Despite the economic slowdown, the German tax authorities also made more money in 2019 than they spent. On Tuesday, the Federal Statistical Office put the surplus of the federal, state, municipal and social security funds at a total of 49.8 billion euros.
The authority thereby confirmed preliminary information. The previous year there was a record result of 62.4 billion euros. The surplus last year was 1.4 percent of the gross domestic product, after 1.9 percent in the previous year.
The deficit limit for Germany is a long way off
Germany is thus far from the deficit limit of the Maastricht Treaty, in which the Europeans allow themselves a budget deficit of 3.0 percent of economic output.
The German economy had slowed significantly last year. International trade conflicts and the slowdown in the global economy weighed on export-oriented German industry. The situation on the job market was nevertheless good. Social security contributions and taxes bubbled vigorously and washed billions into the public purse.
Europe’s largest economy ran out of steam at the end of the year. In the fourth quarter, gross domestic product stagnated compared to the previous quarter. The Wiesbaden authority thus confirmed a first estimate. Falling exports in particular slowed the development at the end of the year. The German economy grew by 0.6 percent for the year as a whole. That was much weaker than in the two previous years. (dpa)
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