Germany’s Tax Revenue Report

By Maria Martinez

BERLIN (Reuters) – Germany’s federal and state governments’ tax revenue rose 9.0% in November compared to the same month last year, reaching a total of 61.0 billion euros ($63.43 billion), according to the finance ministry’s monthly report released on Friday.

A positive trend has persisted in the first 11 months of the year despite some volatility. Tax revenues increased by 3.8% from January through November compared to the same period last year, totaling 747.9 billion euros.

Forward-looking economic indicators indicate a challenging economic situation, which is beginning to affect the labor market, the report noted.

Reviving Europe’s largest economy will be a central theme during a snap national election scheduled for Feb. 23.

The latest forecast from the German government anticipates that the economy will contract by 0.2% in 2024, making it the only G7 country expected to see negative growth for two consecutive years.

For the entirety of 2024, analysts predict tax revenue will increase to 855.2 billion euros, a rise of 3.1% from the previous year, according to the report.

> ($1 = 0.9617 euros)