Germany's Budget Surplus 49.8 Billion Euros

Germany's Budget Surplus 49.8 Billion Euros

Germany's public budget surplus, covering the federal state, state, local government and Social Security Fund, was 49.8 billion euro last year.  Last year, the country's public revenue surplus was 49.8 billion euros, equivalent to 1.4 percent of GDP (3 trillion 435 billion euros at current prices), according to data released by the German Federal Statistics Office (Destatis). Public revenues were recorded as 1 trillion 608 billion 600 million euros in 2019, increasing by 3.6 percent compared to the previous year, and expenses increased by 4.6 percent to 1 trillion 558 billion 800 million euros. Thus, the budget surplus covering the federal state, states, local government and social security fund amounted to 49.8 billion Euros last year. In 2018, the budget surplus was recorded as 62.4 billion Euros and 1.9 percent of GDP. In 2018, after 1990, when East and West Germany united, a record was broken in the budget surplus. GERMANY GAVE BACKGROUND OF BUDGET FOR 8 YEARS Destatis stated that last year's budget surplus was less than 2018 was due to the stronger increase in public expenditures than revenues. While the federal government achieved the highest surplus with 20.1 billion Euros last year, it was noteworthy that the country has been giving a surplus for 8 consecutive years. Destatis said that in Germany, the budgets of the federal state, state, local government and Social Security Fund provide high income due to high employment in the country, and that low interest rates reduce interest spending. According to Destatis data, employment in Germany increased by 400 thousand compared to the previous year to 45.3 million people, while public interest expenditures decreased by 13.2 percent compared to the previous year. In Germany, the locomotive country of Europe, the economy slowed down by 0.6 percent last year, adjusted for seasonal and calendar effects. In Germany, the government expects the economy to grow 1.1 percent, as it has more working days this year.