2015 budget deficit was 2.7% of GNP
Belgium’s budget deficit for 2015 was 2.7% of GNP. That’s according to figures released by the Federal Government today. This means that our budget deficit is well below the 3% of GNP limit that the EU imposes on Eurozone countries.
In order to reach this figure the Federal Government led by Charles Michel (Francophone liberal) has spent money extremely sparingly over the past few months. The Federal Government had originally wanted to limit the budget deficit to 2.5% of GNP.
This year’s target is lower still at 2%. If this is to be achieved a big effort will be required during the mini-budget in March. Some say that the government will need to as much as 1 billion euro in order to achieve its budget deficit target of 2% of GNP.