Budget, EU – Baltic States, Financial Services, Forum, GDP, Latvia

He emphasized that Latvia will continue to implement measures to strengthen the country's fiscal discipline, and confirmed that Latvia is already working on a structural reform plan which will be the basis of consolidation measures. It is planned that Latvia's budget deficit will reduce to 5% of GDP by the end of the year, and not the previously planned 5.5% of GDP. This will help ease further consolidation measures to achieve the country's goal of joining the euro-zone by 2014, writes LETA.

Vilks on several occasions emphasized that further budget consolidation measures will be based on structural reforms, and will need the support of the Latvian public.

At the same time, Vilks also emphasized that Latvia is currently recovering from the country's economic crisis thanks to the many important decisions made. "Latvia is back on the road," Vilks said.

Bank of Latvia President Ilmars Rimsevics also emphasized at the conference that the export sector is what is driving Latvia's recovery. Latvian manufacturers have regained their competitiveness, and have been able to increase their market shares in foreign markets. This proves that Latvia chose the right road to get out of its crisis.

As reported, according to the 2011 state budget, consolidated budget revenue in Latvia this year is projected at LVL 5.1 billion, whereas expenditures – at LVL 5.7 billion. Budget deficit, calculated according to the international ESA methodology, will be 5.5% of gross domestic product.

Consolidated budget revenue this year is projected at LVL 4,204,253,331,whereas expenditures – at LVL 4,788,439,474. Budget deficit will be 4.5% of gross domestic product.