Analytics, Budget, Estonia, Statistics
International Internet Magazine. Baltic States news & analytics
Friday, 26.04.2024, 11:31
Estonian general government continued in deficit
At the end of 2018, the total expenditures of the general
government exceeded the revenues by 120.2 mln euros, accounted as the
Maastricht deficit criteria. While the central government ended the year in
deficit, the local government sub-sector closed the year in surplus by 43.7 mln
euros and the surplus of social security funds increased for the second year in
a row to 72.6 mln euros. By the end of 2018, the deficit of the central
government revenues stood at 236.5 mln euros.
The consolidated debt of the general government (Maastricht
debt) amounted to slightly over 2 bn euros by the end of 2018, having
decreased by about 1% compared to 2017. The debt of the central government
increased, while the local government debt level dropped. At the end of 2018,
the central government debt totalled 2.3 bn euros, of which 981 mln euros were
liabilities towards other sub-sectors.
The share of foreign debt in the central government’s loan
liabilities was 54%. Long-term loan liabilities increased by 2% year on year.
At the end of 2018, the volume of long-term securities issued by the public
legal institutions, foundations and enterprises belonging to the central
government was 48.5 mln euros and it decreased by 51% compared to the
previous year.
The overall debt level of the local government sub-sector
decreased by 3% compared to 2017 and stood at 0.7 bn euros at the end of 2018.
The volume of long-term securities dropped by 12% and loan liabilities
decreased by 0.3% year on year. Liabilities towards the rest of the world
accounted for 23% of the local government debt.
Social security funds did not contribute to the debt of the
general government sector.
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).