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22 February 2018

Overview of fed­er­al bud­getary and fi­nan­cial da­ta up to and in­clud­ing Jan­uary 2018

Data from the February 2018 monthly report

1. Trends in the federal budget

Federal budget trends (figures in €m)
Actual 2017 Actual1 as of January 2018
Expenditure (€bn)2

325.4

38.7

Year-on-year change in % (year to date)

-1.1

Revenue (€bn)2

330.4

22.5

Year-on-year change in % (year to date)

-11.5

Tax revenue (€bn)

309.4

20.7

Year-on-year change in % (year to date)

-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

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

Federal bonds

693,282

14,535

-20,000

687,817

-5,465

30-year federal government bonds

203,462

1,497

-

204,959

1,497

10-year federal government bonds

489,820

13,038

-20,000

482,858

-6,962

Inflation-linked federal securities

72,855

466

-

73,321

466

30-year,inflation-linked,federal,government,bonds

6,275

401

-

6,676

401

10-year inflation-linked federal government bonds

52,090

100

-

52,190

100

Inflation-linked federal government debentures

14,490

-35

-

14,455

-35

Federal notes

203,899

127

-

204,026

127

Federal Treasury notes

91,013

5,360

-

96,373

5,360

Treasury discount papers issued by the Federation

10,037

-

-2,007

8,030

-2,007

Other federal securities

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

3. General government tax revenue

Total tax revenue (provisional, in €m)

Period

Total tax revenue

Projection for 20181

703,046

January

47,874

January to January

47,874

4. Guarantees

Guarantees (in €bn)

Purpose of guarantees

Authorised ammount

Amount allocated
as of
31 December 2017

Amount allocated

as of
31 December 2016

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.