LV: Latvia complies with keeping the budget deficit below 8.5% in 2010.

By bne IntelliNews January 7, 2011
According to preliminary data by FinMin, in 2010 budget deficit amounted to about 7.3% of GDP. This complies with governments agreement with IMF and EC to keep the fiscal deficit below 8.5% in 2010. Earlier this week Treasury estimated that budget deficit was below LVL 1bn last year. To remind, consolidated state budget (government central and special budget, municipal central and special budgets and social security funds) posted a deficit of LVL 440mn (EUR 626mn) in Jan-Nov 2010. In November alone, budget deficit increased by LVL 90mn from LVL 350mn seen in Jan-Oct. To compare, a deficit of LVL 558mn was posted in Jan-Nov 2009, while in 2009 state budget deficit amounted to LVL 840 (EUR 1.2bn) or 6.8% of GDP. To remind, upon Latvian government's agreement with international lenders (IMF and EC), ESA 95 calculated budget deficit should not exceed LVL 600mn or 8.5% of GDP in 2010 and 6% of GDP in 2011.

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