Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  News  >  Economy & Forex  >  All News

News : Economy & Forex

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance ProfessionalsCalendarSectors 
All NewsEconomyCurrencies / ForexEconomic EventsPress releases

Estonia to Run Budget Deficit Due Worsening European Economy

share with twitter share with LinkedIn share with facebook
share via e-mail
0
04/26/2012 | 06:20pm CEST

Estonia, the euro zone's newest member, said Thursday it will run a budget deficit in 2012 as a worsening European economy curbs revenues.

The shortfall will be 0.5% of gross domestic product this year, the government said in a budget strategy approved at its weekly meeting in the capital Tallinn. The plan foresees a surplus of 0.1% of GDP in 2013 with annual increases to a 1% surplus in 2016.

Estonia became the 17th member of the euro zone on Jan. 1, 2011, amid the region's sovereign debt crisis that has seen Greece, Portugal and Ireland bailed out by the European Union and International Monetary Fund. The currency zone's economy contracted 0.3% in the fourth quarter as governments raised taxes and cut spending.

The EU economy will stagnate this year, the European Commission said in February. Already the U.K., Greece, Italy, Portugal, Ireland, Belgium, Denmark, The Netherlands, Czech Republic and Slovenia are in recession, defined as two consecutive quarters of economic contraction.

Finance Minister Juergen Ligi told a news conference the crisis in Europe meant Estonia won't meet earlier expectations of budget surplus this year. The country had a surplus of 1% of GDP last year and public debt of 6%, among the lowest among the 27-member European Union.

The ministry cut this month its estimate for 2012 economic growth, to 1.7% from a previous 3% forecast.

Finance Ministry: http://www.fin.ee

-By Liis Kangsepp, Dow Jones Newswires; +46 8 545 131 01; [email protected]

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news "Economy & Forex"
01:30p JSC GAZPROM NEFTEKHIM SALAVAT : Company boosts reliability of ammonia production
01:20p Without U.S., 11 nations in TPP inch closer to a deal
01:20p BENOÎT CŒURÉ : The use of local currencies in EU candidate and potential candidate countries
01:16pDJNEWS HIGHLIGHTS : Top Global Markets News of the Day
01:16pDJNEWS HIGHLIGHTS : Top Financial Services News of the Day
01:16pDJNEWS HIGHLIGHTS : Top Company News of the Day
01:15p COAL AUTHORITY : Free of charge coal mining information
01:15p MINISTRY OF DEFENSE OF RUSSIAN FEDERATION : Air defence units of the Russian military base in Abkhazia repelled an air attack at an exercise
01:15pDJTrump Backers Cheer Economic Agenda, Blame GOP -2-
01:15pDJTrump Backers Cheer Economic Agenda, Blame GOP for Setbacks
Latest news "Economy & Forex"
Advertisement