Gross debt in Latvia
The government gross debt refers to the total of all sums of money that have to be paid to other countries, communities or institutions. On the other hand not included in the gross debt are the demands of a country to foreign ones.The gross debt in Latvia in the period from 1998 to 2021 was between 637.4 million and 17.4 billion USD. The highest level of the last years at 17 billion US Dollar was reached in 2021. The budget deficit in the same year was 2.9 billion USD.
Based on the number of inhabitants, this is in Latvia a debt of 9,173 USD per person. For comparison: The average debt per person in the same year in the European Union was 33,674 USD.
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Gross debt of the last 23 years in billion USD
Year | Latvia total | Latvia per capita | EU per capita |
---|---|---|---|
1998 | 0.64 bn USD | 264 USD | 14,079 USD |
1999 | 0.96 bn USD | 403 USD | 14,032 USD |
2000 | 0.93 bn USD | 394 USD | 11,232 USD |
2001 | 1.17 bn USD | 500 USD | 11,255 USD |
2002 | 1.18 bn USD | 512 USD | 12,258 USD |
2003 | 1.60 bn USD | 697 USD | 15,286 USD |
2004 | 2.03 bn USD | 895 USD | 17,595 USD |
2005 | 2.04 bn USD | 911 USD | 18,327 USD |
2006 | 2.18 bn USD | 983 USD | 18,877 USD |
2007 | 2.65 bn USD | 1,205 USD | 20,898 USD |
2008 | 6.64 bn USD | 3,047 USD | 24,086 USD |
2009 | 9.64 bn USD | 4,501 USD | 25,361 USD |
2010 | 11.34 bn USD | 5,407 USD | 26,496 USD |
2011 | 12.47 bn USD | 6,053 USD | 29,231 USD |
2012 | 12.04 bn USD | 5,916 USD | 28,174 USD |
2013 | 12.19 bn USD | 6,057 USD | 29,981 USD |
2014 | 13.06 bn USD | 6,550 USD | 30,648 USD |
2015 | 10.10 bn USD | 5,109 USD | 25,920 USD |
2016 | 11.34 bn USD | 5,787 USD | 26,262 USD |
2017 | 11.88 bn USD | 6,118 USD | 27,025 USD |
2018 | 12.77 bn USD | 6,628 USD | 28,454 USD |
2019 | 12.59 bn USD | 6,579 USD | 27,178 USD |
2020 | 14.57 bn USD | 7,666 USD | 30,798 USD |
2021 | 17.43 bn USD | 9,173 USD | 33,674 USD |
Comparison of the gross debt per capita with the European Union in Euro
Budget deficit in Latvia
The budget deficit of a country is the result of all its claims and liabilities. This includes incomes and expenses, repayments and building of new debts in other countries, but also domestic positions of the government, such as social insurances, local authorities and communities. It is the financial balance of the economic accounts. In simple terms: If a country at the end of the year has more money, than at at the beginning, it is a surplus - it is less, it is called deficit.The budget balance in Latvia in the period between 1998 and 2021 varied between -2.86 bn Euro and +6.09 m Euro. In 2021 was reached a balance of -3 bn Euro.
In ratio to population, this equals a new indebtedness of 1,503 Euro per capita in Latvia only in 2021. For comparison, the average debt per capita in the European Union was in the same year at 1,786 Euro.
Budget deficit and surplus in the last 23 years
Year | Latvia total | Latvia per capita | EU per capita |
---|---|---|---|
1998 | 2.00 M USD | 1 USD | -398 USD |
1999 | -280.20 M USD | -117 USD | -204 USD |
2000 | -217.23 M USD | -92 USD | 112 USD |
2001 | -161.83 M USD | -69 USD | -299 USD |
2002 | -214.18 M USD | -93 USD | -565 USD |
2003 | -183.82 M USD | -80 USD | -840 USD |
2004 | -149.64 M USD | -66 USD | -920 USD |
2005 | -73.65 M USD | -33 USD | -822 USD |
2006 | -105.72 M USD | -48 USD | -568 USD |
2007 | -159.39 M USD | -72 USD | -360 USD |
2008 | -1,534.34 M USD | -705 USD | -1,085 USD |
2009 | -2,519.15 M USD | -1,176 USD | -2,021 USD |
2010 | -2,048.74 M USD | -977 USD | -1,970 USD |
2011 | -1,173.46 M USD | -570 USD | -1,462 USD |
2012 | -400.47 M USD | -197 USD | -1,220 USD |
2013 | -369.48 M USD | -184 USD | -1,027 USD |
2014 | -496.99 M USD | -249 USD | -852 USD |
2015 | -388.55 M USD | -196 USD | -577 USD |
2016 | 6.09 M USD | 3 USD | -423 USD |
2017 | -234.98 M USD | -121 USD | -263 USD |
2018 | -289.70 M USD | -150 USD | -139 USD |
2019 | -194.79 M USD | -102 USD | -197 USD |
2020 | -1,504.62 M USD | -792 USD | -2,313 USD |
2021 | -2,856.93 M USD | -1,503 USD | -1,786 USD |
(negative numbers = deficit)