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2016 budget will slow down Latvia's economic growth rate
BC, Riga, 30.09.2015.
Print version
Print versionThe 2016 budget project supported by the government today will slow down Latvia's economic growth rate, the board chairman of the Latvian Chamber of Commerce and Industry (LCCI) Janis Endzins emphasized during today's government meeting, reports LETA.
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Addressing government ministers, Endzins emphasized that the LCCI objects to proposals raising the labor tax, as this would slow down the country's economic growth rate.
According to the LCCI, the tax proposals supported in today's budget project should be reviewed and discussions must be launched on alternative proposals.
As reported, the government today supported the 2016 national budget bill, which projects revenue at EUR 7.37 bln., but expenditures at EUR 7.65 bln.
Compared to the 2015 budget, revenue is expected to increase by EUR 114.2 mln., but expenditures - by EUR 183.2 mln.
GDP in 2016 is projected at EUR 26.13 bln.
The permissible total budget deficit has been set at one percent of GDP.
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