Belgium’s 2024 Draft Budget and Deficit: Analysis, Updates, and Implications

2023-10-17 02:24:00

In May, Belgium had in fact committed, through the stability program, to aiming for a deficit of 4.2% of GDP, or 25 billion euros, by 2024.

The Federal Public Service Strategy and Support (FPS Bosa) submitted the 2024 draft budget to the European Commission on Sunday evening, just before the set deadline. A deposit in extremis mainly due to the Brussels government, according to L’Echo.

For once, the Federal government has nothing to do with this poor performance. He had promised Europe a deficit of 3% of GDP and he would be achieving it.

The federated entities, on the other hand, are lagging behind: they have, on average, a deficit of 1.4% of GDP, whereas they committed to 1.1%. In detail, Flanders is in deficit of 3.7 billion euros, the Walloon Region of 3 billion euros and the French Community of 930 million euros. Brussels shows a shortfall of 950 million euros, for a budget of barely 8 billion euros in the capital, which, for the economic and financial newspaper, continues to look poor.

This deficit of 27.5 billion is better than the 5.2% in 2023, but it remains worse than expected.

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