Budget, Estonia, Financial Services
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Saturday, 20.04.2024, 13:17
Budget revenues grew by 4.7%, expenditures by 7.2% in Estonia in 10 months
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At the end of October revenues of the state budget were 4.7% bigger than at the same time a year earlier, the Finance Ministry said. Outlays grew by 7.2% over the year mainly on account of increased pension, health, unemployment insurance and other benefit disbursements.
The state's receipts in 2015 are budgeted to total 8.45 billion euros and expenditures 8.67 billion euros inclusive of carryovers.
Tax receipts make up around 90% of total public revenue. The Tax and Customs Board collected 5.96 billion euros in 10 months, 471.5 million euros or 8.6% more than a year earlier. The increase originated mainly in bigger receipts of VAT and social tax. Of the biggest revenue items, social tax made up 1.99 billion euros, VAT 1.56 billion euros and excise duties 725 million euros. The biggest increases were recorded in the inflow of VAT and social tax, which grew respectively by 156.1 million euros or 11.1% and 135.9 million euros or 7.3%.
Non-tax revenue amounted by the end of October to 672.5 million euros, showing a year-on-year decrease of 171.4 million euros or 20.3%. European Union and other support was the main reason behind the decline as it has decreased by 28.9% on year.
Expenditures grew by 450.1 million euros or 7.2% compared to the first 10 months of 2014. The disbursed pension, health, unemployment insurance and other benefits accounted for nearly a half or 222.4 million euros of the increase.
Investments made since the start of the year total 344.3 million euros, a decrease of 13.5% compared to the same period of last year.
Liquid financial assets of the state treasury, that is, deposits and bonds, stood at 1.45 billion euros at the end of October, down by 98.8 million euros or 6.4% compared to the end of October 2014.
At the end of September, the government sector had a nominal surplus of 0.05% of gross domestic product or 10 million euros. The central government budget ran a shortfall of 102.7 million euros whereas the local government budget had a surplus of 93.7 million euros.
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