In Q3 2022 Latvia’s general government budget deficit in proportion to the gross domestic product (GDP) was below the average in the European Union (EU), according to data for 23 EU member states published by Eurostat on Monday, the 23rd of January.
According to this data, Latvia’s state budget deficit was 2.2% of GDP in June-September period of 2022.
In Q3 budget deficit was registered in 17 EU member states. The highest budget deficit was in Romania (-6.3% of GDP), Hungary (-6.1%), Belgium (-5.1%), France (-4.7%), as well as Czech Republic and Poland (4.4% in both).
In Estonia budget deficit was 0.5% of GDP.
Budget surplus in this period was observed in Sweden (+0.3% of GDP), Netherlands (+0.4%), Denmark (+0.9%), Lithuania (+1%), Portugal (+1.3%) and Ireland (+3.1%).
Compared with Q2, budget balance worsened the most in Q3 in Austria (-4.1 percentage points), Poland (-3.7 percentage points), Romania (-3.2 percentage points) and Germany (-2.7 percentage points). In Lithuania and Estonia the budget situation worsened by 0.9 and 1.9 percentage points respectively. Budget balance improved in Slovakia (-0.2 percentage points), Finland (+0.5 percentage points), Latvia (+1 percentage point) and Ireland (+3.4 percentage point).
In Q3 the seasonally equalised general government budget deficit in the EU was 3.2% of GDP. In Eurozone it was 3.3% of GDP. In Q2 if was 1.8% in the EU and 2% in Eurozone. No data is available for Greece, Croatia, Cyprus and Italy.
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