Summer economic forecast to be completed by September 3 ({{contentCtrl.commentsTotal}})

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The "Superministry" complex in Tallinn, which houses the finance ministry. Source: Siim Lõvi/ERR

The government's summer economic forecast is to be completed by September 3. Prepared by the Ministry of Finance, the forecast is used as the basis for the draft state budget for the following year, which will be ready by the end of September.

The summer forecast will take into account further state aid packages issued in the wake of the coronavirus pandemic.

The spring economic forecast was finalized on March 18, less than a week after the government declared an emergency situation as the pandemic spread.

An amended spring forecast followed in April which was more pessimistic for 2021, and a supplementary budget was issued to combat the coronavirus' economic effects.

The finance ministry prepares the forecast for September 3, the government then discusses it and it is made public on September 7.

Once the draft state budget is finalized late on that month, the Riigikogu debates it, in accordance with the law.

Economic downturn for this year has been based on a prediction of 2 percent, compared with the 2.3 percent growth forecast in September 2019, with tax receipts expected to be €1.6 billion less than forecast in the last state budget, to €10.2 billion.

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Editor: Andrew Whyte

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