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Austria will fail to comply with both Maastricht criteria from 2024 onward

The Fiscal Advisory Council expects a significant increase in the budget deficit to 3.4% of GDP in 2024, persistently high budget deficits in the following years and consequently a steady increase in the government debt ratio.more

Full compliance with the new EU fiscal rules necessary

The Fiscal Advisory Council recommends that the federal government draws up a comprehensive consolidation plan with both revenue- and expenditure-based measures in order to regain fiscal space and to ensure long-term debt sustainability.more

NEWS

Press information (DE)

of June 19, 2024

Recommendations for current and medium-term budget policies (DE)

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Recommendations 2024

of June 19, 2024

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Fiscal Rules Compliance Report 2023 to 2028

of June 19, 2024

(Summary and Main Results)

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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
	2023	2024	2025	2024	2025

Maastricht deficit of no more than 3% of GDP	✓	⭙	⭙	✓	✓
MTO of no more than −0.5% of GDP	general escape clause	⭙	⭙	⭙	⭙
Government expenditure growth	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 (spring 2024).

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.