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Germany met debt brake target in 2012 ahead of plan - ministry
January 15, 2013 / 9:16 AM / 5 years ago

Germany met debt brake target in 2012 ahead of plan - ministry

BERLIN (Reuters) - Germany met its debt brake target in 2012, four years earlier than required, a finance ministry source said on Tuesday, and Finance Minister Wolfgang Schaeuble said the country was within reach of taking on no new structural debt next year.

The ministry source said net new borrowing by Europe’s largest economy last year stood at 22.5 billion euros (18.7 billion pounds), well below the ministry’s previous projection of 28.1 billion euros.

Slower economic growth weighed on tax revenues towards the end of 2012 and this signals weaker revenue growth in 2013 than last year, the source added.

Reporting by Gernot Heller, writing by Gareth Jones

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