Although expenditures are on a rise, Latvian government reports budget surplus on all levels

The Ministry of Finance reports that in January 2023, according to data from the State Treasury, the consolidated state budget contained a surplus of EUR 223 million. It is EUR 4.7 million more when compared with the corresponding month of 2022.
The increase, when compared with January 2022, is observed for budget revenue and budget expenditures. Revenue, when compared with January 2022, is up by EUR 77.3 million or 6.3%, reaching EUR 1 307.5 million. Expenditures are EUR 72.7 million or 7.2% higher, reaching EUR 1 084.5 million. Surplus is observed on all levels of the state budget.

The state base budget concluded January 2023 with a surplus of EUR 105.4 million.

This is an improvement when compared with January 2022, when the state budget had a deficit of EUR 23 million.
Expenditures of the state base budget reached EUR 614.6 million in January 2023, which is EUR 74.7 million or 10.4% less than a year prior. This can be explained with higher expenditures on various support measures last January, when finances were provided to ALTUM, to help reduce consequences of Covid-19 pandemic, as well as to help cover rising energy prices for end users.

This year there are no plans to finance large-scale support measures. Instead the government plans to make support measures more focused.

It should be mentioned the rise of state budget capital expenditures reached EUR 70.4 million this January. Base budget expenditures to form the base capital (without taking into account transfers for municipalities), were increased mainly to ensure basic functions. These expenditures were EUR 29.2 million higher this January when compared with the same month a year ago.
The project for the construction a new prison in Liepāja received EUR 20.7 million from the state budget in January 2023. Additional EUR 7.3 million was spent on vehicles for the defence sector.
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