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General government debt was adjusted

News
Posted on 23 September 2016, 11:00
According to the adjusted data of Statistics Estonia, in 2015, the Estonian general government surplus was 0.1% and the gross debt level was 10.1% of the gross domestic product.

At the end of 2015, the total revenues of the general government exceeded the expenditures by 27.2 million euros, accounted as the Maastricht deficit criteria. After a methodological change in the recognition of the contributions to the new public enterprises, the deficit of the central government sub-sector was 52.1 million euros by the end of 2015. The consolidated budget of the local government sector was 55.9 million euros in surplus. The budget surplus of social security funds was 23.4 million euros.

The consolidated debt of the general government (Maastricht debt) amounted to 2 billion euros by the end of 2015. Compared to the preliminary estimate published in March, the central government’s debt compilation was adjusted. From 2012 onwards, the statistical recording of the monetary resources on the Treasury’s group accounts were changed. As a result of this adjustment the central government’s total debt rose to 2.2 billion euros by the end of 2015, caused by the added liabilities towards other subsectors of the general government. This change in accounting of monetary resources of subsectors did not affect the consolidated debt of the general government.

Also, a change was introduced in the statistical recording of the Estonian euro coins, giving rise to the debt level of both the central government subsector as well as the general government  sector by 41.4 million euros at the end of 2015.

The local governments’ debt remained unchanged and accounted for 0.7 billion euros. Social security funds did not contribute to the debt of the general government sector. Changes in accounting were made according to the instructions of Eurostat.

Diagram: Surplus/deficit of the general government in Estonia by sub-sectors, 2011–2015

In Estonia, the general government sector comprises three sub-sectors: 1) central government (state budget units and extra-budgetary funds, foundations, legal persons in public law); 2) local governments (city and rural municipality governments with their subsidiary units, foundations); 3) social security funds (Estonian Health Insurance Fund, Estonian Unemployment Insurance Fund).

Eurostat is going to publish the data on the preliminary debt and deficit levels of the Member States on 21 October.