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Budget deficits above the 3% Maastricht threshold in 2024 and 2025

The Office of the Fiscal Advisory Council expects a general government budget deficit of 3.4% and 3.2% of GDP for 2024 and 2025 respectively, mainly due to new discretionary measures and delayed, disproportionate increases in expenditure caused by inflation. Despite the high nominal GDP growth, the high budget deficits will lead to an increase in the debt ratio to 78.4% of GDP (2024) and 79.1% of GDP (2025).more

Rapid return to an ambitious, sustainable budget and debt path required

Fiscal Council recommends restoring a sustainable budget situation and structural reforms to build up budgetary buffers for future crises and to finance future investments.more

Ambitious reduction of budget deficits needed

The Fiscal Advisory Council recommends a more ambitious budget path for the federal government and precautions for possible future crises, medium-term challenges and necessary future investments.more

NEWS

Press information of the office (DE)

of April 17, 2024

Budgetary outlook 2024 and 2025 – A quick assessment of the Office of the Austrian Fiscal Advisory Council

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Workshop: Fiscal dimensions of climate change and climate protection (DE)

of March 13, 2024

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Public finance report 2022-2027 (Summary)

of December 14, 2023

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General government gross debt – Austria

General government balance – Austria

EU fiscal rules applied for Austria: Maastricht criteria

EU fiscal rules applied for Austria: structural requirements

**EU fiscal rules**

		FISK estimate		MoF estimate
	2022	2023	2024	2023	2024

Maastricht deficit of no more than 3% of GDP	⭙	✓	✓	✓	✓
MTO of no more than −0.5% of GDP	general escape clause		⭙	general escape clause	⭙
Government expenditure growth	general escape clause		⭙	general escape clause	⭙
Reduction of debt ratio	✓	✓	✓	✓	✓

Legend: ✓ … compliant with fiscal rule and significant deviation; ⭙ … not compliant with fiscal rule, ⭙ …not compliant with fiscal rule and significant deviation EC … European Commission; FISK … Fiscal Advisory Council; MoF … Ministry of Finance
Source: Fiscal Advisory Council fiscal forecast (autumn 2023).

Organization and members

The Fiscal Advisory Council is an independent body responsible for monitoring the fiscal discipline of government entities in Austria. It consists of 15 members that are mandated to act independently. Its Office is attached to the Oesterreichische Nationalbank (OeNB).

Tasks of the Fiscal Advisory Council

The Fiscal Advisory Council analyzes Austria’s public finances, monitors compliance with national and EU fiscal rules and contributes to the public debate.