The national debt has fallen to its lowest level in 70 years when measured against GDP, according to figures published by the national statistics agency CBS at the end of 2024.

The Dutch national debt fell to 42.2%, continuing a decade-long downward trend since it peaked at 68% at the start of 2015, despite a brief upturn at the start of the coronavirus pandemic in 2020.

The CBS also said the budget deficit for 2024 was likely to be far smaller than anticipated in finance minister Eelco Heinen’s September budget.

The government estimated that the total deficit for the year would be €17 billion, equlvalent to 1.5% of GDP, but in the first three quarters of 2024 spending exceeded income by just €2 billion, the agency found.

“In order to achieve a deficit of €17 billion for the whole of 2024 the government would have to spend almost €15 billion more than it received in income in the last quarter,” the CBS noted.

Pieter Omtzigt, leader of coalition party NSC, called on Heinen to explain why the government’s forecasts consistently underestimated the real state of the economy.

Omtzigt and co-leader Nicolien van Vroonhoven have tabled questions in parliament about the “systematic deviation” in the official forecasts, pointing out that the shortfall is equivalent to €1,500 for every resident of the Netherlands.

“Incorrect estimates don’t have an impact on paper, but in the real world,” Omtzigt wrote in a recent opinion piece for news magazine EW. “It’s time for accurate estimates.”

According to the most recent prognosis by the economic planning agency CPB, the budget deficit is likely to rise to more than 3% of GDP in 2026, which would exceed the European Union’s budgetary limit, while the national debt is expected to pass the EU limit of 60% in 2034.