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20 July 2017

Overview of fed­er­al bud­getary and fi­nan­cial da­ta up to and in­clud­ing June 2017

Data from the July 2017 monthly report

1. Federal budget trends

Federal budget trends (figures in €m)
Estimated 2017

January to June 20171

January to June 20161

Expenditure2

329,100157,624150,661

Revenue2

322,051156,231155,597

Tax revenue

301,029146,479141,265

Fiscal balance

-7,049-1,3934,937

Financing/use of surplus:

   

Cash resources

034,8576,292

Seigniorage

2859262

Transfer to reserve funds

6,734-5 411

Net borrowing/
current financial market balance3

0-33,556-16,700

1 As per accounts.
2 Excluding revenue and expenditure from internal offsetting.

3 (-) debt repayment; (+) borrowing

2. Credit market funds

Debt level:
31 May 2017

Borrowing

(increase)

Debt repayment

(decrease)

Debt level:
30 June 2017
Change in debt level (balance)

(in €m)

Budget borrowing1,088,43912,873-14,6241,086,688-1,751

broken down by purpose

Federal budget

1,047,39511,099-12,8511,045,644-1,751

Financial Market Stabilisation Fund

22,267700-70022,267-
Investment and Redemption Fund18,7771,074-1,07418,7770

broken down by dept type

Federal securities1,074,17112,880-14,5641,072,488-1,684
Federal bonds683,0683,805-686,8733,805
30-year federal government bonds198,139911-199,050911

10-year federal government bonds

484,9292,894-487,8232,894
Inflation-linked federal securities69,741566-70,307566
30-year,inflation-linked,federal,government,bonds5,72842-5,77042
10-year inflation-linked federal government bonds49,549524-50,073524

Inflation-linked federal government debentures

14,4650-14,4650

Federal notes

202,3762,828-205,2032,828
Federal Treasury notes103,3013,494-13,00093,795-9,506
Treasury discount papers issued by the Federation13,7522,188-1,50914,431679
Other federal securities1,933--551,878-55
Securitised loans9,785--609,725-60
Other loans and ordinary debts4,483-8-4,475-8

broken down by maturity

Short term (up to one year)163,350  164,185835
Medium term (one to four years)330,026  320,184-9,843
Long term (over four years) 595,063  602,3207,257

for information purposes only

Liabilities resulting from inflation adjustments of inflation-linked securities4,2134,507294
Reserve for inflation adjustments of the principal of the inflation-linked securities according to Schlussfinanzierungsgesetz3,5813,5876
Discrepancies in totals are due to rounding.

3. General government tax revenue

Total tax revenue (provisional, in €m)

Period

Total tax revenue

Projection for 20171

673,292

June

63,666

January to June

326,388
1 Source: Working Party on Tax Estimates, May 2017

4. Guarantees

Guarantees (in €bn)

Purpose of guarantees

Authorised ammount

Amount allocated
as of
30 June 2017

Amount allocated

as of
30 June 2016

Export credit guarantees

160.0124.5127.7

Loans to foreign debtors, direct foreign investment, EIB loans, KfW shareholding in EIF

65.044.045.4

Financial cooperation projects

28.517.915.4

Food stockpiling

0.70.00.0

Domestic guarantees

158.0102.5102.5

International financial institutions

66.060.060.0

Treuhandanstalt successor organisations

1.01.01.0

Interest compensation guarantees

15.015.010.0

5. Key dates on the fiscal policy agenda

Event

Date

Eurogroup and informal ECOFIN council meetings in Tallinn, Estonia

15-16 September 2017
Eurogroup and ECOFIN Council meetings in Luxembourg9-10 October 2017
Meeting of G20 finance ministers and central bank governors in Washington D.C.12-13 October 2017

Annual meetings of the IMF and World Bank in Washington, D.C.

13-15 October 2017

Eurogroup and ECOFIN Council meetings in Brussels

6-7 November 2017

Exact statistics and explanations for 1 to 5 above can be found in the German version of the Federal Ministry of Finance’s monthly report.

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