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 |
| Net borrowing/current financial market balance3 (€bn) |
0.0 |
-36.2 |
| 1 As per accounts. 2 Excluding revenue and expenditure from internal offsetting. 3 (-) debt repayment; (+) borrowing Source: Federal Ministry of Finance | ||
Until the 2018 budget adopted by the German Bundestag is promulgated in the Federal Law Gazette, the federal government is working on the basis of an interim budget, which is based largely on Article 111 of the Basic Law (cf. the article “Vorläufige Haushaltsführung 2018” (“2018 Interim Budget Management”) in the German version of the January 2018 monthly report). Given that the targets for the 2018 federal budget have not been determined, no target values are included in the following tables.
Revenue
Federal revenue in January 2018 totalled €22.5bn. This represents a decrease of 11.5% (-€2.9bn) over the same period of 2017, which is largely due to lower tax revenues in January 2018 compared with January 2017. This in turn is connected to a baseline effect with GNI-based own resources. In January 2017, refunds of GNI-based own resources from the EU that were made as a result of the EU’s balances exceeded the Federation’s payments of GNI-based own resources by around €3bn. This year, the net effect of the settlement process was lower, as was expected. Other revenue was slightly below the level in the same period last year (-1.7%).
|
Actual 2017 |
Actual |
Year‑on‑year | |||
|---|---|---|---|---|---|
| January 2017 | Januar 2018 | ||||
|
€m |
Share |
€m | |||
|
I. Tax revenue |
309,376 |
93.6 |
23,625 |
20,743 |
-12.2 |
|
Federal share of joint taxes: |
252,630 |
76.5 |
16,543 |
17,246 |
+4.2 |
|
Revenue from personal and corporate income taxes (incl. final withholding tax on interest and capital gains) |
136,685 |
41.4 |
7,036 |
7,697 |
+9.4 |
|
of which: | |||||
|
Wages tax |
83,121 |
25.2 |
5,262 |
5,603 |
+6.5 |
|
Assessed income tax |
25,256 |
7.6 |
414 |
416 |
+0.5 |
|
Non-assessed taxes on earnings |
10,451 |
3.2 |
695 |
734 |
+5.6 |
|
Final withholding tax on interest and capital gains |
3,227 |
1.0 |
505 |
557 |
+10.3 |
|
Corporation tax |
14,629 |
4.4 |
159 |
386 |
+142.8 |
|
Value added taxes (VAT) |
114,005 |
34.5 |
9,459 |
9,535 |
+0.8 |
|
Trade tax apportionment |
1,941 |
0.6 |
48 |
14 |
-70.8 |
|
Energy duty |
41,022 |
12.4 |
277 |
279 |
+0.7 |
|
Tobacco duty |
14,399 |
4.4 |
432 |
332 |
-23.1 |
|
Solidarity surcharge |
17,953 |
5.4 |
1,129 |
1,222 |
+8.2 |
|
Insurance tax |
13,269 |
4.0 |
1,361 |
834 |
-38.7 |
|
Electricity duty |
6,944 |
2.1 |
526 |
586 |
+11.4 |
|
Motor vehicle tax |
8,948 |
2.7 |
883 |
905 |
+2.5 |
|
Nuclear fuel tax |
-7,262 |
-2.2 |
0 |
0 |
+0.0 |
|
Spirits duties |
2,096 |
0.6 |
214 |
221 |
+3.3 |
|
Coffee duty |
1,057 |
0.3 |
96 |
90 |
-6.3 |
|
Aviation tax |
1,121 |
0.3 |
40 |
35 |
-12.5 |
|
Supplementary grants to Länder |
-9,229 |
-2.8 |
0 |
0 |
+0.0 |
|
EU GNI own resources |
-14,258 |
-4.3 |
2,991 |
-167 |
X |
|
EU VAT own resources |
-2,362 |
-0.7 |
-197 |
-181 |
-8.1 |
|
Grants to Länder for public transport |
-8,348 |
-2.5 |
-696 |
-708 |
+1.7 |
|
Grants to Länder for motor vehicle tax and HGV toll |
-8,992 |
-2.7 |
0 |
0 |
+0.0 |
|
II. Other revenue |
21,025 |
6.4 |
1,802 |
1,771 |
-1.7 |
|
Revenue from economic activity |
3,868 |
1.2 |
29 |
28 |
-3.4 |
|
Interest revenue |
344 |
0.1 |
15 |
31 |
+106.7 |
|
Loan repayments, holdings, privatisation revenue |
1,786 |
0.5 |
27 |
37 |
+37.0 |
|
Total revenue1 |
330,401 |
100.0 |
25,427 |
22,514 |
-11.5 |
| 1 Excluding revenue from internal offsetting. | |||||
| Source: Federal Ministry of Finance | |||||
Expenditure
Federal expenditure for January 2018 totalled €38.7bn, representing a total decrease of 1.1% ( €0.4bn) on the year.
Federal spending is separated into consumption and investment expenditure. Consumption expenditure was down by 1.7% on the year in January 2018. In particular, interest spending and human resources expenditure were lower compared with the same period last year. In contrast, ongoing grants for public administrations increased significantly on the year (+27.0%). This includes ongoing grants for the Länder, which were up by 31.7% (+€0.3bn) compared with January 2017. Subsidies to other areas were at a similar level to last year. However, divergent trends could also be observed: Subsidies to companies fell by 9.2% on the year, while there were increases in spending on pensions, social security and benefits (e.g. on basic income support for jobseekers and parental benefit, which were up by 0.4% and 6.8%, respectively). Investment expenditure in January 2018 was up sharply on the year (+5.6%). This was mainly the result of higher spending on investment grants, particularly due to higher levels of grants relating to a special fund for investment in the expansion of child-care facilities and higher subsidies to other areas compared with January 2017. Spending on fixed asset investment was significantly lower in year-on-year terms.
|
Actual 2017 |
Actual |
Year‑on‑year
change in % | |||
|---|---|---|---|---|---|
|
January 2017 | January 2018 | ||||
|
€ m |
Share in % |
€m | |||
|
General public services |
77,006 |
23.7 |
7,147 |
6,981 |
-2.3 |
|
Economic cooperation and development |
8,330 |
2.6 |
1,181 |
957 |
-18.9 |
|
Defence |
36,419 |
11.2 |
3,279 |
3,384 |
+3.2 |
|
Government, central administration |
15,858 |
4.9 |
1,591 |
1,627 |
+2.3 |
|
Revenue administration |
4,554 |
1.4 |
348 |
333 |
-4.1 |
|
Education, science, research, cultural affairs |
22,984 |
7.1 |
1,526 |
1,232 |
-19.3 |
|
Support for school and university students and training programme participants |
3,603 |
1.1 |
527 |
390 |
-26.1 |
|
Science, research and development outside of higher education institutions |
12,268 |
3.8 |
530 |
509 |
-3.9 |
|
Social security, family and youth affairs, labour market policy |
168,801 |
51.9 |
20,270 |
21,130 |
+4.2 |
|
Social insurance including unemployment insurance |
111,703 |
34.3 |
15,905 |
16,224 |
+2.0 |
|
Labour market policy |
37,590 |
11.6 |
2,961 |
3,075 |
+3.9 |
|
of which: Unemployment benefit II under Book II of the Social Code |
21,423 |
6.6 |
2,006 |
2,014 |
+0.4 |
|
Unemployment Benefit II, government housing and heating allowances under Book II of the Social Code |
6,753 |
2.1 |
419 |
514 |
+22.6 |
|
Family assistance, welfare services, etc. |
8,296 |
2.5 |
756 |
823 |
+8.9 |
|
Social benefits for the consequences of war and political events |
1,930 |
0.6 |
215 |
153 |
-28.8 |
|
Health, environment, sport, recreation |
2,303 |
0.7 |
178 |
119 |
-33.2 |
|
Housing, regional planning and local community services |
2,923 |
0.9 |
345 |
311 |
-9.9 |
|
Housing, home ownership savings premium |
2,267 |
0.7 |
343 |
308 |
-10.0 |
|
Food, agriculture and forestry |
1,068 |
0.3 |
20 |
16 |
-21.5 |
|
Energy and water supply, trade and services |
4,195 |
1.3 |
1,173 |
1,120 |
-4.6 |
|
Regional support measures |
726 |
0.2 |
2 |
1 |
-22.9 |
|
Mining, manufacturing and construction |
1,532 |
0.5 |
1,011 |
1,008 |
-0.3 |
|
Transport and communication |
21,228 |
6.5 |
1,387 |
1,271 |
-8.4 |
|
Roads |
9,484 |
2.9 |
615 |
628 |
+2.2 |
|
Railways and public transport |
7,047 |
2.2 |
287 |
305 |
+6.0 |
|
Financial management |
30,532 |
9.4 |
7,073 |
6,500 |
-8.1 |
|
Interest expenditure |
17,500 |
5.4 |
6,727 |
6,190 |
-8.0 |
|
Total expenditure1 |
325,380 |
100.0 |
39,100 |
38,651 |
-1.1 |
| 1 Excluding expenditure from internal offsetting. | |||||
| Source: Federal Ministry of Finance | |||||
|
Actual 2017 |
Actual |
Year‑on‑year
change in % | |||
|---|---|---|---|---|---|
| January 2017 | January 2018 | ||||
|
€m |
Share |
€m | |||
|
Consumption expenditure |
291,367 |
89.5 |
35,986 |
35,364 |
-1.7 |
|
Personnel expenditure |
31,824 |
9.8 |
3,404 |
3,197 |
-6.1 |
|
Salary payments |
23,182 |
7.1 |
2,367 |
2,155 |
-9.0 |
|
Pensions |
8,643 |
2.7 |
1,037 |
1,042 |
+0.5 |
|
Current material expenditure |
28,693 |
8.8 |
1,673 |
1,661 |
-0.7 |
|
Non-personnel expenditure |
1,571 |
0.5 |
85 |
81 |
-4.7 |
|
Military procurement |
10,625 |
3.3 |
512 |
618 |
+20.7 |
|
Other |
16,498 |
5.1 |
1,076 |
962 |
-10.6 |
|
Interest expenditure |
17,497 |
5.4 |
6,727 |
6,190 |
-8.0 |
|
Current grants and subsidies |
212,582 |
65.3 |
24,078 |
24,263 |
+0.8 |
|
to public administration |
24,814 |
7.6 |
1,061 |
1,347 |
+27.0 |
|
to other sectors |
187,768 |
57.7 |
23,018 |
22,916 |
-0.4 |
|
including: | |||||
|
Private enterprises |
28,527 |
8.8 |
2,930 |
2,660 |
-9.2 |
|
Pensions, assistance etc. |
30,127 |
9.3 |
2,896 |
2,940 |
+1.5 |
|
Social insurance funds |
117,495 |
36.1 |
16,213 |
16,557 |
+2.1 |
|
Other asset transfers |
770 |
0.2 |
104 |
54 |
-48.1 |
|
Investment expenditure |
34,013 |
10.5 |
3,114 |
3,287 |
+5.6 |
|
Financial assistance |
24,170 |
7.4 |
2,749 |
2,939 |
+6.9 |
|
Grants and subsidies |
21,421 |
6.6 |
2,566 |
2,798 |
+9.0 |
|
Loans, guarantees |
1,221 |
0.4 |
70 |
28 |
-60.0 |
|
Acquisition of holdings; capital contributions |
1,528 |
0.5 |
113 |
113 |
+0.0 |
|
Fixed asset investment |
9,843 |
3.0 |
365 |
348 |
-4.7 |
|
Construction measures |
7,631 |
2.3 |
234 |
246 |
+5.1 |
|
Acquisition of movable assets |
1,713 |
0.5 |
106 |
85 |
-19.8 |
|
Acquisition of real property |
499 |
0.2 |
26 |
17 |
-34.6 |
|
General reduction/increase in expenditure |
0 |
0.0 |
0 |
0 |
X |
|
Total expenditure1 |
325,380 |
100.0 |
39,100 |
38,651 |
-1.1 |
| 1 Excluding expenditure from internal offsetting. | |||||
| Source: Federal Ministry of Finance | |||||
Fiscal balance
The federal budget recorded a deficit of €16.1bn for January 2018.
Revenue and expenditure are subject to strong fluctuations over the course of the fiscal year and thus have an uneven effect on cash funds in individual months. Net borrowing also tends to fluctuate considerably over the course of the year. This means that the fiscal balance at this point in the year and the corresponding net borrowing figures are not reliable indicators of the end-of-year figures for the fiscal balance and net borrowing. This is especially true at the start of the year, particularly when an interim budget is being used.
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 | |
Trends in general government tax revenue
|
2018 |
January |
Year‑on‑year |
January to January |
Year‑on‑year |
2018 estimates4 |
Year‑on‑year |
|---|---|---|---|---|---|---|
|
in €m |
in % |
in €m |
in % |
in €m |
in % | |
|
Joint taxes |
|
|
|
|
|
|
|
Wages tax2 |
17,305 |
+5.3 |
17,305 |
+5.3 |
205,200 |
+4.9 |
|
Assessed income tax |
985 |
+0.7 |
985 |
+0.7 |
60,950 |
+2.6 |
|
Non-assessed taxes on earnings |
1,534 |
+3.6 |
1,534 |
+3.6 |
19,880 |
-5.0 |
|
Final withholding tax on interest and capital gains |
1,267 |
+10.4 |
1,267 |
+10.4 |
7,500 |
+2.3 |
|
Corporation tax |
773 |
+142.7 |
773 |
+142.7 |
30,650 |
+4.8 |
|
Value added taxes (VAT) |
19,073 |
+1.6 |
19,073 |
+1.6 |
234,450 |
+3.6 |
|
Trade tax apportionment |
18 |
-70.5 |
18 |
-70.5 |
4,718 |
+0.7 |
|
Increased trade tax apportionment |
66 |
-53.9 |
66 |
-53.9 |
3,868 |
-0.7 |
|
Total joint taxes |
41,021 |
+4.3 |
41,021 |
+4.3 |
567,216 |
+3.6 |
|
Federal taxes | ||||||
|
Energy duty |
279 |
+0.7 |
279 |
+0.7 |
41,000 |
-0.1 |
|
Tobacco duty |
332 |
-23.0 |
332 |
-23.0 |
14,360 |
-0.3 |
|
Spirits duty incl. alcopops duty |
221 |
+3.4 |
221 |
+3.4 |
2,080 |
-0.6 |
|
Insurance tax |
834 |
-38.8 |
834 |
-38.8 |
13,520 |
+1.9 |
|
Electricity duty |
586 |
+11.3 |
586 |
+11.3 |
6,930 |
-0.2 |
|
Motor vehicle tax |
905 |
+2.5 |
905 |
+2.5 |
9,010 |
+0.7 |
|
Aviation tax |
35 |
-11.0 |
35 |
-11.0 |
1,175 |
+4.9 |
|
Nuclear fuel duty |
0 |
X |
0 |
X |
0 |
X |
|
Solidarity surcharge |
1,222 |
+8.2 |
1,222 |
+8.2 |
18,450 |
+2.8 |
|
Other federal taxes |
139 |
+12.9 |
139 |
+12.9 |
1,463 |
+1.2 |
|
Total federal taxes |
4,552 |
-8.7 |
4,552 |
-8.7 |
107,988 |
+8.1 |
|
Länder taxes | ||||||
|
Inheritance tax |
486 |
-6.7 |
486 |
-6.7 |
5,767 |
-5.7 |
|
Real property transfer tax |
1,223 |
+10.6 |
1,223 |
+10.6 |
13,820 |
+5.2 |
|
Betting and lottery tax |
174 |
-9.0 |
174 |
-9.0 |
1,881 |
+2.4 |
|
Beer duty |
54 |
-0.9 |
54 |
-0.9 |
659 |
-0.8 |
|
Other Länder taxes |
22 |
+8.9 |
22 |
+8.9 |
465 |
+3.1 |
|
Total Länder taxes |
1,959 |
+3.5 |
1,959 |
+3.5 |
22,592 |
+1.7 |
|
EU own resources | ||||||
|
Customs duty |
343 |
-5.3 |
343 |
-5.3 |
5,250 |
+3.7 |
|
VAT-based own resources |
181 |
-8.2 |
181 |
-8.2 |
2,510 |
+6.3 |
|
GNI-based own resources |
167 |
X |
167 |
X |
24,440 |
+71.4 |
|
Total EU own resources |
691 |
X |
691 |
X |
32,200 |
+48.5 |
|
Federation3 |
21,149 |
-11.7 |
21,149 |
-11.7 |
315,797 |
+2.1 |
|
Länder 4 |
22,523 |
+3.3 |
22,523 |
+3.3 |
306,787 |
+2.8 |
|
EU |
691 |
X |
691 |
X |
32,200 |
+48.5 |
|
Local authorities’ share of income tax and value added tax |
3,511 |
+7.9 |
3,511 |
+7.9 |
48,262 |
+6.9 |
|
Total tax revenue (excluding local authority taxes) |
47,874 |
+2.8 |
47,874 |
+2.8 |
703,046 |
+4.2 |
| 1 Methodology: Total cash income from the various taxes is recorded and allocated to the various government levels as stipulated by law. Actual tax amounts collected in the current month by individual government levels may differ from target amounts due to technical reasons. | ||||||
| 2 After deduction of child benefit refunds by the Federal Central Tax Office. | ||||||
| 3 After supplementary grants; any discrepancies with table on federal revenue are due to methodology used. | ||||||
| 4 Working Party on Tax Revenue Estimates, November 2017 | ||||||
| Source: Federal Ministry of Finance | ||||||
Tax revenue in January 2018
Total tax revenue (excluding local authority taxes) posted moderate year-on-year growth in January 2018, rising by 2.8%. Revenue from joint taxes rose sharply, by 4.3% on the year; this was driven by increases in revenue from wages tax and corporation tax. Revenue from final withholding tax on interest and capital gains was also up significantly. Receipts from insurance tax and tobacco duty were down by 38.8% and 23.0%, respectively, leading to a 8.7% drop in overall revenue from federal taxes. In terms of taxes that accrue solely to the Länder, revenue was up by 3.5% on the year in January.
EU own resources
Following the EU settlement process, approximately €1.7bn in VAT and GNI-based own resources were refunded to the Federation in January 2018. In turn, the Federation transferred GNI-based own resources totalling around €1.9bn and VAT own resources of €0.2bn to the EU. Taking into account the customs duties that were also transferred, the overall balance for EU own resources was approximately €0.7bn in January 2018.
In January 2017, approximately €4.7bn in GNI-based own resources were refunded to the Federation following the EU settlement process for payments from previous years, while the Federation transferred around €1.7bn in GNI-based own resources to the EU as part of its payments for 2017. Taking VAT own resources and customs duties into consideration, the result at the time was a balance of -€2.4bn, due to the fact that the repayment to the Federation exceeded the transfers to the EU.
Given the fact that the transfers of VAT and GNI-based own resources to the EU are included as estimates in the federal budget, then the difference of €3bn between the EU settlements in January 2017 and January 2018 has the effect of reducing the Federation’s revenue in arithmetic terms.
Transfers to the EU are based on the planned financial framework for 2018. Fluctuations occur over the course of the year based on the EU’s financing needs at any given time.
Distribution among the Federation, Länder and local authorities
The Federation’s tax receipts (after accounting for federal supplementary grants to the Länder, based on provisional figures) fell by 11.7% on the year in January 2018 in arithmetic terms, compared with an inflated baseline figure for January 2017 (see EU own resources above). Länder tax receipts increased by 3.3% on the year in January 2018 after accounting for supplementary federal grants (provisional figures). The local authorities’ share of revenue from joint taxes was up by 7.9% on the year.
Joint taxes
Wages tax
Revenue from wages tax again recorded strong growth in January 2018, with gross revenue from this tax increasing by 4.7% on the year. The labour market situation remains favourable, which, together with rising incomes, means that a positive trend in revenue from this tax is expected in the coming months. Child benefit payments – which are financed from receipts from wages tax – rose by 1.9% on the year in January 2018. On balance, cash receipts from wages tax were up by 5.3% in year-on-year terms in January 2018.
Corporation tax
Revenue fluctuations related to assessment activities and audits led to a somewhat low level of revenue from corporation tax in January 2017. This puts into perspective the fact that gross revenue from corporation tax increased by 142.1% in year-on-year terms in January 2018, especially as this was a low-yield month for this tax. After deducting investment allowance payments, which are continuing to decline in terms of volume, cash receipts from corporation tax stood at €0.8bn for January 2018.
Assessed income tax
Gross revenue from assessed income tax was up by 4.5% over January 2017. On balance, cash receipts from assessed income tax were practically unchanged at approximately €1.0bn in January 2018 (up by 0.7% compared with January 2017), after subtracting employee refunds (which increased by 9.6%), investment allowance payments and owner-occupied homes premiums.
Non-assessed taxes on earnings
January 2018 saw a year-on-year drop of 3.3% in gross receipts from non-assessed taxes on earnings, compared with a high baseline in the previous year. Nevertheless, after deducting refunds by the Federal Central Tax Office, which are financed from this revenue, and which were down by 48.4%, cash receipts from non-assessed taxes on earnings grew by 3.6% in January 2018.
Final withholding tax on interest and capital gains
Revenue from final withholding tax on interest and capital gains rose by 10.4% on the year in January 2018. It is not possible to provide reliable information regarding what share of the revenue came from interest and what share from capital gains, because no separate statistics are kept on the two revenue components.
Value added taxes
Revenue from value added taxes posted moderate year-on-year growth of 1.6% in January 2018, compared with a high baseline figure in January 2017. In January 2018, receipts from domestic VAT grew by 1.8% in year-on-year terms, while the yield from import VAT rose by 0.8%.
Taxes accruing to the Federation
Receipts from taxes accruing solely to the Federation were down by 8.7% (-€0.4bn) on the year in January 2018. Revenue growth for the solidarity surcharge (+8.2%), electricity duty (+11.3%), alcohol duty, which was formerly known as spirits duty (+3.4%), and sparkling wine duty (+84.6%) could not make up for lower receipts from insurance tax, which were down by €0.5bn (-38.8%), and tobacco duty, which fell by €0.1bn (-23.0%). With regard to insurance tax, part of the expected revenue was shifted to the following month for technical reasons, with the result that it will only be booked in February.
The downward trend in revenue from tobacco duty is partly related to a relatively high baseline figure in January 2017. In addition, there is a significant level of uncertainty regarding the evaluation of the monthly results due to the increasing popularity of alternative tobacco products (e.g. e-cigarettes and “heat-not-burn” products). Receipts from aviation tax and coffee duty also fell in year-on-year terms in January 2018, by 11.0% and 5.8%, respectively. Trends in revenue from other taxes had only a minor impact on the overall results for federal taxes.
Taxes accruing to the Länder
Receipts from taxes accruing solely to the Länder were up by 3.5% on the year in January 2018. Higher revenue from real property transfer tax (+10.6%) more than made up for lower yields from inheritance tax (-6.7%) and betting and lottery tax (-9.0%). Beer duty revenue was relatively unchanged in year-on-year terms ( 0.9%).
Credit market funds
| Debt level: 31 December 2017 |
Borrowing |
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. | |||||
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 |
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.