BERLIN (Reuters) -Germany’s federal and state government tax revenues were up 2% in August from the same month a year ago, the finance ministry said in a report on Tuesday, adding economic momentum was not expected to significantly increase in the short term.
Germany, Europe’s largest economy, contracted in 2024 for the second consecutive year. Analysts expect it to be badly affected by U.S. tariffs due to its reliance on exports.
The report said leading indicators did not point to “a noticeable acceleration in economic momentum in the short term”.
Total tax revenues hit 63.2 billion euros ($74.4 billion) in August, the report said.
From January to August, tax revenues increased by 6.8% over the same period in 2024 to 576.5 billion euros.
For 2025 as a whole, tax analysts predict revenues will climb to 893.3 billion euros, up 3.7%, the report said.
The U.S. was Germany’s biggest trading partner in 2024 with two-way goods trade totalling 253 billion euros.
($1 = 0.8497 euros)
(Reporting by Maria Martinez; editing by Barbara Lewis)
Comments