Sunday, July 13, 2014

Germany set to achieve balanced budget this year

February 19. 2013 8:19PM
Story Tools
PrintPrint | E-MailEMail | SaveSave | Hear Generate QR Code QR
Send to Kindle

(AP) Germany says it will achieve a fully balanced budget across all layers of government this year thanks to a resilient economy, low unemployment, higher tax revenues and low borrowing costs.

Berlin's Finance Ministry said Monday it expects official new borrowing for this year to come in at zero percent of economic output, when using the Europe Union's official debt criteria.

Germany's federal, state and local governments are still taking on combined new debt of 26.5 billion ($34.4 billion) this year but that is mostly offset by surpluses in the social security system.

Germany, Europe's biggest economy, expects total debt to be 81.5 percent of its GDP of about 2.6 trillion this year. It is forecast to shrink to 73 percent by 2016 as the country tries to slash new borrowing.

Associated Press

comments powered by Disqus Commenting Guidelines
Mortgage Minute

Search for New & Used Cars

Used New All

Search Times Leader Classifieds to find just the home you want!

Search Times Leader Classifieds to find just what you need!

Search Pet Classifieds
Dogs Cats Other Animals

Social Media/RSS
Times Leader on Twitter
Times Leader on Youtube
Times Leader on Google+
The Times Leader on Tumblr
The Times Leader on Pinterest
Times Leader RSS Feeds