1. Trends in the federal budget
| Actual 2017 | Actual1 as of April 2018 | |
|---|---|---|
| Expenditure (€bn)2 |
325.4 |
111.8 |
|
+1.9 |
|
| Revenue (€bn)2 |
330.4 |
107.8 |
|
+0.9 |
|
| Tax revenue (€bn) |
309.4 |
98.7 |
|
-1.1 |
|
| Fiscal balance (€bn) |
5.0 |
-4.0 |
| Financing/use of surplus: |
-5.0 |
4.0 |
| Cash resources (€bn) |
- |
57.4 |
| Seigniorage (€bn) |
0.3 |
-0.1 |
| reserve funds balance (€bn) |
5.3 |
0.0 |
| Net borrowing/current financial market balance3 (€bn) |
0.0 |
-53.3 |
| 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 March 2018 |
Borrowing (increase) April 2018 |
Debt repayment (decrease) April 2018 |
Debt level: |
Change in debt level (balance) April 2018 |
|
|---|---|---|---|---|---|
|
(in €m) |
|||||
| Budget borrowing | 1,086,503 | 15,346 | -34,077 | 1,067,772 | -18,731 |
|
broken down by purpose |
|||||
|
Federal budget |
1,045,169 |
15,276 |
-34,077 |
1,026,369 |
-18,801 |
|
Financial Market Stabilisation Fund |
22,415 |
52 |
- |
22,467 |
52 |
| Investment and Redemption Fund |
18,919 |
18 |
- |
18,936 |
18 |
|
broken down by dept type |
|||||
| Federal securities |
1,073,167 |
15,346 |
-34,057 |
1,054,456 |
-18,711 |
|
699,233 |
4,517 |
- |
703,750 |
4,517 |
|
207,925 |
1,487 |
- |
209,412 |
1,487 |
|
491,308 |
3,030 |
- |
494,338 |
3,030 |
|
75,233 |
1,067 |
-15,000 |
61,301 |
-13,933 |
|
6,741 |
35 |
- |
6,776 |
35 |
|
54,038 |
487 |
- |
54,525 |
487 |
|
14,455 |
545 |
-15,000 |
0 |
-14,455 |
|
193,811 |
3,032 |
-17,000 |
179,844 |
-13,968 |
|
94,282 |
3,790 |
- |
98,072 |
3,790 |
|
9,031 |
2,939 |
-2,007 |
9,963 |
932 |
|
1,575 |
0 |
-49 |
1,526 |
-49 |
| Securitised loans |
8,861 |
- |
-20 |
8,841 |
-20 |
| Other loans and ordinary debts |
4,475 |
- |
- |
4,475 |
- |
|
broken down by maturity |
|||||
| Short term (up to one year) |
165,969 |
|
|
151,278 |
-14,691 |
| Medium term (one to four years) |
319,050 |
|
|
323,097 |
4,047 |
| Long term (over four years) |
601,484 |
|
|
593,397 |
-8,087 |
|
Additional information:1 |
|||||
| Liabilities from the capital indexing of inflation-linked federal securities |
4,421 |
|
|
3,406 |
-1,015 |
| Reserves in accordance with the Final Payment Financing Act ( Schlusszahlungsfinanzierungsgesetz ) |
3,656 |
|
|
3,422 |
-234 |
| 1 Liabilities resulting from the capital indexing of the notional amount are equal to the amount by which the notional amount (issuance amount) has increased, due to inflation, between the start date and the specified reference date. Allocations to the special fund occur: - on a regularly scheduled basis, namely on each coupon payment date for inflation-linked Federal securities (15 April of every year) (section 4(1) of the Final Payment Financing Act) and - on an exceptional basis, namely on each reopening auction date for inflation-linked Federal securities (section 4(2) of the Final Payment Financing Act). Discrepancies in totals are due to rounding. Source: Federal Ministry of Finance. |
|||||
3. General government tax revenue
|
Period |
Total tax revenue |
|---|---|
|
Projection for 20181 |
710,545 |
|
April |
50,927 |
|
January to April |
223,037 |
| 1 Source: Working Party on Tax Estimates, May 2018 | |
4. Guarantees
|
Purpose of guarantees |
Authorised ammount |
Amount allocated |
Amount allocated
as of |
|---|---|---|---|
|
Export credit guarantees |
160.0 | 119.5 | 124.8 |
|
Loans to foreign debtors, direct foreign investment, EIB loans, KfW shareholding in EIF |
65.0 | 42.9 | 44.5 |
|
Financial cooperation projects |
28.5 | 20.3 | 17.5 |
|
Food stockpiling |
0.7 | 0.0 | 0.0 |
|
Domestic guarantees |
158.0 | 102.3 | 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 | 15.0 |
5. Key dates on the fiscal policy agenda
|
Event |
Date |
|---|---|
| Eurogroup and ECOFIN Council meetings in Brussels |
24-25 May 2018 |
|
Meeting of G7 finance ministers and central bank governors in Whistler, Canada |
31 May to 2 June 2018 |
| Eurogroup and ECOFIN Council meetings in Luxembourg |
21-22 June 2018 |
| Eurogroup and ECOFIN Council meetings in Brussels |
12-13 June 2018 |
|
Meeting of G20 finance ministers and central bank governors in Buenos Aires, Argentinia |
21-22 July 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.