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Pierre Gramegna, finance mnister, says public finances are close to being balanced after best mid-year result since 2011.Photo: Sébastien Goossens/archives 

The central administration’s balance sheet rose to €88 million, representing an improvement of €69 million in comparison with the first half of 2017. This figure also represents the best mid-year result since 2011.

According to a press release from the finance ministry: “These figures confirm the spectacular progress of public finances in recent years.”

In general, revenues are in line with budget estimates, while spending remains slightly below budget. The figures for the first half of 2018 also show that at 7.2%, revenue growth exceeds expenditure at 6.2%. This positive effect is, “a sign of a responsible and sustainable fiscal policy. It is therefore to be expected that the central government deficit will be well below the level initially set in the 2018 budget,” claimed the ministry.

“Government accounts are now very close to being balanced," said Gramegna. "Despite the tax reform and the historically high level of investment, the central government deficit has been continuously reduced. On this basis, the next government will be able to pursue a determined policy of commitment to best prepare the country for the challenges of the future and continue to improve the quality of life of citizens. "