Gross debt in Latvia

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 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

(negative numbers = deficit)