Federal budget trends up to and including November 2018
|
Actual 2017 |
2018 target |
Actual1 January– November 2018 |
---|---|---|---|
Expenditure (€bn)2 |
325.4 |
343.6 |
304.4 |
|
|
+2.1 |
|
Revenue (€bn)2 |
330.4 |
341.7 |
300.6 |
|
|
+6.5 |
|
Tax revenue (€bn) |
309.4 |
321.3 |
277.8 |
|
|
+5.5 |
|
Fiscal balance (€bn) |
5.0 |
-1.9 |
-3.8 |
Financing/use of surplus: |
-5.0 |
1.9 |
3.8 |
|
- |
- |
46.8 |
|
0.3 |
0.3 |
0.2 |
|
-5.3 |
1.6 |
0.0 |
Net borrowing4 (€bn) |
0.0 |
0.0 |
-43.2 |
Any discrepancies in totals are due to rounding. | |||
1 As per accounts. | |||
2 Excluding revenue and expenditure from internal offsetting |
|||
3 Negative values denote accumulation of reserves. |
|||
4 (-) debt repayment; (+) borrowing |
|||
Source: Federal Ministry of Finance |
Revenue
Federal revenue for the January–November 2018 period totalled €300.6bn, up by 6.5% (€18.4bn) on the year. Tax revenue (including EU own resources) increased by 5.5% (€14.4bn). Tax revenue trends this year have been affected by various special factors. In 2017, approximately €7.3bn of nuclear fuel duty (including interest) had to be returned to energy supply companies following the Federal Constitutional Court’s ruling of 7 June 2017. In addition, transfers of GNI-based own resources to the EU have been up significantly in 2018, by approximately €5.8bn on the year.
Other revenue was 21.4% (€4bn) higher on the year in the January–November 2018 period, mainly due to an increase in allocations from the Bundesbank’s profits (allocations so far this year have totalled €1.9bn, an increase of €1.5bn on the year). In addition, revenue from the distance-based commercial vehicle toll increased by €0.5bn and profits from the Federation’s holdings were up by €0.3bn on the year.
Expenditure
Cumulative federal expenditure for the period from January to November 2018 totalled €304.4bn, an increase of 2.1% (€6.2bn) on the year. Federal spending is separated into consumption and investment expenditure. In the January–November 2018 period, consumption spending was 2.3% higher than in the same period last year. This can be attributed primarily to increases in military procurement spending (up by +10.1%) and in ongoing grants to public administrations (up by +18.1%). In the latter category, the Federation’s allocation of €2.8bn to the Energy and Climate Fund had the biggest impact on results. This category also includes an increase in federal grants to reimburse the Länder for social spending on basic income support for older people and for people with reduced earning capacity. These grants totalled roughly €900m in the fourth quarter of 2017, but the reimbursements were not paid until 2018. There was no such spending in the first quarter of 2017. Grants for other areas saw a below-average year-on-year rise in the January–November 2018 period, tempering the increase in consumption expenditure. Nevertheless, there was a marked +2.7% increase in social security spending during this period, mainly as a result of higher allocations to the general pension insurance system (up by +3.3%). Interest expenditure fell sharply on the year by 6.6% in the first eleven months of 2018. Investment spending totalled €27.2bn; this is approximately 68% of the target level for 2018. The budgeted amount includes a €2.4bn allocation to a special digital infrastructure fund. The Bundestag approved the bill for the fund on 29 November. The final consultation on the bill in the Bundesrat took place on 14 December. If the law enters into force before the end of the year, the funds will be distributed in December. Investment spending remained steady on the year in the January–November 2018 period. Adjusted for the one-off allocation in August 2017 of €1bn to increase the equity of Deutsche Bahn AG, investment increased slightly on the year.
Fiscal balance
The federal budget recorded a deficit of €3.8bn for the period from January to November 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.
Actual 2017 |
2018 target |
Actual |
Year-on-year change (year to date) |
||||
---|---|---|---|---|---|---|---|
January to November 2017 |
January to November 2018 |
||||||
in €m |
share in % |
in €m |
share in % |
in €m |
in % |
||
General public services |
77,006 |
23.7 |
81,712 |
23.8 |
67,460 |
69,497 |
+3.0 |
|
8,330 |
2.6 |
9,389 |
2.7 |
6,289 |
6,675 |
+6.1 |
|
36,419 |
11.2 |
38,002 |
11.1 |
32,092 |
33,621 |
+4.8 |
|
15,858 |
4.9 |
17,388 |
5.1 |
15,060 |
15,810 |
+5.0 |
|
4,554 |
1.4 |
4,891 |
1.4 |
4,089 |
4,203 |
+2.8 |
Education, science, research, cultural affairs |
22,984 |
7.1 |
24,207 |
7.0 |
18,576 |
18,540 |
-0.2 |
|
3,603 |
1.1 |
3,993 |
1.2 |
3,083 |
2,991 |
-3.0 |
|
12,268 |
3.8 |
13,290 |
3.9 |
9,099 |
9,602 |
+5.5 |
Social security, family affairs and youth, labour market policy |
168,801 |
51.9 |
173,006 |
50.4 |
161,076 |
165,159 |
+2.5 |
|
111,703 |
34.3 |
115,063 |
33.5 |
109,003 |
111,964 |
+2.7 |
|
|
|
|
|
|
|
|
|
82,381 |
25.3 |
85,316 |
24.8 |
81,273 |
83,995 |
+3.3 |
|
37,590 |
11.6 |
36,728 |
10.7 |
34,392 |
33,654 |
-2.1 |
|
|
|
|
|
|
|
|
|
21,423 |
6.6 |
20,400 |
5.9 |
19,933 |
19,125 |
-4.1 |
|
6,753 |
2.1 |
6,900 |
2.0 |
6,196 |
6,506 |
+5.0 |
|
8,296 |
2.5 |
8,946 |
2.6 |
7,661 |
8,351 |
+9.0 |
|
1,930 |
0.6 |
2,082 |
0.6 |
1,767 |
1,741 |
-1.5 |
Health, environment, sport, recreation |
2,303 |
0.7 |
2,856 |
0.8 |
1,811 |
1,877 |
+3.6 |
Housing, regional planning and local community services |
2,923 |
0.9 |
3,549 |
1.0 |
2,579 |
2,536 |
-1.7 |
|
2,267 |
0.7 |
2,580 |
0.8 |
2,207 |
2,132 |
-3.4 |
Food, agriculture and forestry |
1,068 |
0.3 |
1,233 |
0.4 |
714 |
592 |
-17.0 |
Energy and water supply, trade and services |
4,195 |
1.3 |
5,481 |
1.6 |
3,614 |
3,200 |
-11.5 |
|
726 |
0.2 |
910 |
0.3 |
557 |
497 |
-10.7 |
|
1,532 |
0.5 |
1,491 |
0.4 |
1,471 |
1,332 |
-9.5 |
Transport and communication |
21,228 |
6.5 |
21,140 |
6.2 |
18,341 |
17,992 |
-1.9 |
|
9,484 |
2.9 |
10,081 |
2.9 |
7,966 |
8,762 |
+10.0 |
|
7,047 |
2.2 |
6,162 |
1.8 |
6,268 |
5,360 |
-14.5 |
Financial management |
30,532 |
9.4 |
30,416 |
8.9 |
24,380 |
25,323 |
+3.9 |
|
17,500 |
5.4 |
18,107 |
5.3 |
17,426 |
16,278 |
-6.6 |
Total expenditure 1 |
325,380 |
100.0 |
343,600 |
100.0 |
298,223 |
304,392 |
+2.1 |
1 Excluding expenditure from internal offsetting. | |||||||
Source: Federal Ministry of Finance |
Actual 2017 |
2018 target |
Actual |
Year-on-year change (year to date) |
||||
---|---|---|---|---|---|---|---|
January to November 2017 |
January to November 2018 |
||||||
in €m |
share in % |
in €m |
share in % |
in €m |
in % |
||
Consumption expenditure |
291,367 |
89.5 |
304,483 |
88.6 |
270,987 |
277,152 |
+2.3 |
|
31,824 |
9.8 |
33,397 |
9.7 |
30,123 |
30,438 |
+1.0 |
|
23,182 |
7.1 |
24,796 |
7.2 |
21,841 |
21,988 |
+0.7 |
|
8,643 |
2.7 |
8,602 |
2.5 |
8,282 |
8,450 |
+2.0 |
|
28,693 |
8.8 |
30,587 |
8.9 |
23,327 |
24,274 |
+4.1 |
|
1,571 |
0.5 |
1,588 |
0.5 |
1,321 |
1,394 |
+5.5 |
|
10,625 |
3.3 |
12,316 |
3.6 |
8,035 |
8,843 |
+10.1 |
|
16,498 |
5.1 |
16,682 |
4.9 |
13,971 |
14,037 |
+0.5 |
|
17,497 |
5.4 |
18,098 |
5.3 |
17,422 |
16,274 |
-6.6 |
|
212,582 |
65.3 |
221,491 |
64.5 |
199,410 |
205,407 |
+3.0 |
|
24,814 |
7.6 |
28,691 |
8.4 |
22,192 |
26,212 |
+18.1 |
|
187,768 |
57.7 |
192,800 |
56.1 |
177,218 |
179,195 |
+1.1 |
|
|
|
|
|
|
|
|
|
28,527 |
8.8 |
30,362 |
8.8 |
25,328 |
24,817 |
-2.0 |
|
30,127 |
9.3 |
29,391 |
8.6 |
28,064 |
27,498 |
-2.0 |
|
117,495 |
36.1 |
120,190 |
35.0 |
114,054 |
117,156 |
+2.7 |
|
770 |
0.2 |
910 |
0.3 |
705 |
759 |
+7.7 |
|
34,013 |
10.5 |
39,803 |
11.6 |
27,236 |
27,240 |
+0.0 |
|
24,170 |
7.4 |
29,312 |
8.5 |
19,342 |
19,056 |
-1.5 |
|
21,421 |
6.6 |
27,131 |
7.9 |
17,135 |
18,133 |
+5.8 |
|
1,221 |
0.4 |
1,618 |
0.5 |
936 |
788 |
-15.8 |
|
1,528 |
0.5 |
564 |
0.2 |
1,270 |
136 |
-89.3 |
|
9,843 |
3.0 |
10,490 |
3.1 |
7,894 |
8,183 |
+3.7 |
|
7,631 |
2.3 |
7,742 |
2.3 |
6,293 |
6,598 |
+4.8 |
|
1,713 |
0.5 |
1,954 |
0.6 |
1,209 |
1,160 |
-4.1 |
|
499 |
0.2 |
794 |
0.2 |
392 |
426 |
+8.7 |
General reduction/increase in expenditure |
0 |
0.0 |
-686 |
-0.2 |
0 |
0 |
X |
Total expenditure 1 |
325,380 |
100.0 |
343,600 |
100.0 |
298,223 |
304,392 |
+2.1 |
1 Excluding expenditure from internal offsetting. | |||||||
Source: Federal Ministry of Finance |
Actual 2017 |
2018 target |
Actual |
Year-on-year change (year to date) |
||||
---|---|---|---|---|---|---|---|
January to November 2017 |
January to November 2018 |
||||||
in €m |
share in % |
in €m |
share in % |
in €m |
in % |
||
I. Tax revenue |
309,376 |
93.6 |
321,307 |
94.0 |
263,403 |
277,825 |
+5.5 |
Federal share of joint taxes: |
252,630 |
76.5 |
263,900 |
77.2 |
217,577 |
228,804 |
+5.2 |
|
136,685 |
41.4 |
144,503 |
42.3 |
112,086 |
120,815 |
+7.8 |
|
|
|
|
|
|
|
|
|
83,121 |
25.2 |
87,741 |
25.7 |
70,874 |
75,641 |
+6.7 |
|
25,256 |
7.6 |
26,173 |
7.7 |
18,688 |
18,949 |
+1.4 |
|
10,451 |
3.2 |
10,950 |
3.2 |
9,381 |
10,586 |
+12.8 |
|
3,227 |
1.0 |
3,474 |
1.0 |
2,825 |
2,849 |
+0.8 |
|
14,629 |
4.4 |
16,165 |
4.7 |
10,318 |
12,790 |
+24.0 |
|
114,005 |
34.5 |
117,426 |
34.4 |
103,957 |
106,480 |
+2.4 |
|
1,941 |
0.6 |
1,971 |
0.6 |
1,535 |
1,509 |
-1.7 |
Energy duty |
41,022 |
12.4 |
41,300 |
12.1 |
32,508 |
32,368 |
-0.4 |
Tobacco duty |
14,399 |
4.4 |
14,160 |
4.1 |
12,525 |
12,473 |
-0.4 |
Solidarity surcharge |
17,953 |
5.4 |
18,750 |
5.5 |
15,102 |
16,044 |
+6.2 |
Insurance tax |
13,269 |
4.0 |
13,670 |
4.0 |
12,611 |
13,128 |
+4.1 |
Electricity duty |
6,944 |
2.1 |
6,930 |
2.0 |
6,289 |
6,337 |
+0.8 |
Motor vehicle tax |
8,948 |
2.7 |
9,010 |
2.6 |
8,383 |
8,507 |
+1.5 |
Nuclear fuel tax |
-7,262 |
-2.2 |
0 |
0.0 |
-7,262 |
0 |
X |
Alcohol duty |
2,096 |
0.6 |
2,102 |
0.6 |
1,904 |
1,917 |
+0.7 |
Coffee duty |
1,057 |
0.3 |
1,055 |
0.3 |
949 |
931 |
-1.9 |
Aviation tax |
1,121 |
0.3 |
1,175 |
0.3 |
1,000 |
1,057 |
+5.7 |
Deductions |
|
|
|
|
|
|
|
Supplementary grants to Länder |
9,229 |
X |
8,545 |
X |
7,093 |
6,724 |
-5.2 |
EU own resources (GNI-based) |
14,258 |
X |
22,610 |
X |
12,637 |
18,417 |
+45.7 |
EU own resources (VAT-based) |
2,362 |
X |
2,510 |
X |
2,165 |
2,184 |
+0.9 |
Grants to Länder for public transport |
8,348 |
X |
8,498 |
X |
7,652 |
7,790 |
+1.8 |
Grants to Länder for motor vehicle tax and HGV toll |
8,992 |
X |
8,992 |
X |
8,992 |
8,992 |
+0.0 |
II. Other revenue |
21,025 |
6.4 |
20,360 |
6.0 |
18,760 |
22,767 |
+21.4 |
Revenue from economic activity |
3,868 |
1.2 |
5,172 |
1.5 |
3,493 |
5,350 |
+53.2 |
Interest revenue |
344 |
0.1 |
309 |
0.1 |
270 |
273 |
+1.1 |
Loan repayments, holdings, privatisation proceeds |
1,786 |
0.5 |
1,939 |
0.6 |
1,324 |
1,972 |
+48.9 |
Total revenue 1 |
330,401 |
100.0 |
341,667 |
100.0 |
282,163 |
300,592 |
+6.5 |
1 Excluding revenue from internal offsetting. | |||||||
Source: Federal Ministry of Finance |
Tax revenue in November 2018
2018 |
November |
Year-on-year
|
January to November |
Year-on-year change |
2018 estimates 4 |
Year-on-year
|
---|---|---|---|---|---|---|
in €m |
in % |
in €m |
in % |
in €m |
in % |
|
Joint taxes | ||||||
Wages tax2 |
16,265 |
+7.8 |
182,207 |
+6.7 |
207,800 |
+6.3 |
Assessed income tax |
-396 |
X |
44,588 |
+1.4 |
60,200 |
+1.3 |
Non-assessed taxes on earnings |
823 |
-5.3 |
21,178 |
+12.7 |
23,200 |
+10.9 |
Final withholding tax on interest and capital gains (including the former withholding tax on interest income) |
375 |
-25.1 |
6,475 |
+0.9 |
7,491 |
+2.2 |
Corporation tax |
-231 |
X |
25,580 |
+24.0 |
33,330 |
+13.9 |
Value added taxes (VAT) |
20,784 |
+1.4 |
213,911 |
+3.2 |
234,650 |
+3.7 |
Trade tax apportionment |
242 |
-5.0 |
3,879 |
+4.7 |
4,880 |
+4.2 |
Increased trade tax apportionment |
67 |
+16.2 |
3,145 |
+4.0 |
4,010 |
+2.9 |
Total joint taxes |
37,929 |
+3.9 |
500,964 |
+5.6 |
575,561 |
+5.1 |
Taxes accruing to the Federation |
|
|
|
|
|
|
Energy duty |
3,308 |
-4.7 |
32,368 |
-0.4 |
41,100 |
+0.2 |
Tobacco duty |
1,203 |
-12.7 |
12,473 |
-0.4 |
14,300 |
-0.7 |
Alcohol duty (formerly spirits duty) |
159 |
-6.1 |
1,915 |
+0.7 |
2,120 |
+1.3 |
Insurance tax |
915 |
+11.9 |
13,128 |
+4.1 |
13,700 |
+3.2 |
Electricity duty |
562 |
+0.7 |
6,337 |
+0.8 |
7,000 |
+0.8 |
Motor vehicle tax |
741 |
+6.6 |
8,507 |
+1.5 |
9,010 |
+0.7 |
Aviation tax |
117 |
+1.4 |
1,057 |
+5.8 |
1,175 |
+4.9 |
Nuclear fuel duty |
0 |
X |
0 |
X |
0 |
X |
Solidarity surcharge |
978 |
+7.8 |
16,044 |
+6.2 |
18,800 |
+4.7 |
Other taxes accruing to the Federation |
126 |
-1.7 |
1,298 |
-0.7 |
1,447 |
+0.1 |
Total taxes accruing to the Federation |
8,108 |
-1.6 |
93,127 |
+10.4 |
108,652 |
+8.7 |
Taxes accruing to the Länder |
|
|
|
|
|
|
Inheritance tax |
463 |
-11.9 |
6,156 |
+9.7 |
6,470 |
+5.8 |
Real property transfer tax |
1,233 |
+10.1 |
12,921 |
+7.1 |
13,840 |
+5.3 |
Betting and lottery tax |
181 |
+14.3 |
1,745 |
+3.4 |
1,872 |
+1.9 |
Beer duty |
56 |
+16.2 |
618 |
+1.4 |
670 |
+0.9 |
Other taxes accruing to the Länder |
24 |
+36.5 |
428 |
+3.7 |
464 |
+2.9 |
Total taxes accruing to the Länder |
1,957 |
+4.7 |
21,868 |
+7.3 |
23,316 |
+5.0 |
EU own resources |
|
|
|
|
|
|
Customs duties |
472 |
+18.4 |
4,640 |
-0.0 |
5,050 |
-0.2 |
VAT-based own resources |
201 |
+2.1 |
2,184 |
+0.9 |
2,410 |
+2.0 |
GNI-based own resources |
1,860 |
+17.8 |
18,417 |
+45.7 |
21,180 |
+48.6 |
Total EU own resources |
2,534 |
+16.5 |
25,241 |
+29.8 |
28,640 |
+32.1 |
Federation3 |
21,723 |
+1.0 |
279,347 |
+5.6 |
323,820 |
+4.7 |
Länder 3 |
21,114 |
+3.0 |
274,313 |
+4.9 |
311,576 |
+4.4 |
EU |
2,534 |
+16.5 |
25,241 |
+29.8 |
28,640 |
+32.1 |
Local authorities’ share of income and value added tax |
3,096 |
+10.0 |
41,698 |
+8.1 |
48,542 |
+7.5 |
Total tax revenue (excluding local authority taxes) |
48,466 |
+3.1 |
620,599 |
+6.3 |
712,579 |
+5.6 |
1 Methodology: Total cash income from the various taxes is recorded and allocated to the various government levels as stipulated by law. Tax amounts actually received in the current month by individual government levels may differ from the target amounts for technical reasons. | ||||||
2 After deduction of child benefit refunds by the Federal Central Tax Office | ||||||
3 After supplementary grants; any discrepancies with the table on trends in federal revenue are due to the methodology used (see footnote 1). | ||||||
4 Results of the Working Party on Tax Estimates of November 2018. | ||||||
Source: Federal Ministry of Finance |
Total tax revenue (excluding local authority taxes) was up by 3.1% in November 2018 over the same month last year. Revenue from joint taxes rose by 3.9%. Revenue from wages tax posted a particularly significant increase. Growth for revenue from VAT was sluggish. Receipts from taxes accruing solely to the Federation fell slightly compared with the same month last year. Receipts from taxes accruing solely to the Länder were up 4.7% on the year.
EU own resources
Transfers of own resources to the EU, including customs duties, stood at approximately €2.5bn in November 2018, up 16.5% over the same month last year. Transfers to the EU are based on the planned financial framework for 2018. Fluctuations over the course of the year depend on the EU’s financing needs at any given time.
Cumulative overview of the January-November 2018 period
In the first eleven months of 2018, total tax receipts (excluding local authority taxes) were up by 6.3% on the year. Broken down by category, revenue from joint taxes was up by 5.6%, receipts from federal taxes were up by 10.4%, and the yield from Länder taxes increased by 7.3%.
Distribution among the Federation, Länder and local authorities
The Federation’s tax receipts (after accounting for supplementary federal grants to the Länder ) were up by 1.0% on the year in November 2018. Länder tax receipts recorded a year-on-year gain of 3.0%. These results were driven by the increased share of revenue from joint taxes allocated to the Federation and the Länder : the Federation’s share increased by 3.2% and the share of the Länder rose by 3.7%. The growth in the Federation’s tax receipts was tempered by a fall in revenue from Federation-only taxes and by higher transfers of EU own resources. The local authorities’ take from joint taxes was up by 10.0% on the year.
Joint taxes
Wages tax
Wages tax revenue again posted strong growth in November 2018, with gross revenue climbing by 6.1% on the year. This reflected continuing employment growth and rising incomes in Germany. Child benefit payments – which are financed from wages tax receipts – fell by 2.3% on the year in November 2018. One Land is experiencing problems with preparing the underlying data for child benefit payments, which continues to skew this figure. However, this effect had no impact on cash receipts. On balance, cash receipts from wages tax increased by 7.8% on the year in November 2018. In cumulative terms, cash receipts from wages tax were up by 6.7% on the year in the first eleven months of the year.
Corporation tax
Corporation tax refunds totalling approximately €0.2bn were paid out in November, generally a low-revenue month for this tax. In November of the previous year, refunds amounted to roughly €0.4bn. This fluctuation is within the usual range of variation that occurs as part of assessment activity. Taken cumulatively, cash receipts from corporation tax were up by 24.0% on the year for the eleven months from January to November 2018.
Assessed income tax
Like corporation tax revenue, receipts from assessed income tax in November were driven mainly by assessment activity and posted weak year-on-year growth. Gross receipts from assessments were up by €0.1bn on the year in November 2018. However, employee refunds were also higher on the year, and after these are subtracted from the gross figure, net cash receipts from assessed income tax totalled approximately €0.4bn. In cumulative terms, cash receipts from assessed income tax totalled €44.6bn in the eleven-month period from January to November, an increase of 1.4% on the year.
Non-assessed taxes on earnings
November 2018 saw a 7.9% year-on-year drop in gross receipts from non-assessed taxes on earnings. Combined with the fall in refunds paid out by the Federal Central Tax Office, which are financed from this revenue, cash receipts from non-assessed taxes on earnings were down by 5.3% in November 2018. Overall, the trend in revenue from non-assessed taxes on earnings has been very volatile over the course of the year. The cumulative result provides a more solid basis for analysis: here, cash receipts from non-assessed taxes on earnings were up by 12.7% on the year in the January–November period.
Final withholding tax on interest and capital gains
Revenue from final withholding tax on interest and capital gains fell by 25.1% on the year in November. In the eleven months from January to November 2018, cash receipts from final withholding tax on interest and capital gains were up by 0.9% on the year.
Value added taxes (VAT)
The yield from value added taxes posted a rise of 1.4% on the year in November 2018. Revenue from domestic VAT fell slightly, by 4.2% in year-on-year terms, while import VAT revenue was up by 20.2%. Cumulative cash receipts from value added taxes were up by 3.2% on the year in the eleven-month period from January to November 2018.
Taxes accruing to the Federation
In November 2018, revenue from federal taxes was 1.6% below last year’s level, due to a year-on-year fall in revenue from tobacco duty (-12.7%), energy duty (-4.7%), and alcohol duty (-6.1%). Solidarity surcharge, motor vehicle tax, electricity duty and insurance tax all posted year-on-year revenue gains in November 2018 (up by 7.8%, 6.6%, and 11.9%, respectively). Trends in revenue from other taxes had only a minor impact on the overall results for federal taxes.
Taxes accruing to the Länder
The yield from taxes accruing solely to the Länder was up by 4.7% on the year in November 2018. This outcome was driven mainly by a year-on-year increase in receipts from real property transfer tax (up by 10.1%) and betting and lottery tax (up by 14.3%). Revenue gains were also recorded for fire protection tax (up by 35.8%) and beer duty (up by 16.2%). Receipts from inheritance tax were down 11.9% on the year.
Borrowing and guarantees
Debt level |
Borrowing
|
Debt repayment
|
Debt level |
Change in debt level
|
|
---|---|---|---|---|---|
31 October 2018 |
November 2018 |
November 2018 |
30 November 2018 |
November 2018 |
|
Budget borrowing |
1,072,771 |
13,689 |
-111 |
1,086,349 |
13,578 |
broken down by purpose |
|||||
Federal budget |
1,031,048 |
13,689 |
-111 |
1,044,626 |
13,578 |
Financial Market Stabilisation Fund |
22,618 |
- |
- |
22,618 |
- |
Investment and Redemption Fund |
19,105 |
0 |
- |
19,105 |
0 |
broken down by debt type |
|||||
Federal securities |
1,060,151 |
13,689 |
-11 |
1,073,829 |
13,678 |
|
706,508 |
4,062 |
- |
710,570 |
4,062 |
|
216,857 |
1,129 |
- |
217,986 |
1,129 |
|
489,651 |
2,933 |
- |
492,584 |
2,933 |
|
64,755 |
-89 |
- |
64,666 |
-89 |
|
7,724 |
-6 |
- |
7,718 |
-6 |
|
57,031 |
-83 |
- |
56,948 |
-83 |
|
180,093 |
2,355 |
- |
182,448 |
2,355 |
|
93,367 |
3,409 |
- |
96,776 |
3,409 |
|
14,026 |
3,953 |
- |
17,979 |
3,953 |
Other federal securities |
1,401 |
- |
-11 |
1.390 |
-11 |
Securitised loans |
8,145 |
- |
-100 |
8,045 |
-100 |
Other loans and ordinary debts |
4,475 |
- |
- |
4,475 |
- |
broken down by maturity |
|||||
up to one year |
151,747 |
|
|
155,322 |
3,575 |
one to four years |
339,566 |
|
|
342,066 |
2,500 |
over four years |
581,459 |
|
|
588,962 |
7,502 |
Additional information 1 |
|||||
Liabilities from the indexing of inflation-linked federal securities |
4,664 |
|
|
4,968 |
304 |
Reserves in accordance with the Final Payment Financing Act (Schlusszahlungsfinanzierungsgesetz) |
3,516 |
|
|
3,516 |
- |
1 Liabilities resulting from indexing include the amount by which the original issuance price has increased due to inflation between the start date and the specified reference date. In contrast, reserves include only the increases that are noted on coupon payment dates (15 April of every year) (section 4(1) of the Final Payment Financing Act) and on reopening dates for inflation-linked securities (section 4(2) of the Final Payment Financing Act). Any discrepancies in totals are due to rounding. Source: Federal Ministry of Finance |
Guarantees
Authorised amount |
Amount allocated as of 30 September 2018 |
Amount allocated as of 30 September 2017 |
|
in €bn |
|||
Export credit guarantees |
153.0 |
120.3 |
121.1 |
Loans to foreign debtors, foreign direct investment, EIB loans |
65.0 |
42.8 |
44.0 |
Financial cooperation projects |
28.5 |
21.1 |
17.9 |
Food stockpiling |
0.7 |
0.0 |
0.0 |
Domestic guarantees |
158.0 |
101.1 |
103.2 |
International financial institutions |
66.0 |
60.0 |
60.0 |
Treuhandanstalt successor organisations |
1.0 |
1.0 |
1.0 |
Interest compensation guarantees |
15.0 |
15.0 |
15.0 |
Calendar
Monthly report | Reporting period | Publication date |
---|---|---|
January 2019 issue |
December 2018 |
31 January 2019 |
February 2019 issue |
January 2019 |
21 February 2019 |
March 2019 issue |
February 2019 |
21 March 2019 |
April 2019 issue |
March 2019 |
23 April 2019 |
May 2019 issue |
April 2019 |
20 May 2019 |
June 2019 issue |
May 2019 |
20 June 2019 |
July 2019 issue |
June 2019 |
22 July 2019 |
August 2019 issue |
July 2019 |
22 August 2019 |
September 2019 issue |
August 2019 |
20 September 2019 |
October 2019 issue |
September 2019 |
21 October 2019 |
November 2019 issue |
October 2019 |
21 November 2019 |
December 2019 issue |
November 2019 |
20 December 2019 |
1 In accordance with the IMF’s Special Data Dissemination Standard Plus (SDDS Plus); see http://dsbb.imf.org Source: Federal Ministry of Finance |
Key dates on the fiscal and economic policy agenda
17–18 January 2019 |
Financial Dialogue in Beijing |
---|---|
21–22 January 2019 |
Eurogroup and ECOFIN Council meetings in Brussels |
11–12 February 2019 |
Eurogroup and ECOFIN Council meetings in Brussels |
11–12 March 2019 |
Eurogroup and ECOFIN Council meetings in Brussels |
5–6 April 2019 |
Eurogroup und informal ECOFIN Council meetings in Bucharest |
11–12 April 2019 |
Meeting of G20 finance ministers and central bank governors in Washington, D.C. |
12–14 April 2019 |
Spring Meetings of the IMF and World Bank in Washington, D.C. |
Click here for the full schedule (only in German) |