household debts in Latvia

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. 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 a debt of 9,251 USD per person. For comparison, the average debt per person in the same year in the European Union was 33,695 USD.

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Gross debt of the last 23 years in billion USD

YearLatvia totalLatvia per capitaEU per capita
19980.64 bn USD264 USD14,079 USD
19990.96 bn USD403 USD14,032 USD
20000.93 bn USD394 USD11,232 USD
20011.17 bn USD500 USD11,255 USD
20021.18 bn USD512 USD12,258 USD
20031.60 bn USD697 USD15,286 USD
20042.03 bn USD895 USD17,595 USD
20052.04 bn USD911 USD18,327 USD
20062.18 bn USD983 USD18,877 USD
20072.65 bn USD1,205 USD20,898 USD
20086.64 bn USD3,047 USD24,086 USD
20099.64 bn USD4,501 USD25,361 USD
201011.34 bn USD5,407 USD26,496 USD
201112.47 bn USD6,053 USD29,231 USD
201212.04 bn USD5,916 USD28,174 USD
201312.19 bn USD6,057 USD29,981 USD
201413.06 bn USD6,550 USD30,648 USD
201510.10 bn USD5,109 USD25,918 USD
201611.34 bn USD5,787 USD26,261 USD
201711.88 bn USD6,118 USD27,024 USD
201812.77 bn USD6,628 USD28,448 USD
201912.59 bn USD6,579 USD27,168 USD
202014.57 bn USD7,666 USD30,783 USD
202117.43 bn USD9,251 USD33,695 USD

Comparison of gross debt per capita with the European Union in U.S. dollars

      Latvia       European Union

Budget deficit in Latvia

household debts in LatviaThe 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 insurance, 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. If it is less, it is called a deficit.

The budget balance in Latvia in the period between 1998 and 2021 varied between -2.86 billion euros and +6.09 million euros. In 2021, Latvia reached a balance of -3 billion euros.

In ratio to population, this equals a new indebtedness of 1,516 euros per capita in Latvia in 2021. For comparison, the average debt per capita in the European Union in the same year was 1,787 euros.

Budget deficit and surplus in the last 23 years

YearLatvia totalLatvia per capitaEU per capita
19982.00 M USD1 USD-398 USD
1999-280.20 M USD-117 USD-204 USD
2000-217.23 M USD-92 USD112 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
20166.09 M USD3 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-2,312 USD
2021-2,856.93 M USD-1,516 USD-1,787 USD

(negative numbers = deficit)
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