German public deficit slashed as growth tops six-year high in 2006
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Germany has slashed its public deficit to 1.7 percent of output in 2006 -- much lower than originally estimated -- thanks to the booming economy, official data showed on Thursday.
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Chancellor Gerhard Schroeder's Cabinet approved budget guidelines for 2005 on Wednesday that would see Germany's deficit below the European Union limit for the first time in four years.
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Germany's Cabinet on Wednesday approved a 2007 budget that foresees trimming the deficit to comply with European Union rules, and the finance minister said Berlin likely would hit the target this year.
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German economic growth will slow next year as foreign demand for goods and services cools and unemployment at a five-year high damps consumer spending, the country&#39;s six leading economic research institutes said.
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The sharp rise in the euro at the end of last year could whittle down the Bundesbank's 2004 annual profit to next to nothing, spelling further bad news for Germany's already severely straitened public finances, ...
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The German government will take on an extra 14 billion euros ($17.23 billion) in debt this year because the country's economic upturn so far has failed to boost tax revenue, taking new borrowing to a record ...
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Germany's finance minister presented a 2005 budget Tuesday that boosts government spending and foresees record interest payments on the national debt, but still aims to get the country back under European Union deficit limits.
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The German government on Monday sold shares worth â¬1.6 billion, or $2.14 billion, in Deutsche Telekom to the state-owned development bank KfW Group as the finance minister, Hans Eichel, strove to rein in the budget deficit.
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Germany's trade surplus grows again in July as exports hold near historical highs, official figures show.
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Germany's economy is back on a stable path of growth after three years in stagnation and is not immediately threatened by the surge in oil prices, Chancellor Gerhard Schroeder said Wednesday.
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German Finance Minister Hans Eichel hailed 2004 as a "good year" for having ended the virtual paralysis of his country's economy, and predicted further growth driven in part by domestic consumption.
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The German economy, the biggest in the 12-country eurozone, was teetering on the edge of its third recession in just four years at the end of 2004, but the outlook for this year is brighter with investor confidence on the rise, data showed.
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Homeowners increased their mortgage borrowing by almost $600 billion in the last quarter of 2006, an annual pace of 6.4 percent.
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Germany defended its rank as top global exporter last year, beating a fast growing China for possibly the last time as it posted a sharp increase in its trade surplus on Friday.
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The German economy chalked up its strongest performance in four years last year, thanks almost exclusively to booming global demand for German-made goods, official data showed.
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The German trade surplus has topped its highest level since unification in 1990 in October, propelled by surging exports.
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The German economy, the biggest in the 12-country eurozone, is currently in party mood, with business confidence at its highest level since unification 16 years ago.