News item | 28-11-2025 | 13:45
Dutch public finances are currently in relatively good shape. The budget deficit is expected to fall to 1.8% of gross domestic product (GDP) in 2025. A decrease of 0.3% compared to the 2.1% expected in the 2026 Budget Memorandum. The national debt is also lower at 44.2% of GDP. This is stated in the Autumn Memorandum that Minister Heinen of Finance shares with the House of Representatives.
Minister Heinen is positive about the improvement in government finances, but also points out that we should not count ourselves rich. “Our starting position is good. At the same time, we still have a task ahead of us. We cannot continue to count on windfalls,” says Heinen.
Under-exhaustion partially filled
In recent years, ministries have frequently spent less money than originally budgeted (underspending). This was partly because projects could not go ahead due to the tight labor market. That is why the budget for 2025 takes into account a €4.1 billion in=out target due to deferred expenditure and €3 billion in additional underspending. Up to and including the Autumn Memorandum, €2.5 billion of this has been achieved. There is therefore still an outstanding statement of €4.6 billion, which must be completed in the Government’s Annual Financial Report.
In the Budget Memorandum and the Spring Memorandum 2025, plans have been set in a more realistic timeframe for various budgets. Partly as a result, we see that the government is better able to complete planned expenditure.
Deficit and debt
The estimate of the budget deficit (EMU balance) of 1.8% of GDP is an improvement of 0.3% compared to the position in the 2026 Budget Memorandum. This is mainly due to higher tax revenues. The national debt falls by 0.9% to 44.2% of GDP. The final figures will be announced in the Government’s Annual Financial Report on Accountability Day (the third Wednesday in May).