Austria's fiscal council forecasts budget deficits of 3.9% and 4.1% of GDP for 2024 and 2025.

Austria's fiscal council has revised the budget deficit forecast for 2024 and 2025 to 3.9% and 4.1% of GDP, respectively, exceeding the EU's Maastricht criteria of 3%. The government debt ratio is expected to rise to 79.7% this year and 81.6% by 2025, well above the 60% guideline. These increases are attributed to higher government spending, an economic downturn, and tax cuts, leading to warnings about a possible EU deficit procedure.

November 05, 2024
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