On Friday, Luxembourg's Minister of Finance, Pierre Gramegna, presented to current state budgetary / finance situation the Finance and Budget Committee / Budgetary Execution Committee (Cofibu / Comexbu) of the Chamber of Deputies, concerning the first three quarters of the current year.
At the level of the Central Administration, the negative balance has once again been reduced and confirms the forecast used during the preparation of the 2017 budget. The balance at 30 September 2016 improved by €43.5 million compared to the same period in 2015 (it now stands at - €208 million). In addition, spending continued to grow at a slower pace than revenues (+4.4% vs. +4.9%).
It is also worth noting the significant increase in direct investment between September 2015 and September 2016, which stands at +26.0%, ie more than €233.7 million.
Minister Gramegna commented "The figures show that the government's fiscal policy is bearing fruit. The implementation of the 2016 budget is in line with forecasts. Revenues continue to grow faster than spending. The deficit is reduced. However, the State maintains investments at a high level, in particular to continue the effort to modernise our infrastructures and lay the foundations for qualitative growth in the years to come."
