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Estonian government endorses state budget strategy for 2019-2022

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Minister of Finance Toomas Tõniste (IRL) discussing the state budget strategy. April 2018.
Minister of Finance Toomas Tõniste (IRL) discussing the state budget strategy. April 2018. Source: Jürgen Randma/Government Office

The Estonian government on Thursday approved the state budget strategy for 2019–2022, amounting altogether to €47 billion and the main goals of which are increasing cohesion in Estonian society and population numbers, promoting economic growth, and strengthening security.

"This is a responsible, human-centered state budget strategy which invests in the future, with the adoption of which we are taking a big step forward in order for our society to be more cohesive, safer, and smarter," Prime Minister Jüri Ratas (Center) said in a press release.

According to the data available at this point, the government sector budget will run a nominal surplus of approximately €130 million next year. The state budget will be in structural balance in 2019-2021 and will reach a structural surplus by 2022.

There will be tax peace in Estonia in 2019, with no new taxes to be imposed. The tax burden of Estonia will be stable at close to 34 percent of the GDP in the next few years, while the country's debt burden is to decline to 5.3 percent of the GDP by 2022.

The state budget strategy is used to make long-term plans concerning the state's activity and finances, taking into account the government's priorities, forecasts, and global trends.  

The government updates the strategy each spring, elaborating plans for the three coming years and expanding them for at least another year. This makes it possible to adapt the state's financial plans to changes in the economy, public finances and the areas of government of individual ministries.

The first document serving as a state budget strategy was drawn up in Estonia 2000.

Editor: Aili Vahtla

Source: BNS

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