InsiderEconomyParliament passes 2023 state budget

Parliament passes 2023 state budget

The House of Representatives on Thursday approved the 2023 state budget.

The budget was approved by 29 votes in favour and 24 against.

It provides for general government revenue amounting to €11.76 billion and expenditure amounting to €11.29 billion. The budget features fiscal surplus of €0.46 billion corresponding to 1.7% of GDP while primary (excluding debt servicing expenditure) is estimated a 3% of GDP.

According to the budget macroeconomic scenario GDP growth is estimated to slow down to 3% in 2023 from a projected 6% this year and will amount to 3.3% and 3.2% in 2024 and 2025 respectively. Inflation is estimated to decline to 3% in 2023 from a projected 7.7% in 2022.

Primary spending in 2023 is expected to mark an increase of €554 million, while social transfers are estimated to increase by 4%.

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