General government deficit adjusted

At the end of 2012, the total expenditures of the general government exceeded the revenues by 41.2 million euros, according to the Maastricht deficit criteria. The deficit of central government was 129.9 million euros, and in the local governments’ sector expenditures amounted to 32.2 million euros more than revenues earned in 2012. During the revision, the general government sector’s consolidated deficit decreased by 12.8 million euros; the revenues and expenditures of the central government as well as the local governments were corrected based on the audited state bookkeeping data. The surplus of social security funds was 120.9 million euros, but this was not enough to secure the balance of the consolidated budget.

The general government consolidated debt (Maastricht debt) rose to 1.7 billion euros by the end of 2012. Two thirds of it resulted from the central government’s debt level which increased twice. The central government debt was 1.1 billion euros. The overall debt level of local governments grew to 0.6 billion euros. As at the end of 2012, social security funds did not contribute to the general government debt at all.

Surplus/deficit by sub-sectors of general government in Estonia, 2003–2012

Surplus/deficit by sub-sectors of general government in Estonia, 2003–2012