2014 budget turned a surplus

According to the Ministry of Finance, the state raked in 7.82 billion euros and spent 7.77 billion in 2014, which means the planned deficit turned into a surplus.

Revenues were up by 206 million euros compared to the previous years, while spending only grew by 36 million. The state expected 8.02 billion in revenues and 8.18 billion in spending.

The growth was led by tax takings, which were up by 8.2 percent, reaching 6.64 billion euros. The shortfall came in the non-tax revenues, with the state only collecting 83.6 percent of the budgeted non-tax revenue.

The state took in 330.8 million euros less in outside support compared to 2013 as many projects were pre-paid in 2013 and the EU’s budget period changed.

Financial profits more than doubled to 184.9 million euros, but still did not reach the level expected in the 2014 budget.

In the spending department, the state spent 100 percent what it promised on staff and running of the state apparatus, but made significant cuts in the investment department, spending 438.6 million euros, or only 64 percent, of what was initially planned. The total amount of investments decreased by 36.6 percent, mainly due to the EU switching over from the 2007-2013 budget period to the 2014-2020 period. Estonia did not fully benefit from the new period, while struggling to spend the balance from the previous budget period.

Source: ERR News via Estonian Review

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