The Estonian general government deficit stood at 0.3 percent of gross domestic product (GDP), while the gross debt level was 8 percent of GDP in 2019, according to Statistics Estonia, based on Eurostat data.
At the end of 2019, general government total expenditures exceeded revenues by €90.4 million. Both central and local government sub-sectors closed the year in deficit, by €131 million and €31.1 million respectively.
The surplus of social security funds, however, remained near 2018 levels, at €71.7 million.
Consolidated general government debt (Maastricht debt) amounted to nearly €2.4 billion by the end of 2019, a rise of 9 percent on year. Central government and local government debt levels both increased, and long-term loan liabilities increased by 9 percent on year, the agency said.
The central government debt totalled €2.7 billion, of which €1.1 billion was liabilities to other sub-sectors.
The share of foreign debt in the central government's loan liabilities stood at 50 percent.
Foreign debt increased due to the issuance of securities and a loan taken from the European Investment Bank.
At the end of 2019, the volume of long-term securities issued by the public legal institutions, foundations and enterprises belonging to the central government remained at €48.5 million.
In 2019, also short-term securities were issued, and the volume at the end of the year was €100.2 million.
The overall debt level of the local government sub-sector increased by 2 percent compared with 2018, at €752.1 million.
The volume of long-term securities dropped by 32 percent, and loan liabilities increased by 11 percent, year-on-year.
Liabilities towards the rest of the world accounted for 41 percent of the local government debt.
Social security funds did not contribute to the debt of the general government sector, Statistics Estonia reports.
In Estonia, the general government sector comprises three sub-sectors:
1) central government (state budget units and extra-budgetary funds, foundations, legal persons in public law);
2) local governments (city and rural municipality governments with their subsidiary units, foundations);
3) social security funds (Estonian Health Insurance Fund (Haigekassa), Estonian Unemployment Insurance Fund (Töötukassa)).
Eurostat publishes data on the preliminary debt and deficit levels of the Member States on 22 April 2020.
Editor: Andrew Whyte