The Luxembourg State posted a surplus of €773 million at the end of 2018 and expects to have balanced public finances for the first time in ten years.
According to a finance ministry press release, the surplus in December 2018 rose considerably, up from €333m in 2017 and €149m in 2016.
“This positive trend in the central government balance will have a positive impact on the general government balance,” the ministry said in a statement.
Revenues recorded at the end of 2018 (ESA 2010 perspective) by the central administration amounted to €18,392m, marking a 10% increase on 2017. It was also 107.9% more than the amount anticipated in the 2018 budget.
Expenditure amounts to €17,619m, up 7.6% compared to the end of 2017 but still 97.7% less than what was budgeted for.
The 2018 budget year closes on 30 April 2019, by which time the outgoings are expected to reach the level budgeted.
Finance minister Pierre Gramegna said: “I am confident that in light of the positive evolution of the central government balance at the end of December 2018, the prospect of a balanced public finances will materialise for the 2018 fiscal year. This will then not have been the case since 2008. Until the closure of accounts in April 2019, my services will continue to monitor the implementation of the budget with the necessary seriousness.”