State assets rise by quarter of a billion in 2019

State budget expenditure and investment rose by €755 million in 2019, to €10.99 billion. Meanwhile state revenues rose by €727.8 million, to €10.86 billion. Over the same period, the Estonian state held total assets of €16.3 billion, €250 million up on year.

The coalition submitted its consolidated state revenue report to the Riigikogu Thursday, which also revealed that Tax revenues also grew by nearly 10 percent, and unemployment and disability benefits rose.

Real economic growth fell to 4.3 percent in 2019, or to 7.7 percent at current prices.

General government debt burden was 8.4 percent of GDP at the end of 2019, or 6.8 percent if the European Financial Stability Facility is excluded, making the Estonian government sector debt burden the lowest in the EU.

The stabilization reserve increased by 0.7 per cent, and the liquidity reserve by 37.1 per cent, over that period.

The state’s loan liabilities increased by €275 million last year, amounting to €3.35 billion at the end of 2019.

Tax revenue breakdown for 2019

  • Tax revenues grew by 9.4 percent last year.
  • All tax types grew equally strongly.
  • Electricity and alcohol excise duties revenues fell 9.1 percent and 2.8 percent respectively.
  • Foreign aid accounted for €884 million, or 8.7 percent of total government revenue.
  • Dividend income remained unchanged on 2018 at €182 million.

Unemployment and disability benefits breakdown

Finance minister Martin Helme (EKRE) said the government favors investments which increase the growth potential of the Estonian economy, such as transport connections which increase mobility and interconnectivity between different regions of Estonia.

“We need to be able to use public money … wisely enough to increase the growth potential of the economy. This can be done, among other things, with the support of infrastructure investments,” Helme noted.

  • General government expenditure stood at €10.39 billion, a rise of €664.6 million, or 6.8 percent on year.
  • Unemployment benefits and work capacity benefits, increased by 45.4 percent (to €93 million).

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