The results of the first quarter of 2018 have confirmed that Luxembourg public finances are in good condition.

Luxembourg Minister of Finance, Pierre Gramegna, today presented the State’s budgetary position for the first quarter of this year at the joint meeting of the Finance and Budget Committee and the Committee on Budgetary Execution Control.

In accordance with the European SEC 2010 rules, receipts at the level of the Central Administration posted an increase of +6.4% compared to the first quarter of 2017 and amounted to €4,324.6 million. At the level of central government expenditure, the results show an increase of +8.5% compared to the same period in 2017 and amounted to €4,498.6 million. This trend is explained by high investment expenditure, which increased by 11.7% compared to the first quarter of 2017, in the interest of sustainable and qualitative growth.

The balance of the Central Administration following the ESA 2010 therefore stands in the first quarter of 2018 at €-174 million, which corresponds to a level which is within the range of the balances observed during the first quarter of the financial years 2014-2017.

The execution of the state budget, according to the rules of State accounting, was found to be within the forecasts of the budget for the year 2018. Revenues reached 25,4% of the budget, whereas expenses corresponded to 24.3%. The balance of the State budget as of 31 March 2018 is thus more favourable than a year ago and stands at €-82.4 million against €-87.9 million during the same period in 2017.