According to a latest report, the new Finance Minister Michael Spindelegger has recently confessed that Austria is about to target a structural budget deficit of about 1.5% of economic output next year. This will be done according to the Finance Minister in order to work towards a balanced and well as objective budget in 2016.

Sources have revealed that the centrist coalition has taken an oath for another five-year term in the euro zone member. The centrist coalition has sworn last week and is still striving to work on the 2014 budget plan. Sources have explained that this plan is due to go to parliament early in the year.

Spindelegger was quoted as saying in an interview published by Oesterreich that they are missing about 2 billion euros ($2.73 billion) only due to the weak economy. He also said that this means that they will not be able to keep the new borrowing requirement to 1.3%. He also said that they are planning to stay on track to about 1.5%.

It has been revealed by the sources that the Austria's 2013 budget earlier predicted a nominal 2.3% deficit, but officials realized later on that the final results are likely to be better that what was assumed earlier.