The Belgian deficit for 2023 was "only" 4.6% of GDP, instead of the expected 5.2%, revealing an improvement of €3.4 billion, according to the Federal Public Service for Strategy and Support report quoted in L'Echo.
"In recent years, the actual results have consistently been better than the estimates," said State Secretary for Budget Alexia Bertrand (Open VLD). "In 2021, it was 5.4% instead of the anticipated 6.9%, and 3.5% rather than 4.9% in 2022. For 2023, when I took office and the budget was being prepared, it was initially estimated at 5.9%. Some people in Parliament speculated it would be 6.1%, but it was revised to 5.2% in October. Now, it stands at 4.6%."
Bertrand stressed the importance of these revised figures. "We are judged on estimates: these are the figures that we submit to Europe, the ones on which we debate in Parliament. And then when the final figures are decided, nobody talks about them. How many companies do you know that are judged on their budgets rather than their profits?"
Belgium's State Secretary for Budget Alexia Bertrand. Credit: Belga / Nicolas Maeterlinck
While a 4.6% deficit is not cause for celebration, Bertrand noted that it demonstrates the seriousness of their endeavours even amid criticism received in recent months. She emphasised that throughout the legislative term, an effort worth €11 billion was made.
The federal entity saw the most substantial improvement, as the deficit was €19.1 billion, which was less than the €21 billion projected in October. For Entity 1 (Federal and Social Security), the deficit ended up being 3.1% instead of the predicted 3.5%.
However, the State Secretary also underlined the scale of the work ahead: "We need a socio-economic reform based on objective facts, not a cultural or identity reform." Her four key priorities are healthcare, pensions, tax and labour market reform, and continuing to work on the long-term sick and unemployed.
"If we really want to put the budget in order, we need to undertake reforms that will take between five to ten years. The challenges for the next legislature are immense, and I hope everyone is aware of that."
