Germany posts $111.3B budget deficit

Germany posts $111.3B budget deficit

Public revenues increased 5.1% in January-September 2024 compared to same period in 2023 to €1.405T, while expenditures grew 5.8% to €1.513T, resulting in €108B deficit, shows Destatis data

By Mucahithan Avcioglu

ISTANBUL (AA) – Germany’s budget deficit grew to €108 billion (approximately $111.30 billion) in January-September 2024, due to increased expenditures and higher interest rates, according to official data released by Destatis on Friday.

In the January-September period of 2024, the country's public budget deficit increased by €16.1 billion compared to the same period in 2023.

The country's public revenues increased 5.1% in January-September 2024 compared to the same period of the previous year to €1.405 trillion, while expenditures grew 5.8% to €1.513 trillion, resulting in a €108 billion deficit.

The federal government had the highest deficit, totaling €58.2 billion, while tax revenues and fees, which account for more than half of public revenues, rose 4.3% to €1.2 trillion.

Destatis stated: “Although the federal government has assumed the largest share of the overall budget deficit, as it has since 2020, financing deficits have grown, especially in local governments, but also in the states and the social security system.”

The states posted a deficit of €7.3 billion after a surplus of €3.1 billion in the same period of 2023.

The budget deficit in municipalities rose €14.5 billion compared to the previous year, reaching €25.9 billion.

Germany had a budget surplus for eight consecutive years before the Covid-19 pandemic.

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