The budget deficit of Latvia for next year is planned at 3.3% of GDP, Finance Minister Arvils Asheraden's announced on Friday at a meeting of the National Council for Tripartite Cooperation.
According to him, the expenses of the consolidated total budget in 2026 are planned at 17.945 billion euros, while the budget revenues are 16.064 billion euros.
At the same time, Latvia's GDP is projected to be 43.953 billion euros in 2026.
According to forecasts, next year the national debt will reach 55% of GDP.
Asheraden's emphasized that total government spending next year will decrease to 47% of GDP compared to 47.5% of GDP this year. At the same time, defense spending will increase against the backdrop of declining overall expenses.
Additionally, next year the expenditures of four ministries will increase, while those of all other ministries will decrease, noted Asheraden's.
Overall, spending next year will be reduced by 171 million euros. Priority measures will be allocated 693.5 million euros, including 448.3 million euros for defense and security.
