Public Debt in Latvia
Latvia - Public Debt
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 - Public Debt Data
|Public Debt (% of GDP)||37.3||40.9||39.3||37.2||36.9|
5 years of economic forecasts for more than 30 economic indicators.
|Bond Yield||0.55||0.0 %||Jun 30|
|Exchange Rate||1.12||0.65 %||Dec 31|
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November 10, 2022
Harmonized inflation came in at 21.7% in October, down from September’s 22.0%.
November 4, 2022
Industrial output dropped 3.7% in year-on-year terms in September, which followed August's 1.0% decrease.
Latvia: GDP records sharpest contraction since Q1 2021 in the third quarter according to preliminary data
October 28, 2022
According to a preliminary reading, GDP dropped 0.6% year on year in the third quarter, contrasting with the 2.9% expansion seen in the second quarter.
October 10, 2022
Harmonized inflation came in at 22.0% in September, which was up from August’s 21.4%.
October 4, 2022
Industrial production declined 0.3% year on year in August (July: -2.9% yoy).