FILE PHOTO: The skyline of banking district is photographed in Frankfurt, Germany, April 9, 2019. REUTERS/Kai Pfaffenbach/File Photo
May 9, 2019
BERLIN (Reuters) – Germany has slashed its tax intake estimates due to weaker growth, the finance ministry said on Thursday, limiting the government’s room for additional fiscal measures to counter a slowdown in Europe’s largest economy.
From 2019 through to 2023, all state levels will have 124.3 billion euros ($139.14 billion) less in their coffers than forecast in November, a tax estimate document published by the finance ministry showed.
The federal government will have some 70.6 billion euros less compared to the previous projection, the figures showed.
The weaker growth outlook has partly been taken into account by Finance Minister Olaf Scholz in his draft budget plan presented in March. This means that the budget faces a shortfall of 10.5 billion euros, the finance ministry said.
(Reporting by Michael Nienaber; Editing by Joseph Nasr)