By the end of October, Estonia’s budget deficit had reached €804 million, equivalent to 2 percent of the country’s projected gross domestic product (GDP) for the year.Compared to the same period in 2023, the deficit was €206 million higher, primarily due to weaker budget positions in the central government and social insurance funds, the Ministry of Finance reported.
By the end of October, the central government’s (primarily the state budget’s) deficit had grown to €841 million, €55 million more than in the same period last year.This deeper deficit was driven by a decline in non-tax revenues as well as a sharp increase in investments and operating expenses, primarily due to defense-related procurement.
In October, the growth of tax revenues slowed, with the largest impact seen in personal income tax, which grew by only 2.2 percent compared to October 2023, according to the Ministry of Finance.
Read more: ERR.EE
