Budget, Estonia, Financial Services, Taxation
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Wednesday, 05.02.2025, 05:42
Estonia’s State spending exceeded revenue by 3.6 bln kroons in H1
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This was 46.3% of the amount planned in the current State budget for the entire year.
Spending from the State budget amounted to 43 billion kroons in six months – 47.1% of the amount planned for the entire year.
Hence, the spending exceeded revenue with 3.6 billion kroons.
The biggest budgetary risks are the shortfall of tax revenue, the activities of local governments and public institutions that affect the Government sector’s budgetary position and negative developments on the labour market, commented the ministry.
The tax revenue collected in the State budget in six months amounts to 29.6 billion kroons – 46.6% of the amount planned in the budget for the entire year. The tax revenue is in a slight shortfall in comparison to the planned amounts in the budget, but thus far the revenue collection has been affected by the individuals’ income tax returns – nearly a billion kroons more than last year.
The situation on the labour market continues to adversely affect the social tax revenue. The decline in consumption also has a negative impact on the excise taxes’ and value added tax revenue.
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