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International Internet Magazine. Baltic States news & analytics Thursday, 28.03.2024, 23:17

EU Commission approves Latvia's and Lithuania's 2018 budget

BC, Riga, 23.11.2017.Print version
The European Commission has given a positive assessment of Latvia’s draft 2018 budget, saying that it is generally consistent with the Stability and Growth Pact (SGP), informs LETA.

Latvia is one of the six eurozone countries whose 2018 budget has been found to be in line with the pact’s requirements. The other five countries are Germany, Lithuania, Luxembourg, Finland and the Netherlands.

 

The European Commission’s Vice President Valdis Dombrovskis said that Latvia’s draft budget is in compliance with SGP rules. “It is good that corrective measures are being taken to reduce the negative effects of the tax reform, keeping the budget deficit at around 1% of SGP,” Dombrovskis said.

 

As regards five other countries – Estonia, Ireland, Cyprus, Malta and Slovakia – their budget plans have been found to be generally in line with SGP requirements for 2018, although their plans could result in slight departures from their medium-term budget targets.

 

The draft budgets of Belgium, Italy, Austria, Portugal and Slovenia contain risks of non-compliance with the SGP requirements for 2018 and their budget plans might cause significant departures from medium-term budget targets.

 

As reported, Latvia’s next year, Latvia’s budget revenues are expected to grow by EUR 725.11 million from this year to EUR 8.75 billion, and expenditures are projected to increase by EUR 624.82 million to EUR 8.95 billion.

 

The value of Latvia’s GDP is expected to reach EUR 28.359 billion next year, and the budget deficit is projected at 1% of GDP.






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