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No 36, 24.03.2017
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General government debt declined again
According to the preliminary data of Statistics Estonia, in 2016, the Estonian general
government surplus was 0.3% and the gross debt level was 9.5% of the gross domestic
product.
At the end of 2016, the total revenues of the general government exceeded the expenditures by
56.7 million euros, accounted as the Maastricht deficit criteria, and all sub-sectors ended the
year positively. By the end of 2016, the surplus of revenues of the central government sub-sector
was 13.8 million euros and the consolidated budget of the local government sector was 35.8
million euros in surplus. The budget surplus of social security funds decreased to 7.1 million
euros, continuing the declining trend for the fifth year in a row.
The consolidated debt of the general government (Maastricht debt) amounted to nearly 2 billion
euros by the end of 2016, having fallen 3% compared to 2015. The local governments as well as
the central government contributed to the fall of the debt level. At the end of 2016, the debt of
the central government sub-sector totalled 2.2 billion euros of which 822 million euros were
liabilities towards other sub-sectors. The local governments’ debt accounted for 0.7 billion euros.
Social security funds did not contribute to the debt of the general government sector.
The loan liabilities of the central government decreased by 3% and the volume of long-term
securities issued by the public-legal institutions and foundations belonging to the central
government decreased by 7%. The share of foreign debt in the central government’s loan
liabilities was 52%.
The overall debt level of the local governments fell by 3% compared to 2015. The volume of
long-term securities decreased by 2% over the year and the liabilities of loans decreased by 3%.
Liabilities towards the rest of the world accounted for 21% of the local governments' debt.
Surplus/deficit of the general government in Estonia by sub-sectors, 2008–2016
1.5
% of GDP
General government
consolidated
surplus / deficit
1.0
0.5
Social security
funds
0.0
Local government
sub-sector
-0.5
-1.0
Central government
sub-sector
-1.5
-2.0
-2.5
-3.0
2008
2009
2010
2011
2012
2013
2014
2015
2016
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, Estonian Unemployment Insurance Fund).
Eurostat is going to publish the data on the preliminary debt and deficit levels of the Member States on
24 April.
No 36, 24.03.2017
For further information:
Agnes Naarits
Deputy Head of the Economic and
Environmental Statistics Department
Statistics Estonia
Tel. +372 625 9323
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More detailed data have been published in the
Statistical Database.
Information concerning the Excessive Deficit
Procedure and the reporting can be found on the
website of Statistics Estonia under the heading
“Subject Areas / Finance / Other information”.