May 12, 2020 / 11:07 AM / 14 days ago

Estonia says March tax incomes drop 19.9%

TALLINN, May 12 (Reuters) - Estonian state tax income dropped 19.9% in March from a year ago due to the lockdown of the economy, the Finance Ministry said in a statement on Tuesday.

By end-March, the nominal state budget deficit had increased to 438 million euros or 1.7% of GDP, mostly due to shrinking tax income, and the deficit was set to reach 10.1% by the end of the year, it said.

Estonia’s government debt totalled 7.4% of GDP at the end of 2019. It expects GDP to fall by as much as 8% this year.

Reporting by Tarmo Virki; Editing by Jon Boyle

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