Record Budget Surplus in Germany
€ 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.
We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!
- » IMF Head Kristalina Georgieva: Forecasts for Global Economy Are Grim
- » Bulgarian National Bank Forecasts GDP Drop at 4,4 Percent Rate for 2020
- » Bulgarian PM Borissov: We Doubled the Salaries of Teachers, 1 Billion Were Invested in Educational Infrastructure
- » UniCredit Bulbank: Bulgarian Economy Will Slowly Recover in 2021
- » Bulgaria’s Minister of Finance: Our Country Will Join Eurozone in 2024
- » Bulgarian Minister of Labor: State Will Further Support Pensioners and Families with Children