 4, 2019
Industrial output rose 1.7% in working day-adjusted year-on-year terms in May, contrasting April’s 2.4% contraction.
Latvia: Industrial output tumbles in April
June 4, 2019
Industrial output dipped 2.4% in working day-adjusted year-on-year terms in April, contrasting March’s 1.5% increase.
Latvia: Growth sinks to an over two-year low in Q1
May 31, 2019
A second reading of national accounts data revealed that the economy grew at a slightly faster pace than previously estimated in the first quarter of the year.
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.
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