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Fiscal Council: 2016 budget in Estonia in line with requirements

BC, Tallinn, 26.07.2017.Print version
The Estonian Fiscal Council, an advisory body to assess the economic forecasts that serve as a base for Estonian fiscal policy, said that the Estonian state budget last year was in line with balance requirements as well as saw a structural and nominal surplus, reports LETA/BNS.

According to the Ministry of Finance the budget position of the government sector in 2016 registered a nominal surplus of 0.3 percent of GDP and a structural surplus of 0.7 percent of GDP. The Fiscal Council said that the structural position of 2016 was in accordance with the State Budget Act.

 

According to the State Budget Act, the Fiscal Council shall present an opinion regarding the objectives of the structural budget position of the general government sector recorded in the budget strategy and the stability program prior to the approval of the budget strategy and the stability program, following the budget position rules and the necessity to adjust the structural budget position.

 

When setting the budget objective for 2016, it was necessary to ensure that the budget of the government sector be at least structurally balanced.






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