Tax revenues skyrocketing in September

Dhe federal and state tax revenues rose by leaps and bounds in September. They increased by 23.1 percent to 78.2 billion euros, according to the latest monthly report from the Federal Ministry of Finance, which was published on Thursday.

The prior-year period had been weak due to the stresses in the coronavirus crisis. There has now been particularly high growth in wage and sales tax.

In August the plus was a good eight percent. In the first nine months together, federal and state revenues increased to a good 541 billion euros, 9.1 percent more than in the previous year.

Inflation could weaken again

Regarding the German economy, it was said that experts’ expectations for this year had recently been revised downwards. “Well-filled order books, however, mean that strong economic (catch-up) impulses from industry and thus a correspondingly stronger macroeconomic dynamic can be expected for the next year.”

Given the recent sharp rise in inflation, a return to “significantly more moderate inflation rates” can be expected next year. In September prices in Germany had risen by 4.1 percent, making the rate above four percent for the first time since 1993.

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