Government spending

In a recent Q&A, the Ministry of Finance outlined key aspects of the Greek economy’s future based on the Mid-term Fiscal Plan for 2025-2028. This plan details structural changes and projections for the economy over the next four years. Here are the highlights:

1. What are the European fiscal rules and how do they differ from the Stability Pact?

Türkiye is "open for business and dialogue," Turkish Treasury and Finance Minister Mehmet Şimşek announced on Wednesday, emphasizing the nation's benefits from post-pandemic supply chain diversification and its comprehensive reform program to boost competitiveness, productivity, and potential growth.

The adoption of the euro remains an unattainable goal for Romania due to its persistent fiscal deficit, according to Mugur Isărescu, Governor of the National Bank of Romania (NBR), as cited by local media. Romania's deficit stood at 5.68% last year, one of the highest in the European Union, a figure that far exceeds the requirements for adopting the single currency.

Russia’s defense spending Russia’s defense spending will rise 25% in 2025 to 13.5 trillion rubles ($145.32 billion) from 10.8 trillion rubles in 2024, state budget documents released today show.

Defense spending will make up 32% of the total budget spending and will reach 41.5 trillion rubles.

BELGRADE - Serbian MPs passed on Monday a supplementary budget bill under which the state budget for 2024 is increased by 132.5 bln dinars to 2,173 bln dinars.

A hundred and thirty-six MPs voted in favour, 51 voted against, there were no abstentions and six MPs took no part in the vote.

A strong message to markets is sent by Kostis Hatzidakis’s revelation to the international news agency Bloomberg that in 2024, the state budget will close with a higher-than-expected primary surplus of 2.4% of GDP instead of the initial target of 2.1%.

BELGRADE - The Serbian government passed on Thursday a bill amending the 2024 budget law, under which overall budget revenues will total 2,173.4 bln dinars, up by 6.5 pct - or by 132.5 bln dinars - compared to this year's initial budget.

According to preliminary data on the execution of the state budget on a modified cash basis, a surplus of €1.048 billion was recorded in the January-August 2024 period. This is a significant achievement, considering the 2024 Budget Report had forecasted a deficit of €2.774 billion for this period, compared to a €92 million deficit during the same period in 2023.

The budget deficit is expected to fall below 5 percent of the gross domestic product (GDP) at the end of 2024, Vice President Cevdet Yılmaz has said.

In the medium-term program, the government predicted that the central government budget would be 2.65 trillion Turkish Liras or 6.4 percent of the estimated GDP.

The 2025 state budget is currently being drafted and is expected to include approximately €880 million in interventions and relief measures. Institutions and ministries have submitted their proposals, detailing expenditure and revenue estimates for both the current year and 2025, to the General Accounting Office.