GDP working group

The GDP Working Group is the second of the main working groups of the Fiscal Council. It comprises the following members of the Council: Ülo Kaasik and Morten Hansen.

Its main task is an independent evaluation of the Draft budgetary plan of the government for the next year and following two years. This includes an assessment of the development of nominal and real GDP, of potential growth, of forecasted budget reveneue and spending as well as an assessment of the government structural balance.

2018
On 2 February 2018 this year's first GDP working group meeting was held with participation of the Bank of Latvia experts. Working group discussed the trends in the macroeconomic development of Latvia, incl. business cycle issues. During the meeting there was discussed Latvia's potential GDP growth and its contributions, as well as the question on output gap among the current pace of economic development and the potential one. The topicality of the discussions of the working group was also determined by the annual endorsement procedure of the official macroeconomic forecasts of Latvia in the coming weeks in the framework of the elaboration of the Stability Programme. Meeting minutes.

On 12 June 2018 this year's second GDP working group meeting was held with participation of the Bank of Latvia experts. Working group discussed the trends in the macroeconomic development of Latvia, incl. financial sector non-resident banks and labor market issues. The topicality of the discussions of the working group was also determined by the annual endorsement procedure of the official macroeconomic forecasts of Latvia in the coming weeks in the process of the elaboration of the medium-term budget framework draft law for 2019-2021. Meeting minutes draft.

In accordance with Cabinet of Ministers Order No. 101 of 12 March 2018 "On the Draft Timetable for the Draft Law "On the Medium-Term Budget Framework for 2019, 2020 and 2021" and the Draft Law "On the State Budget for 2019", the Ministry of Finance will prepare and submit to the Cabinet of Ministers, the draft budgetary plan, incl. revised macroeconomic projections, which will be submitted to the Fiscal Council for approval on 5 October. (information posted on the website on 3 July 2018)

2017
30 January 2017 meeting minutes.
1 June 2017 meeting minutes.

2016
29 January 2016 meeting minutes.
31 May 2016 meeting minutes.

2015
11 February 2015 meeting minutes available in Latvian.
9 July 2015 meeting minutes.
28 October 2015 meeting minutes.

2014
16 October 2014 meeting minutes available in Latvian.

 

Last modified : 3 July 2018