Republic of Latvia: Staff Report for the 2004 Article IV Consultation
Volume/Issue:
Volume 2004
Issue 260
Publication date: August 2004
ISBN: 9781451824520
$20.00
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Topics covered in this book
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Business and Economics , Exports and Imports , Inflation , Money and Monetary Policy , Public Finance , ISCR , CR , deficit , fiscal policy , EU accession , Latvia , procedure , EU market , EU entry , exchange rate , indexation procedure , Current account deficits , Credit , Inflation , Baltics , Europe , Global
Summary
This 2004 Article IV Consultation highlights that since the last Article IV consultation discussions, economic activity in Latvia has maintained its momentum. GDP grew 7½ percent in 2003 and 8¾ percent year over year in the first quarter of 2004; however, inflation climbed to 6.1 percent at end-June, from 3.6 percent at end-2003. Fiscal performance has improved appreciably, and public debt remains low. The general budget deficit, at 1.6 percent of GDP in 2003, narrowed by nearly 1 percentage point from 2002, reflecting lower-than-budgeted expenditures, unexpectedly high tax revenues, and lower net lending.
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