Luxembourg 2017 public Finance €558m more than budget
The Luxembourg State budget increased by €557.9 million in 2017.
The 2017 State finances ended with a surplus of €1,352.9 million, while the budget saw a deficit of €850.9 million. Excluding exceptional operations, related to revenue recognition and loan repayments, with an accounting impact of €1,777.9 million in revenue and €132 million in expenditure, the fiscal year 2017 ended with a deficit of €293 million euros. The deficit of €850.9 million, as provided for in the chosen budget, has therefore improved by €557.9 million.
This budget improvement was mainly due to significant gains in tax revenue, notwithstanding the tax reform that came into effect on 1 January 2017. Regarding expenditures, these evolved in line with the budget with a difference of only 0.34% in total expenditure.
The presentation of the figures according to the European accounting standard SEC2010 shows a central government balance in 2017 of €-220 million , which represents an improvement of €661 million compared to the chosen budget, which predicted another deficit of €881 million.