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Estonia uses EUR 332 mln of reserve to make payments under state budget

14.01.2009

TALLINN, Jan 14, BNS - Expenditures of the Estonian state budget in 2008 exceeded income by 5.2 billion kroons (EUR 332 mln), and the state tapped into its reserve to bridge the gap, according to provisional data by the Finance Ministry.

Budgetary income during the 12 months totaled 84.9 billion kroons, 94.1 percent of the target set out in the state budget law.

Expenditures were financed in the amount of 90.1 billion kroons or 94.4 percent of the budgeted sum, the Finance Ministry said.

Of the year's fiscal intake of 84.9 billion kroons, tax income made up 70.4 billion kroons and non-tax income 14.5 billion kroons. In December seven billion kroons was received.

In comparison with 2007, receipts grew by 2.9 billion kroons or 3.4 percent.

Of tax income, 95.8 percent of the planned amount was received. Inflow of tax revenue grew by 2.7 billion kroons or 3.9 percent against 2007.

Receipts of social tax, at 31.3 billion kroons, made up 99.2 percent of the budgeted amount. Receipts increased by four billion kroons or 14.8 percent in comparison with 2007.

The budget received 4.3 billion kroons in personal income tax, 104.3 percent of the budgeted amount.

VAT receipts totaled 20.5 billion kroons, which makes up 90.1 percent of the total envisaged by the budget and the supplementary budget. VAT income in 2008 declined by 1.8 billion kroons or 8 percent from 2007.

Of expenditure items, social support monies and allocations intended for a specific purpose topped the list with 65.1 billion kroons, having grown by 10.8 billion kroons or 16.6 percent year on year. The rise resulted mainly from increases in pensions and other social payments.

(EUR 1 = EEK 15.65)

Tallinn newsroom, +372 610 8829, majandus@bns.ee

 

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