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Austria's National Budget: EUR 22.5 Billion Deficit
The Covid-19 crisis has severely impacted Austria's economy and national budget. The Ministry of Finance has issued its financial results for the year 2020, which shows a deficit of EUR 22.5 billion. Higher expenditures for measures in connection with Covid-19 and a decrease in public levies are the main reasons for the bad results.
The Covid-19 crisis has severely impacted Austria's national budget. Finance Minister Gernot Blümel has presented a deficit of EUR 22.5 billion for 2020. / Picture: © BMF - Federal Ministry of Finance - Bundesministerium für Finanzen / Andy Wenzel / Flickr Attribution 2.0 Generic (CC BY 2.0)
Austria's economy was hit hard by the Covid-19 crisis. Similarly, the national budget reflects the ongoing economic hardships.
The Ministry of Finance released the results for the year 2020 and a deficit of EUR 22.5 billion was announced. …
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