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Ministry of Finance
of the Republic of Latvia
1 Smilsu st., Riga
LV-1919, Latvia

P.: +371-67095405
F.: +371-67095503
E-mail: pasts@fm.gov.lv
info@fm.gov.lv

Budget

Budget structure

Central Government Consolidated Bidget in Brief 2015 - 2017

Central Government Consolidated Budget in Brief 2014 - 2016

Central Government Consolidated Budget in Brief 2013 – 2015

Procedure for budget development and approval and responsibility of different institutions

Ministry of Finance shall prepare scenario of state macroeconomic development and tax revenue forecasts which shall be approved by the Cabinet of Ministers.

Line ministries shall prepare budget request of corresponding sector, request of additional resources for priority activities, they shall be gathered by the Ministry of Finance and submitted to the Cabinet of Ministers.

Cabinet of Ministers shall accept scenario of macroeconomic development, tax revenue forecasts, budget priorities, maximum expenditure amount of line ministries for the next year. Budget requests and submitted budget priorities of all ministries shall be discussed at the Cabinet of Ministers and decision on the allocation of resources shall be taken by the Cabinet of Ministers. The Cabinet of Ministers shall also accept Draft Law on Budget and submit it to Saeima.

Saeima shall review Draft Law on Budget in two readings and decide on both revenue and expenditure part - legislators are entitled to change any norm in the Draft Law on Budget developed by the Cabinet of Ministers.

How budget revenues are made?

Budget revenues are made of taxes, fees, other payments (e.g. payments for use of state capital shares) and foreign financial aid payments (basically, EU fund resources).  

Central Government Consolidated Budget, euro

 

Revenues, euro

Expenditures, euro

Fiscal balance, euro

Fiscal balance % of GDP 

2004

 2 934 797 821

3 079 562 189

-144 764 368

-1,3

2005

3 753 347 620

3 896 842 242

-143 494 622

-1,1

2006

4 710 249 010

4 849 675 986

-139 426 976

-0,8

2007

6 255 354 449

6 088 620 261

166 734 188

0,7

2008

6 655 317 636

7 266 276 709

-610 959 073

-2,5

2009

5 572 700 345

6 772 776 127

-1 200 075 782

-6,4

2010

5 389 870 241

6 630 665 950

-1 240 795 709

-6,8

2011

5 997 502 797

6 578 915 728

-581 412 931

-2,9

2012

6 835 941 796

6 720 775 896

115 165 900

0,5

2013

6 940 932 646

6 949 197 813

-8 265 167

-0,04

2014 7 049 465 047 7 361 723 417 -312 258 370 -1,3
2015** 7 292 362 812 7 639 162 021 -346 799 209 -1,4

* Including grants and donations
** According to the Treasury's official monthly report

Data till 2003 cannot be compared with data from 2004, because considerable changes have been introduced in budget classification.

Calculations done till 2004

 

Revenues

Expenditures

Fiscal balance

Fiscal balance
% of GDP

2002

1538,7

1636,1

98,7

-1,7

2003

1720,7

1799,7

91,1

-1,4

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Feb Jan Feb 2017 Feb Mar
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CONTACTS

Tālrunis uzziņām: 67095405

Lietvedības tālrunis: 67095578

Fakss: 67095503

E-pasts: info@fm.gov.lv

Adrese: Smilšu iela 1, Rīga, LV-1919, Latvija