On Monday, the Committee on Budgetary Control of the Chamber of Deputies approved the 2015 state finances, the report of which confirms the good performance of public finances during the year (2015).
According to European rules SEC2010, the public administration in 2015 posted a surplus of €796 million, equivalent to 1.5% of GDP, while the deficit of the central administration was only -€176 million. Excluding interest expense, the central government therefore also closed the 2015 financial year with a surplus amounting to €35 million. This balance should also
be linked to the level of public investment, which stood at a historical level of €2,427 million.
According to SEC2010, the analysis shows that the improvement of the balance compared to the (voted) budget figures is explained for by a 30% increase in revenues (over budget forecasts) and a significant 70% reduction of planned expenses.
Pierre Gramegna, Luxembourg's Minister of Finance, commented "I welcome the adoption of this report, which confirms the more positive than expected evolution of the budget for the year 2015. The Zukunftspak continues to show its positive effects by contributing to the decrease in government spending. The consolidation of public finances is continuing and lays the foundation for a positive evolution in the years to come."
