IMF Staff Country Reports

Republic of Latvia: Staff Report for the 2004 Article IV Consultation

Publication Date:

August 16, 2004

Electronic Access:

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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.

Series:

Country Report No. 2004/260

Subject:

Balance of payments Credit Current account deficits External debt Inflation Money Prices Public debt