Germany faces 100 billion euro budget gap through 2023: Spiegel

40
CreaWorldNews
CreaWorldNews

BERLIN (Reuters) – The German government faces a gap of around 100 billion euros for its budget plans through 2023 as the economy cools, Der Spiegel reported on Friday, citing a paper by experts in the parliamentary group of Chancellor Angela Merkel’s conservatives.

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 defense spending posed a budget risk in the period through to 2023 as they were not yet financed, Der Spiegel added.

(Writing by Paul Carrel, editing by Riham Alkousaa)