Budget, Estonia, Financial Services, Investments

Investments made in the six months totaled 162.3 million euros, including 136.5 million euros invested by state institutions themselves and 25.8 million euros given in investment support. The sum total of investments by state institutions grew by 38.3% year over year. Of the sum total of 332.7 million euros in investments budgeted for the whole year, 41% was invested in the six months, the Finance Ministry said on Tuesday.

Of expenses, only financial expenses decreased. All other expenditure items, such as subsidies, labor and administration expenses, other expenses and investments increased compared with last year.

Expenses for old-age pensions increased by 5.5% or 37.2 million euros. In addition, family allowances grew by 6.8% or 13.5 million euros, of which 11 million euros was increase in parental benefits. Allowances for people with a disability and their carers grew by 1.3 million euros. In July the sum total of allowance payouts is due to rise steeply as the National Social Insurance Board will start paying an allowance to families with three and more children in addition to existing benefits.

Labor and administration costs totaled 689.9 million euros, 7.3% more than in the first six months of 2016.

The 13.5% increase in administration costs to 306.5 million euros mainly resulted from an increase by 9.4 million euros or 14.8% in expenses for social services and an increase by 7.7 million euros or 15.5% in expenses for properties. State institutions' expenses for work related trips grew by 17.8% or four million euros and costs for information and communication technology by 25.3% or 3.8 million euros.

Activities worth 168.4 million euros were carried out for external support during the six months.

Liquid financial assets of the state treasury, or deposits and bonds, stood at 1.16 billion euros at the end of June, down by 77.5 million euros compared to the end of June 2016. Of the reserve, the liquidity reserve contained 722.3 million euros and the stabilization reserve 412.9 million euros.

The state's receipts in 2017 are budgeted to total 9.48 billion euros and expenditures and investments 9.86 billion euros inclusive of carryovers. By the end of June, 45.6% of the former and 43.9% of the latter target had been met.