Finance Minister, Pierre Gramegna;

On Friday 1 February 2019, Luxembourg's Minister of Finance, Pierre Gramegna, presented to the joint meeting of the Finance and Budget Committee and the Committee on Budgetary Execution Control, the budgetary and financial situation of the State as of 31 December 2018.

At the end of December 2018, the state saw a surplus of €773 million, representing a significant increase compared to previous years. At the same period in 2016 and 2017 the balance was €149 million and €333 million respectively. This positive evolution of the state's Central Administration balance will have a favourable impact on the balance of the Public Administration.

Revenue recorded at the end of 2018 (SEC optics 2010) by the Central Administration amounted to €18,392 million. This result corresponds to a 10% increase over the same period of the previous year. The expenses of the Central Administration amount to €17,619 million, up 7.6% compared to the end of 2017. The positive scissors effect between revenue and expenditure is therefore confirmed again.

According to the State Accounting Rules under the 1999 Act, receipts of 107.9% of the amounts provided for in the 2018 budget have been collected.

Expenditure is 97.7% of the voted budget. By the end of fiscal year 2018 to 30 April 2019, the amounts expended will reach the level of the 2018 voted budget, particularly those devoted to investments, which are considerable.

Minister Gramegna commented "I am confident that, in the light of the positive evolution of the central government's balance at the end of December 2018, the prospect of a balanced public finances will materialise for the 2018 budget year. This has not been the case since 2008. Until the close of the accounts in April 2019, my services will continue to monitor the execution of the budget with the necessary seriousness."