Navigate to content

Central Government budget balance improved

News
Posted on 24 September 2012, 11:00
According to revised data of Statistics Estonia, in 2011 the Estonian general government sector surplus was 1.1% and gross debt level was 6.1% of the Gross Domestic Product (GDP). The central government budget reached the surplus again after three successive years of deficit.

In 2011, the surplus of the general government, accounted as the Maastricht deficit criteria, was 182.4 million euros according to revised data. Compared to preliminary data published in March the revenues from the European Union Funds were specified the most, impacting positively on the relation of the central government’s as well as local governments’ revenues and expenditures. Due to the revised data, at the end of 2011, the central government revenues surmounted the expenditures by 14.8 million euros. The surplus of local governments’ sector was 20.5 million euros and the budget surplus of social security funds remained the same (147.1 million euros).

The general government consolidated debt (Maastricht debt) was 974.8 million euros, 55% of which were liabilities of local governments and 45% of central governments. The debt of social security funds was under 1% of the total debt.

Surplus/deficit of the general government by sub-sectors in Estonia, 2002–2011

Diagram: Surplus/deficit of the general government by sub-sectors in Estonia, 2002–2011

In Estonia the General Government sector comprises three sub-sectors: 1) central government (state budget units and extra-budgetary funds, foundations, public-legal institutions); 2) local governments (city and commune administrations with their subsidiary units, foundations); 3) social security funds (Health Insurance Fund, Unemployment Insurance Fund).

Eurostat is going to publish the data on the revised debt and deficit levels of the Member States on 22 October.