Parliament passes Latvia's 2015 budget

Lativian lawmakers endorsed the country's 2015 budget on Wednesday after nine hours' debating in its final reading, local media reported.
The online edition of Diena daily reported 60 members of parliament voted for the budget, 13 against, and 21 abstained.
Revenue in the Latvian central government consolidated budget for 2015 is projected at 7.3 billion euros (9 billion U.S. dollars) and expenditures at 7.5 billion euros.
Latvia's budget deficit in 2015 is expected to account for 1 percent of its GDP.
According to the Finance Ministry's medium-term plan, the deficit in the Latvian budget is supposed to contract to 0.9 percent in 2016 and 0.7 percent in 2017.
The budget is based on the assumption that the Latvian economy will grow by 2.8 percent next year, 3.3 percent in 2016 and 3.6 percent in 2017. The Finance Ministry admitted that there were downward risks to the country's growth momentum because of external volatility.
According to Latvia's parliamentary press service, the 2015 budget priorities include bolstering Latvia's defense capabilities, as well as social and national security, which include measures intended to reduce income inequality and promote the competitiveness of Latvian businesses