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Luca Ascoli: Estonian financial statistics are on a high level

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Posted on 5 June 2009, 11:00
On 4–5 June, the Eurostat committee assessing the correspondence of the methodology of Member States’ financial statistics to the international standards was visiting Statistics Estonia.

Head of the Eurostat delegation, Luca Ascoli appreciated the devotion of Statistics Estonia. “Eurostat thanks Statistics Estonia for excellent cooperation and openness”, Ascoli said. “The remarkable work has been done in the area of financial statistics related to excessive deficit procedure since the last visit in 2007 and almost all necessary improvements agreed during that visit have been implemented.

The committee was satisfied with the quality of the financial statistics produced in Statistics Estonia and confirmed that its methodology meets international requirements. The total transition to full accrual accounting methods in the government sector statistics was discussed in detail. “At the moment there is no decision about the question related to handling the fines because the additional investigation is needed in case of accrual data of the general government accounting”, said Ms Agnes Naarits, the Head of the General Government and Financial Sector Statistics Department. “We will continue our dialogue with Eurostat these days in order to find the best methodological solution.” 

According to Mr Priit Potisepp, the Director General of Statistics Estonia, that visit is important in pursuit of the currency Euro, even though it does not answer the question if Estonia meets the criteria for the accession to Euro. “But now we can be sure that the statistics taken as basis for the fulfilment of the criteria stands on a solid ground,” Mr Potisepp emphasised.

In order for the accession to Euro Estonia has to meet all the Maastricht criteria. The deficit of the government sector budget must be smaller than 3% of the gross domestic product (GDP) and loan smaller than 60% of the GDP.

According to the preliminary data published by Statistics Estonia in March the Estonian general government sector deficit was 3% in 2008 and the gross debt level was 4.8% of the GDP. Statistics Estonia will publish the revised data for the year 2008 based on accrual accounting method on 30 September.