Budget, Financial Services, Good for Business, Latvia
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Saturday, 20.04.2024, 10:00
Latvia records its largest budget surplus yet - EUR 678 mln
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In the seven months of 2018, budget revenue totaled EUR 6.49
bn and expenditure EUR 5.82 bn.
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 EUR 634.9 mln was accumulated in
the central government consolidated budget. Compared to the first seven months
of 2017, it grew by EUR 435.1 mln. At the same time, the surplus in the local
government budget contracted by EUR 50.6 mln from the first seven months of
2017 to EUR 43.3 mln in January-July 2018.
Tax revenues beat the seven-month target by 0.3 % or EUR 15.6 mln, the Finance Ministry said.
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