Latvia: Government debt

* indicates monthly or quarterly data series
 Latvia

Government debt as percent of GDP

 Latest value 43.60
 Year 2023
 Measure percent
 Data availability 1995 - 2023
 Average 27.30
 Min - Max 8.40 - 47.60
 Source Eurostat
For that indicator, we provide data for Latvia from 1995 to 2023. The average value for Latvia during that period was 27.3 percent with a minimum of 8.4 percent in 2007 and a maximum of 47.6 percent in 2010. The latest value from 2023 is 43.6 percent. For comparison, the world average in 2023 based on 84 countries is 68.39 percent. See the global rankings for that indicator or use the country comparator to compare trends over time.
Select indicator
* indicates monthly or quarterly data series


Recent values chart
Latvia - Government debt - Recent values chart

Historical chart
Latvia - Government debt - historical chart - 1995-2023




The government debt in Latvia and other countries is calculated as the total amount owed by the national government to domestic and international lenders. It is reported as percent of GDP so that we can evaluate its magnitude relative to the size of the economy.

Government debt of about 60 percent or less of GDP is not considered a problem. The government can make payments without strain and even has some room to borrow more. If debt levels reach 80-90 percent that may have negative effects on the economy. Debt above 120 percent of GDP is quite detrimental.
Definition: Debt is the entire stock of direct government fixed-term contractual obligations to others outstanding on a particular date. It includes domestic and foreign liabilities such as currency and money deposits, securities other than shares, and loans. It is the gross amount of government liabilities reduced by the amount of equity and financial derivatives held by the government. Because debt is a stock rather than a flow, it is measured as of a given date, usually the last day of the fiscal year.

Selected articles from our guide:

What factors determine the exchange rates

International lending and sovereign debt

Are trade deficits bad for the economy?

The unholy trinity of international finance

Most commonly used measures of corruption

All articles



 Related indicators Latest value Reference Measure
 Government spending, percent of GDP 19.03 2022 percent
 Government spending, in dollars 8.60 2023 billion U.S. dollars
 Fiscal balance, percent of GDP -4.40 2022 percent
 Government debt 43.60 2023 percent
 Government expenditure 1.93 Q3/2023 billion
 Long-term government bond yield 3.88 9/2023 percent
 Tax revenue 21.92 2021 percent
 Commercial tax rate 38.10 2019 percent
 Tax preparation time 169 2019 hours
 Number of taxes 7 2019 taxes
 Taxes on goods and services 42.40 2021 percent
 Taxes on international trade 0.04 2021 percent
 Income and profits taxes 7.45 2021 percent
 Foreign aid 161.81 2004 million U.S. dollars
This site uses cookies.
Learn more here


OK