FXStreet (Mumbai) – Fresh data released by Germany’s Federal Statistics Office (Destatis) on Tuesday show that the combined budget surpluses of the federal, state and local governments and the welfare system in Germany reached 1.4% of the country’s GDP by the end of June.
Around 50% of the total surplus, or €10.5 billion in the first half of 2015, came into of the federal treasury.
Destatis noted in its statement, “The budgets of central government, state government, and local government and social security funds continued to benefit from both a positive development of employment and economy and moderate spending policies.”
However, “the results for the first six months allow only limited conclusions to be drawn regarding the annual result as, due to structural factors, net lending/net borrowing of general government is normally lower in the second half of a year,” the agency warned.
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