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On Monday 22 April 2024, Luxembourg's Minister of Finance, Gilles Roth, presented the financial situation of the state as of 31 March 2024 to members of the finance and budget execution control committees of the Chamber of Deputies (Luxembourg's parliament).
At the end of the first quarter of 2024, central government revenues increased by €524.6 million (+9.4%) compared to one year earlier, while expenditure increased by €203.9 million (+3.3%).
As reported by Luxembourg's Ministry of Finance, this positive jaws effect should be contextualised as expenditure tends to evolve less quickly within the framework of a provisional budget. The budget of "provisional twelfths" currently constitutes the legal basis for budget execution pending the entry into force of the final budget for 2024.
Minister Roth commented: "I am delighted with the generally favourable evolution of revenues in line with our forecasts. It is now essential to closely monitor the execution of the 2024 budget to prevent the deficit from widening. All-out efforts remain necessary."
