Analytics, Budget, EU – Baltic States, Financial Services

In total, Latvia's budget situation was fifth best in the EU last year, as two other countries registered a budget surplus.

Latvia's budget deficit in 2013 was EUR 200 million, in comparison with EUR 186 million in 2012.

Luxembourg and Germany registered surpluses in their budgets last year – 0.6% and 0.1% respectively.

The lowest budget deficit last year was registered in Estonia – 0.5% of the GDP, Denmark – 0.7, Latvia, Bulgaria – 1.2%, Sweden, Czech Republic – 1.3%.

The largest budget deficit in 2013 was registered in Slovenia – 14.6, Greece – 12.2, Spain – 6.8%, and Great Britain – 5.8%.

In ten member states, budget deficit exceeded the EU's fixed 3% level.

Meanwhile, Lithuania's budget deficit in 2013 was at 2.6% of GDP.

When looking at all 28 EU members, budget deficit in 2013 has decreased to 3.2%, in comparison with 4.2% in 2012. But budget deficit in the eurozone last year shrunk to 2.9% of GDP, in comparison with 3.6% a year ago.

Meanwhile, the EU's overall debt amount last year increased to 85.4% of GDP, in comparison with 83.5% in 2012. The debt amount in the eurozone increased from 89% to 90.9%.

Latvia's national debt to GDP was at 38.2% last year, the fifth lowest in the EU. Latvia's debt last year made up EUR 8.876 billion, in comparison with EUR 9.013 billion in 2012.

The lowest amount of debt regarding the GDP last year was registered in Estonia – 10.1%, Bulgaria – 18.3%, Luxembourg – 23.6%, Latvia, Sweden – 38.6%, and Lithuania – 39%.

The highest level of debt was recorded in Greece – 174.9%, Portugal – 128%, Italy – 127.9%, and Ireland – 123.3%.

Last year, 16 countries exceeded the debt limit of 60% of the GDP, fixed for the EU countries.