Latvia
Government finance and cost-of-living data from Eurostat — spending, debt, tax, and comparative prices.
Headline stats
Government debt
46.9% GDP
2025
EU27 avg: 81.7% GDP (2025)
Govt expenditure
45.6% GDP
2024
Budget deficit
2.5% GDP
2025
EU27 avg: 3.1% GDP (2025)
Tax revenue
14.5% GDP
2024
Public sector jobs
216k
2024
Tax rates
What Latvia takes — statutory rates and effective burden on workers.
Labour tax wedge
27.4% of labour cost
2025
Top income tax rate
31%
2024
Corporate tax rate
20%
2024
Standard VAT rate
21%
2024
Labour tax wedge: effective % of gross labour cost (salary + employer contributions) going to income tax and social contributions for a single person at average wage. Source: Eurostat earn_nt_taxrate. Statutory rates: OECD Taxing Wages 2024 / EC Taxation Trends 2024.
Comparative prices
Latvia is 22.9% cheaper than the EU average overall (2024). Index: EU27 = 100.
| Category | Price index | vs EU avg |
|---|---|---|
| Overall price level | 77.1 | -22.9% |
| Food & non-alcoholic drinks | 105.4 | +5.4% |
| Housing, utilities & energy | 55.0 | -45.0% |
| Restaurants & hotels | 90.9 | -9.1% |
| Transport | 83.2 | -16.8% |
| Health | 59.5 | -40.5% |
| Education | 66.4 | -33.6% |
| Clothing & footwear | 102.2 | +2.2% |
| Recreation & culture | 91.5 | -8.5% |
| Alcohol & tobacco | 102.9 | +2.9% |
| Household furnishings | 93.3 | -6.7% |
| Communication | 93.9 | -6.1% |
| Miscellaneous | 77.2 | -22.8% |
Source: Eurostat prc_ppp_ind. EU27_2020 = 100. Green = cheaper than EU average.
Government debt since 2011
| Year | Debt (% GDP) | Change |
|---|---|---|
| 2011 | 46.6 | — |
| 2012 | 44 | -2.6 |
| 2013 | 41.8 | -2.2 |
| 2014 | 43.1 | +1.3 |
| 2015 | 38.3 | -4.8 |
| 2016 | 41.7 | +3.4 |
| 2017 | 40.3 | -1.4 |
| 2018 | 38.3 | -2 |
| 2019 | 37.9 | -0.4 |
| 2020 | 44 | +6.1 |
| 2021 | 45.9 | +1.9 |
| 2022 | 44.4 | -1.5 |
| 2023 | 44.4 | 0 |
| 2024 | 46.2 | +1.8 |
| 2025 | 46.9 | +0.7 |
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Data sources
| Dataset | Source | Coverage |
|---|---|---|
| Govt expenditure / debt / deficit | Eurostat gov_10dd_edpt1 | 1995–2025 |
| Tax revenue | Eurostat gov_10a_taxag | 1995–2025 |
| Public employment (NACE O-Q) | Eurostat nama_10_a64_e | 1995–2024 |
| Tax breakdown (VAT, income, social) | Eurostat gov_10a_taxag | 2000–2023 |
| Labour tax wedge | Eurostat earn_nt_taxrate | 2000–2023 |
| Statutory tax rates (income, corporate, VAT) | OECD / EC Taxation Trends 2024 | 2024 |
| Comparative price levels (13 categories) | Eurostat prc_ppp_ind | 1995–2024 |