
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
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 | 25,918 USD |
2016 | 11.34 bn USD | 5,787 USD | 26,261 USD |
2017 | 11.88 bn USD | 6,118 USD | 27,024 USD |
2018 | 12.77 bn USD | 6,628 USD | 28,448 USD |
2019 | 12.59 bn USD | 6,579 USD | 27,168 USD |
2020 | 14.57 bn USD | 7,666 USD | 30,783 USD |
2021 | 17.43 bn USD | 9,251 USD | 33,695 USD |
Comparison of gross debt per capita with the European Union in U.S. dollars
Budget deficit in Latvia

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
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 | -2,312 USD |
2021 | -2,856.93 M USD | -1,516 USD | -1,787 USD |
(negative numbers = deficit)