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Germany: will borrow less than planned in 2013

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Posted: Dec 20, 2013 12:33 AM

Updated: Dec 20, 2013 12:34 AM

BERLIN (AP) The German government says it will borrow less money than planned this year as low unemployment fuels a steady increase in tax income.

Current plans call for new borrowing this year of 25.1 billion euros ($34.3 billion). In its monthly report Friday, the Finance Ministry said it now "appears assured" that the government won't need to borrow all of that.

It pointed to tax income in the year's first 11 months and expectations of strong December revenue.

In November, the government tax take was up 3.9 percent compared with a year earlier at 39.48 billion euros. Over the January-November period, it totaled nearly 495 billion euros, a 3.3 percent increase.

Chancellor Angela Merkel's new government is pledging both to avoid tax increases and to end new borrowing in 2015.

Topics: EU-Germany-Economy

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