Economics
German Good Times Over as Tax Revenues Forecast to Dwindle
- Income shortfall of 124 billion euros expected through 2023
- Finance Minister Scholz sees no signs of economic crisis
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Germany’s period of surging tax revenues looks to be over after the government predicted less income than previously expected in coming years due to a slowdown in Europe’s biggest economy.
Total tax revenue of 794 billion euros ($889 billion) is expected this year, 11 billion euros less than a November projection, the Finance Ministry said in Berlin Thursday. Federal tax income is seen at 324 billion euros, 10 billion euros down on the previous estimate. The shortfalls grow significantly in coming years and total 124 billion euros through 2023.