Germany faces 100 billion euro budget gap through 2023

Published: January 11, 2019 17:44:15

-Reuters file photo

The German government faces a gap of around 100 billion euros for its budget plans through 2023 as the economy cools.

A German weekly news magazine, Der Spiegel, gave the information in a report on Friday, citing a paper by experts in the parliamentary group of Chancellor Angela Merkel’s conservatives, reports Reuters.

The government posted a budget surplus of some 11 billion euros ($12.68 billion) in 2018 as robust economic growth boosted tax revenues.

But expected increased outgoings on development aid, EU contributions and defence spending posed a budget risk in the period through to 2023 as they were not yet financed, Der Spiegel added.

Share if you like