1. Federal budget trends
Estimated 2017 |
January to August 20171 |
January to August 20161 |
|
---|---|---|---|
Expenditure2 |
329,100 | 219,305 | 207,451 |
Revenue2 |
322,051 | 206,744 | 203,266 |
Tax revenue |
301,029 | 192,392 | 183,437 |
Fiscal balance |
-7,049 | -12,560 | -4,183 |
Financing/use of surplus: |
|||
Cash resources |
0 | 41,573 | 17,600 |
Seigniorage |
285 | 110 | 132 |
Transfer to reserve funds |
6,734 | - | 5 411 |
Net borrowing/ |
0 | -29,122 | -19,000 |
1 As per accounts. 3 (-) debt repayment; (+) borrowing. |
2. Credit market funds
Debt level: 31 July 2017 |
Borrowing (increase) |
Debt repayment (decrease) |
Debt level: 31 August 2017 |
Change in debt level (balance) | |
---|---|---|---|---|---|
(in €m) |
|||||
Budget borrowing | 1,078,173 | 18,996 | -3,586 | 1,093,583 | 15,411 |
broken down by purpose |
|||||
Federal budget |
1,037,126 | 18,996 | -3,586 | 1,052,536 | 15,411 |
Financial Market Stabilisation Fund |
22,262 | - | - | 22,262 | - |
Investment and Redemption Fund | 18,784 | 0 | - | 18,784 | 0 |
broken down by dept type |
|||||
Federal securities | 1,064,227 | 18,996 | -3,561 | 1,079,662 | 15,436 |
|
673,476 | 5,751 | - | 679,227 | 5,751 |
|
199,902 | 99 | - | 200,000 | 99 |
|
473,574 | 5,653 | - | 479,227 | 5,653 |
|
70,872 | 130 | - | 71,002 | 130 |
|
5,778 | -15 | - | 5,763 | -15 |
|
50,605 | 115 | - | 50,720 | 115 |
|
14,490 | 30 | - | 14,520 | 30 |
|
208,720 | 3,421 | - | 212,141 | 3,421 |
|
94,255 | 7,687 | - | 101,941 | 7,687 |
|
15,067 | 2,007 | -3,518 | 13,557 | -1,511 |
|
1,837 | - | -43 | 1,794 | -43 |
Securitised loans | 9,471 | - | -25 | 9,446 | -25 |
Other loans and ordinary debts | 4,475 | - | - | 4,475 | - |
broken down by maturity |
|||||
Short term (up to one year) | 167,193 | 165,358 | -1,835 | ||
Medium term (one to four years) | 318,011 | 326,057 | 8,047 | ||
Long term (over four years) | 592,969 | 602,168 | 9,199 | ||
for information purposes only |
|||||
Liabilities resulting from inflation adjustments of inflation-linked securities | 4,447 | 4,464 | 17 | ||
Reserve for inflation adjustments of the principal of the inflation-linked securities according to Schlussfinanzierungsgesetz | 3,594 | 3,594 | - | ||
Discrepancies in totals are due to rounding. |
3. General government tax revenue
Period |
Total tax revenue |
---|---|
Projection for 20171 |
673,292 |
August |
47,884 |
January to August |
427,111 |
1 Source: Working Party on Tax Estimates, May 2017 |
4. Guarantees
Purpose of guarantees |
Authorised ammount |
Amount allocated |
Amount allocated
as of |
---|---|---|---|
Export credit guarantees |
160.0 | 124.5 | 127.7 |
Loans to foreign debtors, direct foreign investment, EIB loans, KfW shareholding in EIF |
65.0 | 44.0 | 45.4 |
Financial cooperation projects |
28.5 | 17.9 | 15.4 |
Food stockpiling |
0.7 | 0.0 | 0.0 |
Domestic guarantees |
158.0 | 102.5 | 102.5 |
International financial institutions |
66.0 | 60.0 | 60.0 |
Treuhandanstalt successor organisations |
1.0 | 1.0 | 1.0 |
Interest compensation guarantees |
15.0 | 15.0 | 10.0 |
5. Key dates on the fiscal policy agenda
Event |
Date |
---|---|
Eurogroup and ECOFIN Council meetings in Luxembourg | 9-10 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 |
Eurogroup and ECOFIN Council meetings in Brussels |
4-5 December 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.