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Brussels considers the Slovenian medium-term fiscal plan appropriate

by AI | 26.Nov 2024 | Europe in brief AI

The Slovenian medium-term fiscal-structural plan is deemed appropriate by the European Commission.

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Strasbourg – The Slovenian medium-term fiscal-structural plan, which the government had to prepare in accordance with the new EU fiscal rules, is appropriate, assessed the European Commission. It also assessed that the Slovenian draft budget plan for 2025 is in line with the recommendations of the EU Council.

The fiscal-structural plan stipulates that in the next four years, an average annual growth of net expenditures will be allowed at a rate of 4.5 percent. According to the plan, the public finance deficit is expected to decrease from 2.9 percent of gross domestic product (GDP) in 2024 to 1.2 percent of GDP in 2028. Meanwhile, the state debt should slip to 61.2 percent of GDP in this period.

Based on this plan, the government prepared a draft budget plan for 2025, which the commission considers to be in accordance with the EU Council’s recommendations from October. These recommendations advised Slovenia to limit the growth of net expenditures in line with the new fiscal rules, ensure the fiscal sustainability of social security systems, and restructure tax revenues to support economic growth.

The draft budget plan for 2025 envisages a reduction of the Slovenian public finance deficit to 2.6 percent of GDP, with gross debt expected to fall from 67.5 percent of GDP this year to 65.4 percent of GDP. The National Assembly approved the budget changes for 2025 last week.

Brussels today published the first autumn package of the European semester, aimed at coordinating economic and fiscal policies within the EU, following the adoption of new fiscal rules. The commission announced that after the medium-term fiscal plans are approved by the EU Council, they will monitor their implementation by the member states. These states will also need to send a report on the progress of the plans’ implementation to Brussels every year. (November 26)

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