German budget deficit in 2011 lower than expected
January 13th, 2012 - 3:32 pm ICT by IANS ( Leave a comment )Berlin, Jan 13 (IANS) Germany cut its budget deficit in 2011 to 17.3 billion euros ($22 billion), about three times less than originally forecast, the finance ministry said Thursday.
Thanks to strong economic growth and higher tax revenues, the ministry’s estimate of deficit was much lower than the previously budgeted 48.4 billion euros. The ministry also forecast deficit in 2012 at 26.1 billion euros, reported Xinhua.
According to the national statistics office, Germany managed to lower its public deficit to 1.0 percent of GDP in 2011 from 4.3 percent of the previous year. Berlin had pledged to bring its deficit below the 3.0 percent ceiling set by the Eropean Union in 2013.
The German economy shrugged off the impact of eurozone debt crisis and grew 3 percent in 2011, official figures showed Wednesday.
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Tags: 1 billion, berlin, budget deficit, debt crisis, economic growth, finance ministry, gdp, german economy, National Statistics Office, office germany, previous year, public deficit, tax revenues, three times, xinhua
