The official figures depict budget surplus of Germany rose to exactly 0.6% of GDP in this year’s first half, boosted by increased tax income.
Government did pull in 321.4 billion euros via taxes, more by 3.8% than one year back thanks to the steady rate of employment.According to German Federal Statistical Office, Destatis, surplus was at 8.5bn euros during the period from January to June.
This figure was quite higher compared to surplus for same period one year back.For whole of the last year, budget surplus of Germany was at 0.2% of the GDP.
The budget surpluses happen to be rare among the European countries. A lot of them have deficits which are more than about 3% of the GDP, despite one limit of European Union regarding that level.
In one statement, according to Destatis,
“The budgets of central government, state governments, local government and social security funds benefited from a generally good employment situation and a stable economic development in the first half of 2013 compared with other European countries.”
This agency confirmed one preliminary estimate, too, of the German GDP at 0.7% growth during the 2nd quarter, giving the growth rate annually of 0.9%.
The agency said that this appeared to be partly due to the weather-related effects of catch-up following unusually cold and long winter.
One economist in Natixis, Johannes Gareis, said that he was speculating much modest expansion during 2013’s 2nd half.
He said that for rest of the year, they expected that German economy would continue growing, albeit at slower rate.
Though, others seemed to be more optimistic.
One economist in Nordea, Holger Sandte, said,
“The composition of the growth is very good. It is being driven more strongly from within, which is good for Germany and the eurozone.”
He further said that it was positive also that the firms were investing much in equipment as well as being less hesitant now.
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