Federal budget trends up to and including July 2018

 

Actual 2017

2018 target

Actual1 January-July 2018

Expenditure (€bn)2

325.4

343.6

193.2

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

 

+0.6

Revenue (€bn)2

330.4

341.7

196.2

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

 

+6.8

Tax revenue (€bn)

309.4

321.3

181.9

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

 

+6.6

Fiscal balance (€bn)

5.0

-1.9

3.0

Financing/use of surplus:

-5.0

1.9

-3.0

Cash resources (€bn)

-

-

44.6

Seigniorage (€bn)

0.3

0.3

0.1

Movements in reserves3 (€bn)

-5.3

1.6

0.0

Net borrowing4 (€bn)

0.0

0.0

-47.7

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

Borrowing

(increase)

Debt repayment

(decrease)

Debt level
Change in debt level (balance)

30 June 2018

June 2018

June 2018

31 July 2018

June 2018

Budget borrowing

1,080,716

15,877

-21,672

1,074,920

-5,796

broken down by purpose

Federal budget

1,039,312

15,856

-21,672

1,033,496

-5,816

Financial Market Stabilisation Fund

22,467

-1

-

22,466

-1

Investment and Redemption Fund

18,936

22

-

18,958

22

broken down by dept type

Federal securities

1,067,459

15,877

-21,036

1,062,300

-5,160

Federal bonds

710,379

4,780

-21,000

694,160

-16,220

30-year federal government bonds

212,347

1,227

-

213,574

1,227

10-year federal government bonds

498,033

3,553

-21,000

480,586

-17,447

Inflation-linked federal securities

62,863

691

-

63,554

691

30-year inflation-linked federal bonds

7,292

212

-

7,504

212

10-year inflation-linked federal bonds

55,571

479

-

56,051

479

Federal notes

185,042

3,584

-

188,626

3,584

Federal Treasury notes

92,639

3,114

-

95,753

3,114

Treasury discount papers issued by the Federation

15,049

3,707

-

18,755

3,707

Other federal securities

1,487

0

-36

1,451

-36

Securitised loans

8,781

-

-636

8,145

-636

Other loans and ordinary debts

4,475

-

-

4,475

-

broken down by maturity

up to one year

153,720

 

 

159,439

5,718

one to four years

319,993

 

 

323,566

3,574

over four years

607,003

 

 

591,915

-15,088

Additional information:1

Liabilities from the capital indexing of inflation-linked federal securities

4,276

 

 

4,648

372

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

3,464

 

 

3,484

21

Total general government tax revenue (provisional, in €m)

Period

Total tax revenue

Projection for 20181

710,545

July

54,358

January to July

404,571
Guarantees

Authorised amount

Amount allocated
as of 30 June 2018

Amount allocated

as of 30 June 2017

in €bn

Export credit guarantees

160.0 118.5 124.5

Loans to foreign debtors, direct foreign investment, EIB loans

65.0 43.0 44.0

Financial cooperation projects

28.5 20.7 17.9

Food stockpiling

0.7 0.0 0.0

Domestic guarantees

158.0 100.8 102.5

International financial institutions

66.0 60.1 60.0

Treuhandanstalt successor organisations

1.0 1.0 1.0

Interest compensation guarantees

8.0 15.0 15.0