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Economy

Preliminary Budget 2021:

predicted circa €115 Million deficit

by Milena Radoman
The 2021 Preliminary Budget: centred on
economic revival and national transformation

© Conseil national

It is an initial 2021 budget with a deficit Faced with the global health crisis, all budget adding, “Let us not see these expenses only
of €114.5 million that Monaco’s national revenue forecasts are indeed in decline. This as a burden but also as an investment in the
councillors unanimously approved on 17 deficit is, according to State Minister, Pierre future. They bear witness to the proactive
December. “This deficit situation has not been Dartout, above all “created by exceptional policies pursued by the government to
encountered since 2011,” noted Rapporteur and expenses [Ed: + 5.2% compared to the 2020 support our vital forces, in order to allow
Chairman of the Finance Committee, Balthazar preliminary budget]. We are taking on this them to remain competitive when the time
Seydoux, emphasising that this budget shows budget deficit together, with the objective of for recovery comes.”
revenue of €1.47 billion, down 2.7% compared returning to stability as quickly as possible.
to the 2020 preliminary budget. We accept it because this deficit is the result This is why the following seven priority
of exceptional aid, certainly one of the most strategies have been devised for 2021, as
Tax revenues were in free fall of 9.6%, VAT was generous in Europe, given to those who part of the Government Action Programme.
cut by 10% and tax on profits sagged by 18.5%. really need it in these very particular times,”

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