ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2023
  • Adani Saga
  • Markets
    • Stocks
    • Global Markets
    • IPO
    • Companies
    • Currency
    • Commodities
  • My Money
  • Calculators
    • Income Tax Calculator
    • Home Loan/EMI Calculator
    • Mutual Fund Returns Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • SIP calculator
    • Lumpsum Calculator
    • SWP Calculator
  • Videos
    • M Se Market
    • Jeb Zindagi Zaroorat
    • Light Camera Stocks
    • Tech Takes
    • Big Bulls Ka Nishana
    • Paisa Wasool
    • Commodity Ke MrityunjayMantra
    • The Right Property Show
  • Economy & Infra
    • Policy & Initiatives
    • Agriculture
    • Telecom
    • Aviation
    • Railways
    • Retail
    • Roadways
    • World Economy
  • Exclusive
    • Wealth Guide
    • Interviews
  • Auto
    • Cars
    • Bikes
    • Electric Vehicle
    • Commercial Vehicles
  • Tech
    • Mobiles
    • Gadgets
    • Reviews
    • Tips and Tricks
    • Apps
  • Real Estate
    • Home Buyers
    • Builders
  • Axis MF
  • Trending
    • Entertainment
    • Politics
    • Lifestyle
    • Travel
    • Sports
    • Viral
    • Education
    • Jobs
Read in App
Business News » World News

Germany facing big budget hole as economy slows: document

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App

Germany is facing a budget shortfall of around 25 billion euros ($29 billion) by 2023 as an economic slowdown means tax revenues will come in below previous estimates, a Finance Ministry document obtained by Reuters showed.

Global trade tensions and concern about Brexit have already prompted Germany to slash its growth forecast for this year to 1 percent from 1.8 percent previously as a decade-long boom in Europe`s economic powerhouse draws to a close.

The ministry document, prepared for Finance Minister Olaf Scholz to present to cabinet colleagues, pointed to annual budget shortfalls of 5 billion euros through to and including 2022.

"This is a wake-up call to colleagues that the times of constantly making demands without having covered cheques are over. Now it`s time for budget discipline," Deputy Finance Minister Bettina Hagedorn told Reuters.

The prospect of budget deficits represents a dramatic deterioration in the finances of Europe`s biggest economy, which reported a budget surplus for the federal government of some 11 billion euros last year.

The document highlighted further risks for the budget, including costs related to exiting coal power.

Allies of Chancellor Angela Merkel, who leads a ruling coalition of her conservatives and the centre-left Social Democrats (SPD), have been pressing for the government to lower the tax burden for the rich.

Both Merkel`s conservative bloc and the Social Democrats are seeking to energise their rank-and-file and to win back voters ahead of European and regional elections starting in May.

Scholz, a Social Democrat, urged ministers to make savings.

"Investments will be carried forward at the 2019 level," the ministry document read, adding that personnel costs would be frozen.

Merkel`s cabinet is expected to discuss the 2020 draft budget and the mid-term financial planning until 2023 on March 20. The government`s tax estimates will be updated on May 9.

($1 = 0.8734 euros)

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
Updated: Mon, Feb 04, 2019
11:00 pm
Reuters
RELATED NEWS
RBI to hike repo rate by 25 bps in February, ending tightening cycle: Reuters poll RBI to hike repo rate by 25 bps in February, ending tightening cycle: Reuters poll
Pakistan raises petrol price by Rs 35, pushing retail cost to a whopping Rs 249.80 per litre amid severe food, energy crisis Pakistan raises petrol price by Rs 35, pushing retail cost to a whopping Rs 249.80 per litre amid severe food, energy crisis
Budget 2023: Why budget's printing was shifted to North Block from Rashtrapati Bhavan? Budget 2023: Why budget's printing was shifted to North Block from Rashtrapati Bhavan?
Govt to sell 30 lakh tonnes of wheat in open market till March to control prices of wheat, atta Govt to sell 30 lakh tonnes of wheat in open market till March to control prices of wheat, atta
India’s economic fortunes critical for global growth, its rise being welcomed by world: Kumar Mangalam Birla India’s economic fortunes critical for global growth, its rise being welcomed by world: Kumar Mangalam Birla

LATEST NEWS

Recognised startups not to face impact of proposed changes in income tax laws: DPIIT secretary

Filmmaker Kasinadhuni Viswanath dies at 92

SBI Q3 Results: Net profit jumps 68.5% to record Rs 14,205 crore, far exceeds analysts' expectations

Gold Price Outlook: Is Rs 60,000 on cards? Up over 6% this year, MCX gold futures have 20% upside

Petrol, diesel prices hiked by Rs 2 per litre in THIS state

I-T dept raids over 30 locations of 5 builder groups across Jaipur

Meta share price rockets 24% - here is why

Should you buy, hold or sell Tata Consumer, Titan, Berger Paints, Birlasoft, Godrej Properties shares now?

Paytm shares under pressure ahead of Q3 results — what should investors do?

Traders' Diary: Buy, sell or hold strategy on ICICI Bank, TCS, Wipro, Birlasoft, IndusInd Bank, 15 other stocks today

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
© 2023. India Dot Com Private Limited. All Rights Reserved.
LIVE TV