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Luxembourg runs budget surplus in 2017
Government

Luxembourg runs budget surplus in 2017

by AH 03.02.2018 From our online archive
Result 'more favourable than expected' on good economic conditions
Luxembourg finance minister Pierre Gramegna (Guy Jallay)

Luxembourg's central government ran a €358.3 million budget surplus in 2017, which is "more favourable than expected due to good economic conditions," the finance ministry said.

Revenues, equal to 104% of planned income for last year, were €13.755 billion. Expenditures, amounting to 95% of the budget for 2017 were €13.397 billion, the ministry said in a statement.

"Revenues are developing more favorably than expected," finance minister Pierre Gramegna said in the statement. "Expenditure is under control."

Income last year increased €894 million, or 5.7%, compared with 2016, the ministry said.

Luxembourg's economy is seen to have expanded 3.4% last year, according to Statec, the country's statistics office. That is expected to accelerate to 4.4% this year.

It compares with annual economic growth in the 19-nation eurzone of 2.1%, 2.4%, 2.8% and 2.7% for each consecutive quarter last year, according to a statement from Eurostat, the European Union's statistical office, on 30 January.