Budget, Financial Services, Latvia, Taxation
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Thursday, 28.03.2024, 09:15
Latvia records its largest budget surplus yet – 678 mln euros
In the seven months of 2018, budget revenue totaled 6.49 bln euros and
expenditure 5.82 bln euros.
The record-high budget surplus was achieved primarily thanks to a 15.7% rise
in budget revenue from the first seven months of 2017. Money flew into the
Latvian budget for EU-funded projects and as the Cohesion Fund’s final
investment support for the programming period 2007-2013.
Non-tax budget revenue also grew significantly as Latvenergo power utility paid dividends from its 2017 profit.
The largest surplus, worth 634.9 mln euros was accumulated in the central
government consolidated budget. Compared to the first seven months of 2017, it
grew by 435.1 mln euros. At the same time, the surplus in the local government
budget contracted by 50.6 mln euros from the first seven months of 2017 to 43.3
mln euros in January-July 2018.
Tax revenues beat the seven-month target by 0.3% or 15.6 mln euros, the
Finance Ministry said.