Society for applied sciences, Public university in Kleve, Germany

Berlin, Oct 12 Germany cut its fiscal deficit in the overall public budget to 32.9 billion euros in the first half of this year, the Federal Statistical Office (Destatis) said.In the same period of 2021, the respective figure was 131.1 billion euros, Xinhua news agency quoted the Office as saying on Tuesday.Following the expiry of the Covid-19 measures, expenditures of Europe's largest economy decreased slightly in the first six months, while its revenues increased by 11.9 per cent year-on-year, according to Destatis.The increase in sales taxes was "particularly large", as a reduced value-added tax (VAT) rate was still in force in the same period of 2021 due to the pandemic.During the pandemic, the German government provided 130 billion euros in economic aid alone, including loans to rescue major companies, such as the flag carrier Lufthansa.Billions were spent to support consumers.In 2020, the country recorded its first budget deficit since 2013 at nearly 190 billion euros, also the highest since German reunification, according to Destatis.In addition to the return to normal VAT levels, the increase in Germany's tax revenues in the first half of the year was also attributable to "exceptionally high price inflation", it noted.Driven by soaring energy prices, inflation in Germany has risen steadily since the start of the Russia-Ukraine war.The inflation rate peaked at 10 per cent in September.The German government plans to prevent high inflation from leading to increased tax expenditures for consumers.To cushion the impact of high inflation, Germany has already presented relief packages for the economy and consumers totaling 95 billion euros.In addition, it announced a "protective umbrella" of up to 200 billion euros to stabilise the economy.Despite the inflation relief expenditures, Germany is aiming to return to a balanced budget in 2023, and therefore will apply the so-called debt brake, which prevents new borrowing for the first time since 2020.Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Society For Applied SciencesFOLLOW

Society for applied sciences, Latest News

Ahead of the launch of the MBBS Hindi course book in Madhya Pradesh, state medical education minister Vishwas Sarang on Sunday said that the move will bring a big change in the advancement of education in Hindi medium. ...

In a first-of-its-kind move, Union Home Minister Amit Shah will launch the MBBS Hindi course book at Lal Parade ground in Bhopal today. ...

Union Home Minister Amit Shah and Madhya Pradesh Chief Minister Shivraj Singh Chouhan will launch the MBBS Hindi course book at Lal Parade ground in Bhopal on Sunday. ...

Berlin, Oct 15 Germany's Minister of Health Karl Lauterbach called on the country's federal states to reintroduce stricter ... ...

Berlin, Oct 14 Driven by soaring energy prices, Germany's annual inflation rate accelerated to 10 per cent in ... ...

Moscow, Oct 14 Without the participation of Russian experts, Moscow won't recognise any results of investigation into leaks ... ...

Berlin, Oct 13 The outcome of the 2022 FIFA World Cup is unpredictable and remains a grab bag, ... ...

Berlin, Oct 12 Germany cut its fiscal deficit in the overall public budget to 32.9 billion euros in ... ...