Federal budget trends up to and including November 2018

Trends in the federal budget

	Actual 2017	2018 target	Actual1 January– November 2018
Expenditure (€bn)2	325.4	343.6	304.4
Year-on-year change in % (year to date)			+2.1
Revenue (€bn)2	330.4	341.7	300.6
Year-on-year change in % (year to date)			+6.5
Tax revenue (€bn)	309.4	321.3	277.8
Year-on-year change in % (year to date)			+5.5
Fiscal balance (€bn)	5.0	-1.9	-3.8
Financing/use of surplus:	-5.0	1.9	3.8
Cash resources (€bn)	-	-	46.8
Seigniorage (€bn)	0.3	0.3	0.2
Movements in reserves3 (€bn)	-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

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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.

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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.

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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
Economic cooperation and development	8,330	2.6	9,389	2.7	6,289	6,675	+6.1
Defence	36,419	11.2	38,002	11.1	32,092	33,621	+4.8
Government, central administration	15,858	4.9	17,388	5.1	15,060	15,810	+5.0
Revenue administration	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
Support for school and university students and training programme participants	3,603	1.1	3,993	1.2	3,083	2,991	-3.0
Science, research and development outside of higher education institutions	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
Social insurance including unemployment insurance	111,703	34.3	115,063	33.5	109,003	111,964	+2.7
including:
General pension insurance	82,381	25.3	85,316	24.8	81,273	83,995	+3.3
Labour market policy	37,590	11.6	36,728	10.7	34,392	33,654	-2.1
including:
Basic income support for jobseekers under Book II of the Social Code	21,423	6.6	20,400	5.9	19,933	19,125	-4.1
Government housing and heating allowances under Book II of the Social Code	6,753	2.1	6,900	2.0	6,196	6,506	+5.0
Family assistance, welfare services, etc.	8,296	2.5	8,946	2.6	7,661	8,351	+9.0
Social benefits for the consequences of war and political events	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
Housing, home ownership savings premium	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
Regional support measures	726	0.2	910	0.3	557	497	-10.7
Mining, manufacturing and construction	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
Roads	9,484	2.9	10,081	2.9	7,966	8,762	+10.0
Railways and public transport	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
Interest expenditure and borrowing-related expenditure	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
Human resources expenditure	31,824	9.8	33,397	9.7	30,123	30,438	+1.0
Salary payments	23,182	7.1	24,796	7.2	21,841	21,988	+0.7
Pensions	8,643	2.7	8,602	2.5	8,282	8,450	+2.0
Operating expenditure	28,693	8.8	30,587	8.9	23,327	24,274	+4.1
Administrative expenditure (excl. human resources)	1,571	0.5	1,588	0.5	1,321	1,394	+5.5
Military procurement	10,625	3.3	12,316	3.6	8,035	8,843	+10.1
Other	16,498	5.1	16,682	4.9	13,971	14,037	+0.5
Interest expenditure	17,497	5.4	18,098	5.3	17,422	16,274	-6.6
Ongoing grants and subsidies	212,582	65.3	221,491	64.5	199,410	205,407	+3.0
to public administrations	24,814	7.6	28,691	8.4	22,192	26,212	+18.1
to other areas	187,768	57.7	192,800	56.1	177,218	179,195	+1.1
including:
Companies	28,527	8.8	30,362	8.8	25,328	24,817	-2.0
Pensions, assistance, etc.	30,127	9.3	29,391	8.6	28,064	27,498	-2.0
Social security funds	117,495	36.1	120,190	35.0	114,054	117,156	+2.7
Other asset transfers	770	0.2	910	0.3	705	759	+7.7
Investment expenditure	34,013	10.5	39,803	11.6	27,236	27,240	+0.0
Financial assistance	24,170	7.4	29,312	8.5	19,342	19,056	-1.5
Grants and subsidies	21,421	6.6	27,131	7.9	17,135	18,133	+5.8
Loans, guarantees	1,221	0.4	1,618	0.5	936	788	-15.8
Acquisition of holdings; capital contributions	1,528	0.5	564	0.2	1,270	136	-89.3
Fixed asset investment	9,843	3.0	10,490	3.1	7,894	8,183	+3.7
Construction projects	7,631	2.3	7,742	2.3	6,293	6,598	+4.8
Acquisition of movable assets	1,713	0.5	1,954	0.6	1,209	1,160	-4.1
Acquisition of real property	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
Income tax and corporation tax (incl. final withholding tax on interest and capital gains)	136,685	41.4	144,503	42.3	112,086	120,815	+7.8
of which:
Wages tax	83,121	25.2	87,741	25.7	70,874	75,641	+6.7
Assessed income tax	25,256	7.6	26,173	7.7	18,688	18,949	+1.4
Non-assessed taxes on earnings	10,451	3.2	10,950	3.2	9,381	10,586	+12.8
Final withholding tax on interest and capital gains	3,227	1.0	3,474	1.0	2,825	2,849	+0.8
Corporation tax	14,629	4.4	16,165	4.7	10,318	12,790	+24.0
Value added taxes (VAT)	114,005	34.5	117,426	34.4	103,957	106,480	+2.4
Trade tax apportionment	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

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Tax revenue in November 2018

2018 trends in tax revenue (excluding local authority taxes)

2018	November	Year-on-year change	January to November	Year-on-year change	2018 estimates 4	Year-on-year change
	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.

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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.

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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%.

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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.

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Joint taxes

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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Borrowing and guarantees

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)
	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
Federal bonds	706,508	4,062	-	710,570	4,062
30-year federal bonds	216,857	1,129	-	217,986	1,129
10-year federal bonds	489,651	2,933	-	492,584	2,933
Inflation-linked federal securities	64,755	-89	-	64,666	-89
30-year inflation-linked federal bonds	7,724	-6	-	7,718	-6
10-year inflation-linked federal bonds	57,031	-83	-	56,948	-83
Federal notes	180,093	2,355	-	182,448	2,355
Federal Treasury notes	93,367	3,409	-	96,776	3,409
Treasury discount papers issued by the Federation	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

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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

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Calendar

Publication schedule

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

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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)