Budget, Financial Services, Latvia, Legislation

International Internet Magazine. Baltic States news & analytics Tuesday, 23.10.2018, 07:04

President promulgates Latvia's 2018 budget and related bills

BC, Riga, 06.12.2017.Print version
President Raimonds Vejonis has promulgated Latvia's 2018 budget bill and related legislation. Santa Samite, a representative of the official gazette Latvijas Vestnesis, told LETA that the president promulgated 30 laws in total.

The budget bills have been published in Latvijas Vestnesis.


President Vejonis promulgated several of the budget-related bills already last week.

Saeima passed 30 bills as it decided on Latvia's 2018 budget on November 22 and 23: the budget law, the medium-term budget framework, 26 legislative amendments and two new laws.

In Latvia's 2018 budget, revenue is planned at EUR 8.75 billion and expenditure at EUR 8.95 million. The biggest increase is planned in allocations to health care, and the defense budget will be increased to 2% of GDP in line with the NATO requirement.

Revenue planned in the 2018 budget is by EUR 725 million higher than this year and expenditure will be by EUR 625 million higher.

The steepest rise in allocations next year will be for the priorities - health care, demographic situation, internal and external security and road maintenance.

Maximum government debt at the end of 2018 is planned at EUR 10.25 billion, and the GDP forecast for 2018 is EUR 28.3598 billion. The general government budget deficit next year will be at 1% of GDP.

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