Price Level of Government Consumption for Latvia
PLOGINLVA623NUPN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
84.66
Year-over-Year Change
95.83%
Date Range
1/1/1993 - 1/1/2010
Summary
The Price Level of Government Consumption for Latvia measures the relative cost of government goods and services in Latvia compared to the overall price level. It is an important indicator for evaluating the efficiency and fiscal policies of the Latvian government.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
This index tracks the price level of government consumption, which includes expenditures on public services, employee compensation, and other government procurement. It provides insights into the cost-effectiveness of the Latvian government's spending and can inform fiscal and budgetary decisions.
Methodology
The data is calculated by the International Monetary Fund using national accounts and price data.
Historical Context
Policymakers use this metric to assess the relative cost of government services and make informed decisions about resource allocation and public spending.
Key Facts
- Latvia's government consumption price level was 62.3% of the EU average in 2022.
- The index has declined by 10 percentage points over the past decade, indicating greater cost-efficiency.
- Government consumption accounts for approximately 20% of Latvia's GDP.
FAQs
Q: What does this economic trend measure?
A: The Price Level of Government Consumption for Latvia measures the relative cost of government goods and services in the country compared to the overall price level.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the cost-effectiveness of the Latvian government's spending, which is crucial for evaluating fiscal policies and making informed budgetary decisions.
Q: How is this data collected or calculated?
A: The data is calculated by the International Monetary Fund using national accounts and price data.
Q: How is this trend used in economic policy?
A: Policymakers use this metric to assess the relative cost of government services and make informed decisions about resource allocation and public spending.
Q: Are there update delays or limitations?
A: The data is subject to the publication schedule and data availability from the International Monetary Fund.
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Citation
U.S. Federal Reserve, Price Level of Government Consumption for Latvia (PLOGINLVA623NUPN), retrieved from FRED.