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Growth of Estonia's debt burden was among the biggest in EU in Q3
BC, Tallinn, 24.01.2013.
Print version
Print versionEstonia's loan burden grew sharply in the third quarter of the year 2012 and the growth was bigger only in three European Union states, LETA/Public Broadcasting reports.
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The top position went to Ireland where the ratio of debt to the state's GDP grew by 5.9 percentage points, Eurostat data indicate. The second place went to Greece (3.4), third to Portugal (2.9) and fourth to Estonia (2.6).
While in the second quarter, Estonia's debt burden was 7.3% of GDP, in the third quarter it was 9.6%.
While Estonia's debt burden grew fast in the third quarter, it was still the smallest in the EU.
Eesti Pank revealed this week that the debt obligations of the Estonian state grew in the third quarter by 500 million euros to 1.8 billion euros. The debt burden grew mainly by a loan taken from the European Investment Bank that is used to cofinance projects financed by exterior means.
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