Germany achieves balanced budget ahead of plan

Created: 01/13/2015 9:52 AM WHEC.com

BERLIN (AP) — Germany says that in 2014 it achieved its first balanced budget since 1969, a year earlier than planned, thanks to low interest rates, higher tax revenue and other factors.

The Finance Ministry said in a statement Tuesday that historically low interest rates meant that Germany paid less on previous credit, and overall spending was a billion euros less than budgeted, at 295.5 billion euros ($348.8 billion).

Meantime, tax revenues were 2.6 billion euros higher than budgeted. In addition, a December court ruling forced utility companies to pay the government 2.3 billion euros as part of a tax on the fuel used to produce nuclear power.

Germany had previously planned on new net borrowing of 6.5 billion euros in 2014 and a balanced budget in 2015.

(Copyright 2015 by The Associated Press. All Rights Reserved.)


19° | 13°
  • Feels like: -8° F
  • Wind: WSW 5mph
  • Humidity: 80%
  • Wed Abundant sunshine
    25° | 3°
  • Thu A few afternoon snow showers
    32° | 15°
  • Fri Windy, chance of snow showers in the morning
    15° | 5°
  • Sat Clouds giving way to sun
    15° | -2°