Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Estonia’s Budget Surplus Widened to 1.1% of GDP in 2011

Don't Miss Out —
Follow us on:

Sept. 24 (Bloomberg) -- Estonia’s budget surplus was revised higher to 1.1 percent of gross domestic product last year, helped by European Union aid.

The surplus compares with the previous year’s 0.2 percent and the preliminary figure of 1 percent, published in March, the Tallinn-based statistics office said on its website today. EU subsidies helped the central government, which accounts for a 75 percent share of the total budget, accumulate its first surplus in three years. The social insurance funds contributed the biggest part of the surplus, it added.

Public debt relative to economic output narrowed to 6.1 percent last year from 6.7 percent a year earlier, the office said.

Estonia, the first former Soviet republic to adopt the euro last year, is the only one among the 17 countries using the common currency to have reported budget surpluses for the last two years.

Prime Minister Andrus Ansip’s Cabinet last week agreed to raise public wages 4.4 percent next year after the opposition Social Democrats and the Center Party criticized the country’s participation in bailouts for richer European countries while it kept wages and child support frozen.

To contact the reporter on this story: Ott Ummelas in Tallinn at oummelas@bloomberg.net

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.