Contribution of EU funds to Latvia's GDP growth is 1-1.5% annually - Finance Ministry

RIGA - The contribution of the EU funds to Latvia's gross domestic product (GDP) growth is 1-1.5 percent a year, LETA learned from the Finance Ministry.

During the EU funds period that lasted from 2014 until 2020, the available funding was EUR 4.4 billion, and in the period from 2021 until 2027, the funding available from the EU funds for Latvia's economic development will amount to EUR 4.4 billion.

The ministry said that in the new planning period Latvia will focus on reforms and investments that will promote productivity and competitiveness.

"The green and digital transition will allow Latvian businessmen to develop new products and services. Investments will help to ensure that the growth reaches all Latvian regions and residents," the ministry said.

In the new planning period, Latvia has set six main directions that have also been included in the National Development Plan.  

The first direction is smarter Europe, providing for innovative and smart economic changes. The second direction is greener Europe with progress towards climate neutrality and environment protection. The third is connected Europe - development of safe, sustainable and accessible transport system. The fourth is social Europe, ensuring equal opportunities for education, health care and job market. The fifth is Europe closer to residents, promoting sustainable and balanced development of regions. The sixth direction is support to solving socio-economic problems in relation to transition to climate neutrality.