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Macron pushes French budget deficit to lowest level in decade

1bac15601042307b0938bdea64660070 - Macron pushes French budget deficit to lowest level in decade

France, has its budget deficit for the first time since 2007 under the European limit of 3 percent. The deficit amounted to 2.6 percent of gross domestic product, against 3.4 percent in 2016, as made the French statistics agency Insee Monday known.

“This is primarily due to the growth, to the return. He returns because there is trust. Investors have confidence again in our country”, said the French Economy minister Bruno Le Maire. The improvement is according to him a proof that the strategy of president Emmanuel Macron works.

The president is of the opinion that the country of the European rules must be followed and the private economy should reform, so it’s credible when it calls for a further European integration.

Savings

The government-Macron conducted in July for € 4.5 billion of savings, after an audit, it was shown that there is a gap of 8 to 9 billion, with the budgetary path that the previous government had set out. The army was severely affected, which the chief of staff resigned.

The Portuguese budget deficit deteriorated last year, of 2 to 3 percent of gdp. That’s according to the national statistics agency (Ine) by a search and rescue mission of 3,94 billion euro for the bank Caixa Geral de Deposits (CGD).

The European Commission will take into account the one-off nature of the operation, assured the minister of Finance, Mario Centeno Monday. Without the recapitalisation of CGD would be the deficit under 1 percent of gdp are down.

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