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International Internet Magazine. Baltic States news & analytics Friday, 04.12.2020, 12:22

Estonian government approves the annual report for financial year 2019

BC, Tallinn, 24.09.2020.Print version
The Estonian government at its sitting on Thursday approved the state's consolidated report for the 2019 financial year, writes LETA/BNS.

The consolidated report consists of an activity report, financial statements, information on local government units and the public and general government sector, government spokespeople said.

According to the 2019 state budget execution report, the state's revenue for the previous year was 10.86 billion euros, or 755 million euros higher than in 2018.

Expenditures and investments made by the state were 10.99 billion euros, that is 727.8 million euros higher than a year earlier. Last year, expenses amounted to 10.63 billion euros and investments to 357.9 million euros. In 2019, expenses and investments exceeded revenues by 130.3 million euros.

At the end of 2019, the general government debt burden remained at 8.4% of gross domestic product (GDP). In addition to the liabilities of the state treasury and local governments, the debt burden of the general government sector also includes the impact of the European Financial Stability Facility (EFSF).

Excluding the impact of EFSF, the debt burden was 6.8% of GDP. With this indicator, the debt burden of the Estonian government sector was the lowest in the European Union.

According to the consolidated annual report of the accounts of the state, the total financial volume of state assets as of Dec. 31, 2019 is 16.3 billion euros, and most of the assets are fixed assets -- forest, roads, buildings, machinery. Compared to the previous period, the financial volume of assets has increased by 250.2 million euros.

As of Dec. 31 last year, the state has a total of 9.6 billion euros in liabilities, which is an increase of 802.1 million compared to the previous period. Most of the liabilities are long-term liabilities in the amount of 5.9 billion euros.

The state has loan liabilities in the amount of 3.4 billion euros and they have increased by 274.8 million compared to the previous period. The state's pension liabilities total approximately 2.8 billion euros.

In the opinion of the National Audit Office, the annual accounts of the state for 2019 fairly reflect in all significant parts the financial position of the state and the economic result and cash flows for the concluded reporting period, if the remark concerning the balance of tangible fixed assets of the defense forces is not taken into account.

The government decided to submit the consolidated annual report of the state for 2019 to the Riigikogu for approval.

On Thursday, the government also approved the consolidated report of companies and foundations with state participation for 2019. It is an annual report that provides an overview of the numerical indicators and activities of state-owned companies and foundations. Last year, the state had holdings in 29 companies and 67 foundations.

In addition, the government approved the consolidated report of non-profit organizations with state participation for 2019.

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