Record Budget Surplus in Germany

Business » FINANCE | January 14, 2020, Tuesday // 07:45| Views: | Comments: 0
Bulgaria: Record Budget Surplus in Germany www.pixabay.com

€ 13 billion and € 500 million is Germany's budget surplus for 2019, the Berlin Finance Ministry announced, news agencies said.

The unexpectedly large positive balance is due to higher tax revenues, lower interest rates on public debt and delays in infrastructure projects.

Finance Minister Olaf Scholz boasted a record level of federal investment last year - over € 38 billion, and announced a 5 billion increase in 2020.

It is hoped that greater investment in the largest economy will accelerate growth in the rest of the EU.

Scholtz's partners in the conservative Christian Democratic Union, however, did not support his idea of spending more. Conservatives are pushing for a tax burden on business.

Germany has been on the verge of recession for the past 2 years. This year, the Bundesbank forecasts an anemic 0.6 percent growth in Gross Domestic Product.

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