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Germany To Reduce 2007 Borrowing As Tax Revenue Rises

by Carla Johnson, Investors Offshore.com, London

17 October 2007


The German government is set to cut borrowing and increase spending this year after tax revenues have exceeded its expectations, according to reports this week.

Finance Minister Peer Steinbrueck has been quoted as revealing that net borrowing in 2007 is expected to drop to EUR14.4 billion from previous projections of EUR19.6 billion.

The German authorities have also reportedly increased their growth prediction for 2007 to 2.5% (from 2.3% previously), due to solid export figures and good third-quarter growth.

According to a Bloomberg report, tax revenue now is forecast to be EUR232.5 billion euros, EUR12 billion higher than forecast at the beginning of 2007.

The extra 2 billion euros in tax income will be used to fund education, the Finance Ministry was quoted by the news service as observing.

Steinbrueck is widely reported to have set a target of balancing his budget by 2011.


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