RIGA, Oct 10 (LETA) - Latvia's budget deficit for next year is planned at 3.3 percent of gross domestic product (GDP), Finance Minister Arvils Aseradens (New Unity) announced on Friday at the National Tripartite Cooperation Council (NTSP) meeting.

He said that the expenditure of the consolidated general state budget in 2026 is planned at EUR 17.945 billion, while the budget revenue is planned at EUR 16.064 billion.

At the same time, Latvia's GDP in 2026 is projected at EUR 43.953 billion.

Public debt is projected to reach 55 percent of GDP next year.

Aseradens stressed that general government spending will fall to 47 percent of GDP next year, down from 47.5 percent of GDP this year. At the same time, defense spending will rise as overall spending falls.

Also, spending will increase for four ministries next year, while all others will see a decrease, Aseradens pointed out.

Overall, spending has been cut by EUR 171 million next year. Priority measures are being allocated EUR 693.5 million, including EUR 448.3 million for defense and security.