The Riigikogu approved state budget for 2022

59 members of the Riigikogu voted in favour of the passing of the State Budget for 2022 Act and 37 were against.

According to the State Budget for 2022 Act (464 SE), the volume of the revenue of the coming year’s state budget is 13.132 billion euro, the volume of expenditure 13.633 billion euro, and the volume of investments is 724 billion euro. The volume of expenditure will exceed the volume of revenue, but the structural position has improved compared to both last year and the state budget strategy for 2022–2025. Defence spending accounts for 2.3 per cent of GDP, and research and development expenditure for one per cent.

The next year’s budget allocates 2.78 million euro for regional investments. During the third reading, funds were added for increasing the competitiveness of the maritime sector and continuing the support measure for international passenger shipping.

The Government has set following of three main directions the aim of the state budget – getting the daily expenditure of the state under control, investing into people, and ensuring a rapid a sustainable development for Estonia.

Next year’s state budget is expected to ensure emergence of the Estonian society and economy from the coronavirus crisis, and to make the economy future-proof. Besides emerging from the crisis, long-term goals are also focused on by moving towards structural balance of the budget. When drafting the state budget, the Government took into account its priorities: rapid exit from the COVID-19 pandemic, supporting the mental and physical health of people, financial sustainability, education and innovation, green economy, pro-active foreign policy, national defence and reducing regional inequality.

Drafting of the state budget for 2022 was based on the State Budget Strategy 2022–2025, Action Programme of the Government of the Republic, recommendations of the European Commission given within the framework of the European Semester and the summer economic forecast of the Ministry of Finance.

Source: Parliament of Estonia