This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Germany: will borrow less than planned in 2013

BERLIN (AP) a¿¿ The German government said Friday it will borrow less money than planned this year as low unemployment fuels a steady increase in tax income, while a closely-watched survey showed German consumers believe the economic recovery is gaining momentum.

Current plans call for new borrowing this year of 25.1 billion euros ($34.3 billion). In its monthly report, 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.

The German economy, Europe's biggest, is expected to see growth accelerate next year after only a modest increase in output in 2013. The recovery from recession across the 17-country eurozone is also forecast to continue.

In its forward-looking survey released Friday, the Gfk research institute said its overall consumer climate indicator for January 2014 was up to 7.6 points from 7.4 points in December.

It noted that the survey showed economic expectations rose 3 points in December to 23.3 points a¿¿ its fourth increase in a row and 41 points higher than the same month in 2012.

"Consumers believe that the German economy is increasingly gaining pace," GfK said in its report.

It said that the emerging stabilization of other eurozone economies is expected to boost export prospects, but "at the moment the economy is mainly driven by domestic economy and, according to the experts, this will remain the case in the coming year."

Earlier this week, the Ifo institute reported that German business confidence was also on the rise, fueled by a rise in companies' expectations for the next six months.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 0.00%
FB $117.58 0.00%
GOOG $693.01 0.00%
TSLA $240.76 0.00%
YHOO $36.60 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs