The DP finance minister presented the preliminary national accounts to parliament on Friday 3 February. The final numbers can only be calculated after the fiscal year ends in March 2018.

Total revenues amounted to €13,754.8 million and already represent 104% of the 2017 budget, according to Gramegna. Expenditure stood at €13,396.5 million, or 95% of the 2017 budget approved by parliament. Revenue thus continues to grow faster than spending for the central administration (excluding social security and communal finances).

Between December 2016 and December 2017, total revenues increased by €894 million, or + 5.7%, despite the tax reform and high investment levels, Gramegna said.

On the expenditure side, operating costs remain under control, with a decrease of -€8.3 million compared to the same quarter of 2016. Direct investment expenditure increased by +€67.6 million, or + 4.3% compared to the same period in 2016 and in line with the government's ambitious infrastructure investment policy. Overall, expenses increased by +€678 million between December 2016 and December 2017, which represents an increase of +4.3%.

Opposition MP Diane Adehm (CSV) recognised the positive trend of public finances, but said that this was mostly due to economic growth which makes revenues flow. Gast Gibéryen (ADR) cautioned that these figures were still preliminary and the final result will be different when the numbers will be finalised at the end of March.

According to Paperjam, the finance minister conceded that the final deficit “was a complicated question to which I would like to provide an answer. Taking previous years into account, I think we can close the accounts with a black or red zero”.

The 2018 budget has been criticised by the opposition and advisory bodies because it foresees a deficit close to €1 billion for the central administration.