The expert assessed the latest "achievements" of our country in the economy and finance.
It cannot be said that our country is lagging behind Lithuania and Estonia everywhere. For example, in two indicators, we are ahead of them. However, this is one of those cases where it is better that we lagged behind...
"In recent days, Eurostat has gathered key financial data on European countries for 2025. Comparisons between the Baltic countries show that Latvia (% of GDP) has the largest public debt and budget deficit. It is clear that in recent years, defense spending has had to be increased, and this affects the overall financial situation. But the total budget expenditures of Latvia (% of GDP), including the wage fund expenditures in government institutions, are higher than in Lithuania and Estonia. And in a number of indicators, the difference between Latvia and its neighboring countries has emerged precisely over the last 5 years," noted with sadness Janis Hermanis, an expert from the Latvian Confederation of Employers.
Latvia's public debt relative to GDP reached 46.9%, while Lithuania's was 39.5%, and Estonia's was 24.1%.
