Surplus in 2020 even without passport sales

The surplus for 2020 is projected to be 1.4%, marking the fifth consecutive year that public finances will register a positive balance.

Public finances will remain in surplus, even if the money from passport sales to rich foreigners is removed from the equation.

Only 30% of income from the Individual Investor Programme is recorded in government’s ordinary accounts. Even if this amount is removed from the ordinary accounts, public finances will still register a surplus.

The surplus is expected on the back of economic growth slated to reach 4.3% in real terms.

This level of GDP growth is above the Eurozone average.

Debt-to-GDP ratio

The headline figures will also see the debt-to-GDP ratio drop to 40.4%, well below the 60% threshold set by the Maastricht criteria for Eurozone countries.