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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 2020 was between 637.4 million and 14.6 billion USD. The highest level of the last years at 15 billion US Dollar was reached in 2020. The budget deficit in the same year was 1.5 billion USD.

Based on the number of inhabitants, this is in Latvia a debt of 7,661 USD per person. For comparison: The average debt per person in the same year in the European Union was 30,780 USD.


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Gross debt of the last 22 years in billion USD




YearLatvia totalLatvia per capitaEU per capita
19980.64 bn USD264 USD12,387 USD
19990.96 bn USD403 USD12,342 USD
20000.93 bn USD394 USD9,877 USD
20011.17 bn USD500 USD9,894 USD
20021.18 bn USD512 USD10,773 USD
20031.60 bn USD697 USD13,433 USD
20042.03 bn USD895 USD15,459 USD
20052.04 bn USD911 USD16,095 USD
20062.18 bn USD983 USD16,570 USD
20072.65 bn USD1,205 USD18,334 USD
20086.64 bn USD3,047 USD21,119 USD
20099.64 bn USD4,501 USD22,222 USD
201011.34 bn USD5,407 USD26,496 USD
201112.47 bn USD6,053 USD29,231 USD
201212.04 bn USD5,916 USD28,064 USD
201312.19 bn USD6,057 USD29,836 USD
201413.06 bn USD6,550 USD30,512 USD
201510.10 bn USD5,109 USD25,813 USD
201611.34 bn USD5,787 USD26,165 USD
201711.88 bn USD6,118 USD26,931 USD
201812.77 bn USD6,628 USD28,362 USD
201912.59 bn USD6,579 USD27,095 USD
202014.57 bn USD7,661 USD30,780 USD


Comparison of the gross debt per capita with the European Union in Euro



      Latvia       European Union


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 2020 varied between -2.52 bn Euro and +43.17 m Euro. In 2020 was reached a balance of -1.52 bn Euro.

In ratio to population, this equals a new indebtedness of 798 Euro per capita in Latvia only in 2020. For comparison, the average debt per capita in the European Union was in the same year at 2,353 Euro.


Budget deficit and surplus in the last 22 years

YearLatvia totalLatvia per capitaEU per capita
19982.00 M USD1 USD-350 USD
1999-280.20 M USD-117 USD-180 USD
2000-217.23 M USD-92 USD98 USD
2001-161.83 M USD-69 USD-263 USD
2002-214.18 M USD-93 USD-496 USD
2003-183.82 M USD-80 USD-738 USD
2004-149.64 M USD-66 USD-808 USD
2005-73.65 M USD-33 USD-722 USD
2006-105.72 M USD-48 USD-499 USD
2007-159.39 M USD-72 USD-315 USD
2008-1,534.34 M USD-705 USD-951 USD
2009-2,519.15 M USD-1,176 USD-1,771 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-1,196 USD
2013-369.48 M USD-184 USD-1,012 USD
2014-496.99 M USD-249 USD-846 USD
2015-388.55 M USD-196 USD-573 USD
201643.17 M USD22 USD-423 USD
2017-238.14 M USD-123 USD-261 USD
2018-276.35 M USD-143 USD-136 USD
2019-194.90 M USD-102 USD-192 USD
2020-1,516.96 M USD-798 USD-2,353 USD


(negative numbers = deficit)
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