1. Trends in the federal budget
| Actual 2017 | Actual1 as of January 2018 | |
|---|---|---|
| Expenditure (€bn)2 |
325.4 |
38.7 |
|
-1.1 |
|
| Revenue (€bn)2 |
330.4 |
22.5 |
|
-11.5 |
|
| Tax revenue (€bn) |
309.4 |
20.7 |
|
-12.2 |
|
| Fiscal balance (€bn) |
5.0 |
-16.1 |
| Financing/use of surplus: |
-5.0 |
16.1 |
| Cash resources (€bn) |
- |
52.5 |
| Seigniorage (€bn) |
0.3 |
-0.1 |
| reserve funds balance (€bn) |
5.3 |
0.0 |
| 1 As per accounts. 2 Excluding revenue and expenditure from internal offsetting. 3 (-) debt repayment; (+) borrowing Source: Federal Ministry of Finance |
||
2. Credit market funds
| Debt level: 31 December 2017 |
Borrowing (increase) Januar 2018 |
Debt repayment (decrease) January 2018 |
Debt level: 31 January 2018 |
Change in debt level (balance) January 2018 |
|
|---|---|---|---|---|---|
|
(in €m) |
|||||
| Budget borrowing |
1,086,311 |
20,488 |
-22,248 |
1,084,551 |
-1,760 |
|
broken down by purpose |
|||||
|
Federal budget |
1,044,972 |
20,492 |
-22,248 |
1,043,216 |
-1,756 |
|
Financial Market Stabilisation Fund |
22,418 |
-3 |
- |
22,415 |
-3 |
| Investment and Redemption Fund |
18,920 |
0 |
- |
18,920 |
0 |
|
broken down by dept type |
|||||
| Federal securities |
1,072,745 |
20,488 |
-22,043 |
1,071,190 |
-1,555 |
|
693,282 |
14,535 |
-20,000 |
687,817 |
-5,465 |
|
203,462 |
1,497 |
- |
204,959 |
1,497 |
|
489,820 |
13,038 |
-20,000 |
482,858 |
-6,962 |
|
72,855 |
466 |
- |
73,321 |
466 |
|
6,275 |
401 |
- |
6,676 |
401 |
|
52,090 |
100 |
- |
52,190 |
100 |
|
14,490 |
-35 |
- |
14,455 |
-35 |
|
203,899 |
127 |
- |
204,026 |
127 |
|
91,013 |
5,360 |
- |
96,373 |
5,360 |
|
10,037 |
- |
-2,007 |
8,030 |
-2,007 |
|
1,660 |
0 |
-36 |
1,623 |
-36 |
| Securitised loans |
9,091 |
- |
-205 |
8,886 |
-205 |
| Other loans and ordinary debts |
4,475 |
- |
- |
4,475 |
- |
|
broken down by maturity |
|||||
| Short term (up to one year) |
159,757 |
|
|
165,302 |
5,545 |
| Medium term (one to four years) |
332,271 |
|
|
338,399 |
6,128 |
| Long term (over four years) |
594,282 |
|
|
580,850 |
-13,433 |
|
for information purposes only |
|||||
| Liabilities resulting from inflation adjustments of inflation-linked securities | 4,720 | 4,781 | 617 | ||
| Reserve for inflation adjustments of the principal of the inflation-linked securities according to Schlussfinanzierungsgesetz | 3,622 | 3,632 | 10 | ||
| Discrepancies in totals are due to rounding. | |||||
3. General government tax revenue
|
Period |
Total tax revenue |
|---|---|
|
Projection for 20181 |
703,046 |
|
January |
47,874 |
|
January to January |
47,874 |
| 1 Source: Working Party on Tax Estimates, November 2017 | |
4. Guarantees
|
Purpose of guarantees |
Authorised ammount |
Amount allocated |
Amount allocated
as of |
|---|---|---|---|
|
Export credit guarantees |
160.0 | 121.0 | 128.6 |
|
Loans to foreign debtors, direct foreign investment, EIB loans, KfW shareholding in EIF |
65.0 | 44.3 | 44.7 |
|
Financial cooperation projects |
28.5 | 19.6 | 17.6 |
|
Food stockpiling |
0.7 | 0.0 | 0.0 |
|
Domestic guarantees |
158.0 | 103.1 | 102.6 |
|
International financial institutions |
66.0 | 60.1 | 60.1 |
|
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 Brussels |
12-13 March 2018 |
| Meeting of G20 finance ministers and central bank governors in Buenos Aires, Argentina |
19-20 March 2018 |
| European Council in Brussels |
22-23 March 2018 |
| Spring Meetings of the IMF and World Bank in Washington, D.C. |
19 to 21 April 2018 |
| Meeting of G20 finance ministers and central bank governors in Washington, D.C. |
20 April 2018 |
| Meeting of ASEM finance ministers in Sofia, Bulgaria |
26. April 2018 |
| Eurogroup and informal ECOFIN Council meetings in Sofia, Bulgaria |
27-28 April 2018 |
| Tax revenue estimate meeting in Mainz |
7 to 9 May 2018 |
| Eurogroup and ECOFIN Council meetings in Brussels |
24-25 May 2018 |
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.
