1. Trends in the federal budget

Trends in the federal budget

 

Actual 2017

2018 target

Actual1 as of June 2018

Expenditure (€bn)2

325.4

343.6

159.0

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

 

+0.9

Revenue (€bn)2

330.4

341.7

169.3

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

 

+8.4

Tax revenue (€bn)

309.4

321.3

157.0

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

 

+7.2

Fiscal balance (€bn)

5.0

-1.9

10.3

Financing/use of surplus:

-5.0

1.9

-10.3

Cash resources (€bn)

-

-

26.5

Seigniorage (€bn)

0.3

0.3

0.1

Movements in reserves (€bn)

5.3

-1.6

0.0

Net borrowing3 (€bn)

0.0

0.0

-36.9

2. Debt trends for the Federation and its special funds (in €m)

Debt trends for the Federation and its special funds (in €m)
Debt level

Borrowing

(increase)

Debt repayment

(decrease)

Debt levelChange in debt level (balance)

31 May 2018

June 2018

June 2018

30 June 2018

June 2018

Budget borrowing

1,080,938

13,857

-14,079

1,080,716

-222

broken down by purpose

Federal budget

1,039,534

11,621

-11,843

1,039,312

-222

Financial Market Stabilisation Fund

22,467

842

-842

22,467

0

Investment and Redemption Fund

18,936

1,395

-1,395

18,936

0

broken down by dept type

Federal securities

1,067,622

13,857

-14,019

1,067,459

-162

Federal bonds

707,194

3,185

-

710,379

3,185

30-year federal government bonds

210,900

1,447

-

212,347

1,447

10-year federal government bonds

496,294

1,738

-

498,033

1,738

Inflation-linked federal securities

62,113

750

-

62,863

750

30-year inflation-linked federal bonds

7,016

276

-

7,292

276

10-year inflation-linked federal bonds

55,097

474

-

55,571

474

Federal notes

182,893

2,149

-

185,042

2,149

Federal Treasury notes

102,631

4,008

-14,000

92,639

-9,992

Treasury discount papers issued by the Federation

11,284

3,764

-

15,049

3,764

Other federal securities

1,507

-

-19

1,487

-19

Securitised loans

8,841

-

-60

8,781

-60

Other loans and ordinary debts

4,475

-

-

4,475

-

broken down by maturity

up to one year

152,412

 

 

153,720

1,309

one to four years

327,679

 

 

319,993

-7,687

over four years

600,847

 

 

607,003

6,156

Additional information:1

Liabilities from the capital indexing of inflation-linked federal securities

4,050

 

 

4,276

226

Reserves in accordance with the Final Payment Financing Act ( Schlusszahlungsfinanzierungsgesetz )

3,443

 

 

3,464

21

3. General government tax revenue

Total tax revenue (provisional, in €m)

Period

Total tax revenue

Projection for 20181

710,545

June

75,555

January to June

350,213

4. Guarantees

Guarantees

Authorised amount

Amount allocated
as of
30 June 2018

Amount allocated

as of
30 June 2017

in €bn

Export credit guarantees

160.0118.5124.5

Loans to foreign debtors, direct foreign investment, EIB loans

65.043.044.0

Financial cooperation projects

28.520.717.9

Food stockpiling

0.70.00.0

Domestic guarantees

158.0100.8102.5

International financial institutions

66.060.160.0

Treuhandanstalt successor organisations

1.01.01.0

Interest compensation guarantees

8.015.015.0

5. Key dates on the fiscal and economic policy agenda

21-22 July 2018

Meeting of G20 finance ministers and central bank

governors in Buenos Aires, Argentinia

7-8 September 2018

Eurogroup and informal ECOFIN Council meetings in Vienna

1-2 October 2018

Eurogroup and ECOFIN Council meetings in Luxembourg

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.