Budget, Financial Services, Latvia

Compared to January 2011, budget revenue increased in all segments, whilst expenditures remained at the same level, pointed out Jarockis and added that positive state budget balance was recorded also in past Januarys, with the exception of January 2011, when there was a financial deficit of LVL 21.6 million, writes LETA.

State budget balance improved due to a considerably higher surplus in state master budget and a smaller deficit in social insurance budget. In January, state master budget surplus reached LVL 63.5 million, whilst social budget deficit – LVL 20.7 million. In 2011, the figures stood at LVL 2.2 million and LVL 23.8 million, respectively.

Budget revenue grew mostly due to higher tax proceeds – 16.8% or LVL 28.4 million higher than in January 2011, exceeding the projected figure by LVL 18.2 million or 10.2%.