deficit
Recent figures reveal that President Emmanuel Macron’s deficit reduction plan is behind target, meaning France must find additional revenue or face further fiscal uncertainty. Trapped in a stalemate between raising taxes or cutting spending, France instead should consider the revenue potential of principled tax policy design. On 26 March, the French National Institute of Statistics and Economic Studies announced France’s 2023 budget deficit was 5.5% of GDP, well above both the government’s 4.9% target and the EU’s 3% rate. The €16 billion gap is economically significant for any government, but...
Euronews (English)
Essentially, a country that imports more goods and services than it exports in terms of value has a trade deficit or a negative trade balance. Conversely, a country that exports more goods and services than it imports has a trade surplus or a positive trade balance. The latest data from France's statistical office comes after the Bank of America warned of inevitable excessive deficit procedures for France \- and others. "Many things fiscal are making a return in Europe at the moment, with France and Italy in particular on the market's radar," noted Bank of America in a recent report. Just befo...
Euronews (English)
Statistics agency Insee announced this week France's budget deficit jumped to 5.5 percent last year. Prime Minister Gabriel Attal told new channel TF1 on Wednesday the expected target in the medium-term budget plan – to be presented in September – would bring the deficit back to 2.7 percent GDP by 2027. This would translate to 50 billion in savings, according to the Court of Auditors. The French government's target is an unlikely success: Moody'sEconomy Minister Bruno Le Maire will meet majority and opposition parliamentarians this Thursday in Paris to form the 2025 budget. Attal said the poli...
Euronews (English)
France's public sector budget deficit widened in 2023 by more than the government had planned, according to data released on Tuesday by statistics agency INSEE. This means there was a greater gap between income and spending, throwing Macron's reputation as a fiscally stable president into doubt. The deficit can largely be explained by France's lower growth figures last year, which reduced tax revenue. The rate of spending expansion also eased only moderately last year, rising by 3.7%, following a rate of 4% in 2022. France's Finance Minister, Bruno Le Maire, warned earlier this month that the ...
Euronews (English)
Italy’s economy grew by 0.9% last year, exceeding a 0.7% forecast, the national statistics agency ISTAT confirmed on Friday. This modest victory was nonetheless tempered by a disappointing deficit figure for 2023, which came in at 7.2% of gross domestic product (GDP). The government had pencilled in a deficit of 5.3% for last year, although it was recorded at 8.6% in 2022. In response to the figures, Italy’s Minister of Economy and Finance, Giancarlo Giorgetti, placed some of the blame on the "irresponsible" superbonus scheme, a policy that helps Italians to renovate their homes through tax su...
Euronews (English)
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