Luxembourg runs budget surplus in 2017

Result ‘more favourable than expected’ on good economic conditions

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.

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