BERLIN (MNI) – German tax revenue growth slowed markely in
September, according to numbers released Sunday by the Finance Ministry
in its monthly report.
Total annual tax revenue growth (excluding local taxes) eased to
4.2% in September from 12.8% in August. Results for January through
September showed a 5.6% annual increase. For the full year, the
government’s forecast is for tax revenue growth of 4.0%.
Annual federal tax revenue growth in September slowed to 3.4% from
10.5% in August. For the first nine months of the year, the annual
increase was 4.4%. For the full year, the government has forecast an
increase of only 1.7%.
Federal revenue – tax intake plus other income – was up 3.3% on the
year for the January-September period, while expenditures were down 0.9%
on the year.
In the economic section of its report, the ministry estimated that
the domestic economy continued to grow in the third quarter, no doubt
thanks to a significant contribution from industrial production.
However, for the fourth quarter the ministry expects “significant
economic weakening” due to the downturn in some Eurozone countries. In
the course of 2013, the German economy will likely regain momentum, the
report predicted.
Due to subdued global economic trends, the ministry expects only
moderate inflation in Germany in the coming months.
–Berlin bureau: +49-30-22 62 05 80; email: twidder@mni-news.com
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