Abstract of the Federal Ministry. August2018
|
|
- Jemima Gilbert
- 5 years ago
- Views:
Transcription
1 Abstract of the Federal Ministry Abstract of the Federal Ministry of Finance s Finance smonthly monthlyreport report of August August
2 Contents Federal budget trends up to and including July Trends in federal expenditure by function 3 Trends in federal expenditure by economic category 4 Trends in federal revenue 5 Tax revenue in July Trends in general government tax revenue 6 Borrowing and guarantees 10 Debt trends for the Federation and its special funds 10 Guarantees 11 Calendar 11 Publication schedule of the monthly reports 11 Key dates on the fiscal and economic policy agenda 11 2
3 Federal budget trends up to and including July 2018 Actual target Actual¹ as of January -July 2018 Expenditure ( bn)² in % (year to date) +0.6 Revenue ( bn)² in % (year to date) +6.8 Tax revenue ( bn) in % (year to date) +6.6 Fiscal balance ( bn) Financing/use of surplus: Cash resources ( bn) Seigniorage ( bn) Movements in reserves 3 ( bn) Net borrowing4 ( bn) Any discrepancies in totals are due to rounding. 1 As per accounts 2 Excluding revenue and expenditure from internal offsetting 3 Negative values denote accumulation of reserves. 4 (-) debt repayment; (+) borrowing Source: Federal Ministry of Finance Revenue Federal revenue for the January July 2018 period totalled 196.2bn, an increase of 6.8% ( 12.5bn) on the year. Tax revenue (including EU own resources) increased by 6.6% ( 10.5bn). This can be attributed primarily to two baseline effects: The first is the return of approximately 6.3bn worth of nuclear fuel duty to energy supply companies in June 2017, following the Federal Constitutional Court s ruling of 13 April The second is the fact that payments of own resources to the EU were much lower in the first months of 2017 than they were in the same period this year, largely due to the effects of the new Own Resources Decision. Other revenue posted a year-on-year gain of 1.3bn (9.9%) in the January July 2018 period. This was mainly due to an increase in allocations from the Bundesbank s profits, with allocations totalling 1.9bn, up by 1.5bn over the same period last year. Expenditure Cumulative federal expenditure for the period from July 2018 totalled 193.2bn, an increase of 0.6% ( 1.2bn) on the year. Federal spending is separated into consumption and investment expenditure. In the January July 2018 period, consumption spending was 0.6% higher than in the same period of This was primarily a result of increases in military procurement spending (up by 14.2%) and ongoing grants to public administrations (up by 6.0%). Notable expenditure in the latter category includes federal grants to reimburse the Länder for social spending on basic income support for older people and for people with reduced earning capacity. This totalled roughly 900m in the fourth quarter of 2017, but the reimbursements were not paid until There was no such spending in the first quarter of Grants for other areas saw a below-average year-on-year rise in the January July 2018 period, tempering the increase in consumption 1
4 expenditure. More specifically, there was a significant rise of 2.9% in social security spending during this period, accompanied by declines in grants for pensions and benefits (such as spending on basic income support for jobseekers, which was down by 3.2%) and grants to companies. Interest expenditure fell by 7.1% on the year, also slowing the increase in consumption spending. Investment spending totalled 15.5bn. This figure is skewed slightly downwards by the fact that there have not yet been any actual outflows for the budgeted 2.4bn allocation to a special digital infrastructure fund, as the fund is currently still going through the parliamentary procedure. Investment spending was up by 0.7% on the year in the January July 2018 period. Fiscal balance The federal budget recorded a surplus of 3bn for the period from July Revenue and expenditure are subject to strong fluctuations over the course of the fiscal year and thus have an uneven effect on cash funds in individual months. Net borrowing also tends to fluctuate considerably over the course of the year. This means that the fiscal balance at this point in the year and the corresponding net borrowing figures are not reliable indicators of the end-of-year figures for the fiscal balance and net borrowing. 2
5 Trends in federal expenditure by function Actual target July 2017 Actual July 2018 (year to date) m share in % in m share in % in m in % General public services 77, , ,318 41, Economic cooperation and development 8, , ,744 3, Defence 36, , ,636 20, Government, central administration 15, , ,429 9, Revenue administration 4, , ,589 2, Education, science, research, cultural affairs 22, , ,020 10, Support for school and university students and 3, , ,022 1, training programme participants Science, research and development outside of 12, , ,070 5, higher education institutions Social security, family youth affairs, labour market 168, , , , policy Social insurance including unemployment insurance 111, , ,663 73, Labour market policy 37, , ,601 21, including: Basic income support for jobseekers under 21, , ,873 12, Book II of the Social Code Government housing and heating allowances 6, , ,777 3, under Book II of the Social Code Family assistance, welfare services, etc. 8, , ,862 5, Social benefits for the consequences of war and 1, , ,239 1, political events Health, environment, sport, recreation 2, , ,073 1, Housing, regional planning and local community 2, , ,725 1, services Housing, home ownership savings premium 2, , ,569 1, Food, agriculture and forestry 1, , Energy and water supply, trade and services 4, , ,692 2, Regional support measures Mining, manufacturing and construction 1, , ,301 1, Transport and communication 21, , ,862 10, Roads 9, , ,316 4, Railways and public transport 7, , ,867 2, Financial management 30, , ,012 18, Interest expenditure and borrowing-related 17, , ,373 14, expenditure Total expenditure 1 325, , , , Excluding expenditure from internal offsetting Source: Federal Ministry of Finance 3
6 Trends in federal expenditure by economic category Actual target July 2017 Actual July 2018 (year to date) in m share in % in m share in % in m in % Consumption expenditure 291, , , , Human resources expenditure 31, , ,211 19, Salary payments 23, , ,778 13, Pensions 8, , ,432 5, Operating expenditure 28, , ,549 14, Administrative expenditure (excl. 1, , human resources) Military procurement 10, , ,330 4, Other 16, , ,423 8, Interest expenditure 17, , ,370 14, Ongoing grants and subsidies 212, , , , to public administrations 24, , ,619 14, to other areas 187, , , , including: Companies 28, , ,882 15, Pensions, assistance, etc. 30, , ,103 17, Social security funds 117, , ,655 76, Other asset transfers Investment expenditure 34, , ,397 15, Financial assistance 24, , ,316 11, Grants and subsidies 21, , ,452 10, Loans, guarantees 1, , Acquisition of holdings; capital 1, contributions Fixed asset investment 9, , ,081 4, Construction projects 7, , ,086 3, Acquisition of movable assets 1, , Acquisition of real property General reduction/increase in X expenditure Total expenditure 1 325, , , , Excluding expenditure from internal offsetting Source: Federal Ministry of Finance 4
7 Trends in federal revenue Actual target July 2017 Actual July 2018 (year to date) in m share in % in m share in % in m in % Tax revenue 309, , , , Federal share of joint taxes: 252, , , , Income tax and corporation tax 136, , ,684 81, (incl. final withholding tax on interest and capital gains) of which: Wages tax 83, , ,238 48, Assessed income tax 25, , ,449 13, Non-assessed tax on earnings 10, , ,676 8, Final withholding tax on interest 3, , ,036 2, and capital gains Corporation tax 14, , ,285 9, Value added taxes (VAT) 114, , ,258 66, Trade tax apportionment 1, , Energy duty 41, , ,517 18, Tobacco duty 14, , ,478 7, Solidarity surcharge 17, , ,266 10, Insurance tax 13, , ,196 9, Electricity duty 6, , ,061 4, Motor vehicle tax 8, , ,628 5, Nuclear fuel duty -7, ,284 0 X Alcohol duty 2, , ,229 1, Coffee duty 1, , Aviation tax 1, , Deductions Supplementary grants to Länder 9,229 X 8,545 X 4,761 4, EU own resources (GNI-based) 14,258 X 22,610 X 7,121 11, EU own resources (VAT-based) 2,362 X 2,510 X 1,378 1, Grants to Länder for public transport 8,348 X 8,498 X 4,869 4, Grants to Länder for motor vehicle tax 8,992 X 8,992 X 4,496 4, and HGV toll Other revenue 21, , ,007 14, Revenue from economic activity 3, , ,826 4, Interest revenue Loan repayments, holdings, 1, , , privatisation proceeds Total revenue 1 330, , , , Excluding revenue from internal offsetting Source: Federal Ministry of Finance 5
8 Tax revenue in July trends in tax revenue (excluding local authority taxes) 1 Joint taxes 2018 July July 2018 estimates 4 in m in % in m in % in m in % Wages tax 2 18, , , Assessed income tax -644 X 31, , Non-assessed taxes on earnings 4, , , Final withholding tax on interest and capital gains (including the former withholding tax on , , interest income) Corporation tax -506 X 18, , Value added taxes (VAT) 19, , , Trade tax apportionment 1, , , Increased trade tax apportionment , , Total joint taxes 43, , , Taxes accruing to the Federation Energy duty 3, , , Tobacco duty 1, , , Alcohol duty (formerly spirits duty) , , Insurance tax , , Electricity duty , , Motor vehicle tax , , Aviation tax , Nuclear fuel duty 0 X 0 X 0 X Solidarity surcharge 1, , , Other taxes accruing to the Federation , Total taxes accruing to the Federation 8, , , Taxes accruing to the Länder Inheritance tax , , Real property transfer tax 1, , , Betting and lottery tax , , Beer duty Other taxes accruing to the Länder Total taxes accruing to the Länder 1, , ,
9 continued: 2018 trends in tax revenue (excluding local authority taxes) 1 July 2018 estimates 4 July 2018 in m in % in m in % in m in % EU own resources Customs duties , , VAT-based own resources , , GNI-based own resources 1, , , Total EU own resources 2, , , Federation 3 23, , , Länder 3 25, , , EU 2, , , Local authorities share of income and 3, , , value added tax Total tax revenue (excluding local authority taxes) 54, , , Methodology: Total cash income from the various taxes is recorded and allocated to the various government levels as stipulated by law. Tax amounts actually received in the current month by individual government levels may differ from the target amounts for technical reasons. 2 After deduction of child benefit refunds by the Federal Central Tax Office 3 After supplementary grants; any discrepancies with the table on trends in federal revenue are due to the methodology used (see footnote 1) 4 Source: Results of the Working Party on Tax Estimates of May 2018 Total tax revenue (excluding local authority taxes) was up by 2.9% in July 2018 over the same month last year. Revenue from joint taxes climbed by 2.3%. In particular, revenue from wages tax and from non-assessed taxes on earnings posted sharp year-on-year increases once more. Receipts from final withholding tax on interest and capital gains declined on the year. Revenue from taxes accruing solely to the Federation was up by 4.6% in year-onyear terms, while revenue from taxes accruing to the Länder was up by 10.5% on the year. EU own resources Transfers of own resources to the EU, including customs duties, fell by 1.7% on the year in July 2018, to roughly 2.3bn. Transfers to the EU are based on the planned financial framework for 2018, with fluctuations over the course of the year depending on the EU s financing needs at any given time. Overview of the January July 2018 period Total tax receipts increased by 6.7% on the year in the first seven months of Broken down by category, revenue from joint taxes was up by 5.5%, receipts from federal taxes increased by 14.3%, and the yield from Länder taxes rose by 7.3%. Distribution among the Federation, Länder and local authorities The Federation s tax receipts (after accounting for supplementary federal grants to the Länder) were up by 2.9% on the year in July Länder tax receipts recorded a year-on-year gain of 2.6%. Both the Federation and the Länder benefited from the good results from their respective taxes. In July 2018, the Federation also paid 800m in consolidation assistance to the Länder of Berlin, Bremen, Saarland, Saxony-Anhalt and Schleswig-Holstein. The local authorities take from joint taxes was up by 7.9% on the year. 7
10 Joint taxes Wages tax Wages tax receipts again recorded strong growth in July 2018, with gross revenue from this tax increasing by 6.5% on the year. This reflected continuing employment growth and rising incomes in Germany. Child benefit payments which are financed from receipts from wages tax rose by 0.4% on the year in July One Land is experiencing problems with preparing the underlying data for child benefit payments, which continues to skew this figure. After adjusting for this, there was an increase of approximately 3% in child benefit payments, which puts the rise in gross wages tax receipts at roughly 7%. However, this effect had no impact on cash receipts. On balance, cash receipts from wages tax increased by 7.9% in year-on-year terms in July In cumulative terms, cash receipts from wages tax were up by 6.5% on the year in the January July 2018 period. Corporation tax Around 0.5bn in corporation tax refunds was paid out in July, generally a low-revenue month for this tax. Receipts from corporation tax amounted to approximately 0.2bn in the same month of Investment allowance payments had only a marginal impact on the outcome. Taken cumulatively, cash receipts from corporation tax were up by 9.9% on the year in the January July period. Assessed income tax Revenue from assessed income tax in July was also mainly generated from assessment activities, with gross receipts falling by around 1.0bn on the year. Employee refunds also posted a rise (of 11.8%). After subtracting these (along with investment allowance payments and owner-occupied homes premiums, which are negligible in terms of amount), net refunds of assessed income tax amounted to approximately 0.6bn in July In cumulative terms, cash receipts from assessed income tax were up by 0.8% on the year in the first seven months of Non-assessed taxes on earnings July 2018 saw a 5.5% year-on-year increase in gross receipts from non-assessed taxes on earnings. Combined with the decline in refunds paid out by the Federal Central Tax Office, which are financed from this revenue, cash receipts from non-assessed taxes on earnings rose by 6.6% in July. Hence the trend in revenue from this tax remained dynamic in July despite strong growth in previous months and a high 2017 baseline. Cumulative cash receipts from non-assessed taxes on earnings were up by 29.0% on the year in the January July period. Final withholding tax on interest and capital gains Revenue from final withholding tax on interest and capital gains fell by 5.8% on the year in July This is likely to be primarily due to a year-on-year decline in tax revenue from capital gains. Taken cumulatively, cash receipts from final withholding tax on interest and capital gains were up by 6.4% on the year in January July Value added taxes (VAT) Revenue from value added taxes posted moderate year-on-year growth of 2.1% in July 2018, despite a relatively high July 2017 baseline figure. Revenue from domestic VAT fell slightly, by 1.2% in year-onyear terms, while import VAT receipts rose by 12.7% on the year. Cumulative cash receipts from value added taxes were up by 2.8% on the year in January July
11 Taxes accruing to the Federation Receipts from taxes accruing solely to the Federation were up by 4.6% on the year in July However, this figure was slightly inflated due to two special factors. Firstly, revenue from tobacco duty was up by 29.1% in July, partly due to the fact that some of the June receipts were only recorded in July. Secondly, the strong growth in revenue from insurance tax (+16.6%) was the result of tax revenue from previous years being recorded. Solidarity surcharge also posted revenue growth (+3.3%). Electricity duty and motor vehicle tax were down on the year in July (by 3.0% and 1.2%, respectively). Trends in revenue from other taxes had only a minor impact on the overall results for federal taxes. Taxes accruing to the Länder Revenue from taxes accruing solely to the Länder was up by 10.5% on the year in July This was driven by a significant increase in revenue from real property transfer tax (+10.0%) and by a rise in inheritance tax receipts (+10.5%). The latter had a relatively weak July 2017 baseline, however. Receipts from betting and lottery tax also posted a significantly better result in July 2018, rising by 24.8% on the year. Yields from beer duty and fire protection tax were down in year-on-year terms, by 4.4% and 2.8% respectively. 9
12 Borrowing and guarantees Debt trends for the Federation and its special funds (in m) Debt level Borrowing (increase) Debt repayment (decrease) Debt level Change in debt level (balance) 30 June 2018 July 2018 July July 2018 July 2018 Budget borrowing 1,080,716 15,877-21,672 1,074,920-5,796 broken down by purpose Federal budget 1,039,312 15,856-21,672 1,033,496-5,816 Financial Market Stabilisation Fund 22, ,466-1 Investment and Redemption Fund 18, , broken down by debt type Federal securities 1,067,459 15,877-21,036 1,062,300-5,160 Federal bonds 710,379 4,780-21, ,160-16, year federal bonds 212,347 1, ,574 1, year federal bonds 498,033 3,553-21, ,586-17,447 Inflation-linked federal securities 62, , year inflation-linked federal bonds 7, , year inflation-linked federal bonds 55, , Federal notes 185,042 3, ,626 3,584 Federal Treasury notes 92,639 3,114-95,753 3,114 Treasury discount papers issued by the 15,049 3,707-18,755 3,707 Federation Other federal securities 1, , Securitised loans 8, , Other loans and ordinary debts 4, ,475 - broken down by maturity up to one year 153, ,439 5,718 one to four years 319, ,566 3,574 over four years 607, ,915-15,088 Additional information 1 Liabilities from the capital indexing of inflation-linked federal securities 4,276 4, Reserves in accordance with the Final Payment Financing Act (Schlusszahlungsfinanzierungsgesetz) 3,464 3, Liabilities resulting from the capital indexing of the nominal value are equal to the amount by which the underlying nominal value (issuance price) has increased, due to inflation, between the start date and the specified reference date. The reserves are the result of allocations made: - on a regularly scheduled basis, namely on each coupon payment date for inflation-linked securities (15 April of every year) (section 4(1) of the Final Payment Financing Act) and - on an exceptional basis, namely on each reopening date for inflation-linked securities (section 4(2) of the Final Payment Financing Act). Any discrepancies in totals are due to rounding. Source: Federal Ministry of Finance 10
13 Guarantees Authorised amount Amount allocated as of 30 June 2018 in bn Amount allocated as of 30 June 2017 Export credit guarantees Loans to foreign debtors, foreign direct investment, EIB loans Financial cooperation projects Food stockpiling Domestic guarantees International financial institutions Treuhandanstalt successor organisations Interest compensation guarantees Calendar Publication schedule of the monthly reports Reporting period Publication date September 2018 issue 20 September 2018 October 2018 issue September October 2018 November 2018 issue October November 2018 December 2018 issue November December 2018 Key dates on the fiscal and economic policy agenda 7 8 September 2018 Eurogroup and informal ECOFIN meetings in Vienna 1 2 October 2018 Eurogroup and ECOFIN Council meetings in Luxembourg 11 October 2018 Meeting of G20 finance ministers and central bank governors in Bali October 2018 Annual meetings of the IMF and World Bank in Bali 5 6 November 2018 Eurogroup and ECOFIN Council meetings in Brussels 11
14
Abstract of the Federal Ministry of Finance s monthly report September 2018
Abstract of the Federal Ministry of Finance s monthly report Contents Federal budget trends up to and including August 1 Trends in federal expenditure by function 3 Trends in federal expenditure by economic
More informationMonatsbericht des BMF
Abstract of the Federal Ministry Monatsbericht des BMF of Finance's Mai 2018 14,9 23,1 8,3 13,3 18,1 21,3 23,1 22,8 19,4 13,8 6,9 2,9 21,3 23,1 22,8 14,9 243 122 564 211 356 980 24 746 809 22 982 749 225
More informationAbstract of the Federal Ministry of Finance's Monthly Report August 2017
Abstract of the Federal Ministry of Finance's Abstract of the Federal Ministry of Finance's Contents Federal budget trends up to and including July 2017 6 Trends in federal expenditure by function 8
More informationAbstract of the Federal Ministry of Finance s Monthly Report
Federal budget and fiscal policy figures Abstract of the Federal Ministry of Finance s Monthly Report April 2015 Federal budget and fiscal policy figures Federal budget trends up to and including March
More informationAbstract of the Federal Ministry of Finance s Monthly Report
Federal budget and fiscal policy figures Abstract of the Federal Ministry of Finance s Monthly Report August 2015 Federal budget and fiscal policy figures Federal budget trends up to and including July
More informationAbstract of the Federal Ministry of Finance s Monthly Report
Federal budget and fiscal policy figures Abstract of the Federal Ministry of Finance s Monthly Report December 2013 Federal budget and fiscal policy figures Federal budget trends up to and including October
More informationTax revenue in December 2017 Information on tax revenue from the Finance Ministry s monthly report for January 2018.
Taxation 26 January 2018 Tax revenue in December 2017 Information on revenue from the Finance Ministry s monthly report for January 2018. Trends in general government revenue Current-year trends in revenue
More informationFinancial relations between the Federation and Länder on the basis of constitutional financial provisions
Financial relations between the Federation and on the basis of constitutional financial provisions Update 2017 Financial relations between the Federation and on the basis of constitutional financial provisions
More informationAnnex tables Nyt kapitel
Nyt kapitel Table B.1 Demand, income and production 2016 2017 2018 2016 2017 2018 2016 2017 2018 DKK bn. Volume, per cent Prices, per cent Private consumption 979 1,011 1,048 1.9 2.0 2.0 0.5 1.3 1.6 Public
More informationOntario Finances First Quarter Update
Ontario Finances 2015 16 First Quarter Update Contents A. 2015 16 Fiscal Outlook... 1 B. Details of In-Year Changes... 3 C. Ontario s Economic Outlook... 5 D. Economic Performance... 6 E. Details of Ontario
More informationGross domestic product, 2008 (Preliminary estimation)
Internet publication www.ksh.hu Hungarian September 2009 Central Statistical Office ISBN 978-963-235-266-4 Gross domestic product, 2008 (Preliminary estimation) Contents Summary...2 Tables...4 Methodological
More informationFiscal Affairs Scotland " Monthly Bulletin"
Fiscal Affairs Scotland " Monthly Bulletin" April 2015 " Topics covered in this issue:" Government Expenditure and Revenues Scotland (GERS) 2015" UK Budget 2015 UK election tax pledges Recent Fiscal Affairs
More informationFirst Quarter Finances
2018 19 First Quarter Finances Contents A. 2018 19 Fiscal Outlook... 3 B. Ontario s Economic Outlook... 6 C. Economic Performance... 7 D. Details of Ontario s Finances... 8 E. Ontario s 2018 19 Borrowing
More informationSUPPLEMENTARY ESTIMATES OF EXPENDITURE FROM THE CONSOLIDATED FUND
SUPPLEMENTARY ESTIMATES OF EXPENDITURE FROM THE CONSOLIDATED FUND Financial Paper No. 1 of 2016/2017 CONTENTS PAGE Preface v Executive Summary PART I: CONSOLIDATED FUND Summary of Supplementary Requests...1
More informationAgencia Tributaria TAX REVENUE ANNUAL REPORT
Agencia Tributaria TAX REVENUE ANNUAL REPORT 2017 TAX REVENUE IN 2017 In 2017, Total Tax Revenue stood up 4.1% to 194 billion. The main two reasons for this performance were the tax bases evolution and,
More informationHONDURAS. 1. General trends
Economic Survey of Latin America and the Caribbean 2016 1 HONDURAS 1. General trends Economic growth in Honduras picked up in 2015, reaching 3.6%, compared with 3.1% in 2014. This performance was mainly
More informationAddendum to the Update of the German Stability Programme January 2009
Addendum to the Update of the German Stability Programme January 2009 1. Changed situation and new policy measures adopted Accompanied by a sharp drop in demand and production in many countries including
More informationAPPROPRIATION ACT, 2018/2019 ARRANGEMENT OF SECTIONS CHAPTER ONE PRELIMINARY PROVISIONS CHAPTER TWO APPROPRIATIONS
1. Title and Commencement. 2. Definitions. APPROPRIATION ACT, 2018/2019 ARRANGEMENT OF SECTIONS CHAPTER ONE PRELIMINARY PROVISIONS CHAPTER TWO APPROPRIATIONS 3. Appropriations from the Consolidated Fund.
More informationA new national consensus and a new commitment to deliver were necessary to address the triple challenges of poverty, unemployment and inequality.
Budget 2017 Introduction In delivering Budget 2017 in parliament, the finance minister, Pravin Gordhan, emphasised that South Africa was at a conjuncture which requires the wisdom of our elders to help
More informationFinancial Statements of the Government of New Zealand
Financial Statements of the Government of New Zealand For the Nine Months Ended 31 March 2018 Prepared by the Treasury 8 May 2018 978-1-98-855637-6 (Print) 978-1-98-855638-3 (Online) This document is available
More informationFinancial Statements of the Government of New Zealand for the three months ended 30 September 2017
7 November 2017 MEDIA STATEMENT Embargoed until 10.00am, Tuesday 7 November 2017 Paul Helm, Chief Government Accountant Financial Statements of the Government of New Zealand for the three months ended
More informationI. Continuing presence of some factors supporting the continuation of a low inflation level:
Warsaw, 31 March 2004 INFORMATION FROM A MEETING OF THE MONETARY POLICY COUNCIL Held on 30-31 March 2004 On 30-31 March 2004 the Monetary Policy Council held a meeting. The Council read materials prepared
More informationREPUBLIC OF COTE D IVOIRE Union Discipline Labor
MINISTRY TO THE PRIME MINISTER, IN CHARGE OF BUDGET AND STATE PORTFOLIO -------------- SUMMARY OF COMMUNICATION IN THE COUNCIL OF MINISTERS ON BUDGET EXECUTION AS OF THE END OF MARCH 2016 REPUBLIC OF COTE
More information1,0 0,4 22 PF 21 PF 20 PF
Overview 19 budget in bn 8 7 2,8,3 1,3 -,1,4 1, 6 5 4 3 1 17 18 Saldo Expenditure Receipts 19 PF 21 PF 22 PF A surplus of approximately 1.3 billion is expected in the ordinary budget for 19. The pleasing
More informationJapanese Public Finance Fact Sheet
Japanese Public Finance Fact Sheet ー FY2010 Budget (Supplementary Data) ー 1. FY2010 General Account Budget 1 2. Highlights of the FY2010 Budget 3 3. Comparison of the Government Budget to a Household Budget
More informationPrivate consumption 1,007 1,041 1, Residential investment
Table B.1 Demand, income and production 2017 2018 2019 2017 2018 2019 2017 2018 2019 Volume, per cent Prices, per cent Private consumption 1,007 1,041 1,081 1.5 2.3 2.2 1.3 1.0 1.6 Public consumption 1)
More informationPERU. 1. General trends
Economic Survey of Latin America and the Caribbean 2017 1 PERU 1. General trends Peru s gross domestic product (GDP) grew by 3.9% in 2016, compared with 3.3% the previous year, primarily on higher production
More informationNote de conjuncture n
Note de conjuncture n 1-2005 Growth accelerates in 2004, expected to slow down in 2005 STATEC has just published Note de Conjoncture No. 1-2005. The first issue of the year serves as an "Annual Economic
More informationSaving, financing and investment in the euro area
Saving, financing and investment in the euro area Saving, financing and (real and financial) investment in the euro area from 1995 to 21 are analysed in this article in the framework of annual financial
More informationThe Impact of Population Aging on Fiscal Policies in Germany
The Impact of Population Aging on Fiscal Policies in Germany Fanny Annemarie Kluge European NTA Meeting 2011 Budapest Max Planck Institute for Demographic Research, Rostock, Germany 13.05.2011 MPIDR Aging
More informationHungary. Structure and development of tax revenues. Hungary. Table HU.1: Revenue (% of GDP)
Structure and development of tax revenues Table HU.1: Revenue (% of GDP) 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 I. Indirect taxes 16.2 15.6 15.1 16.0 15.8 16.6 17.7 17.5 18.8 18.7 VAT 8.8 8.3
More informationTHE UNITED REPUBLIC OF TANZANIA
THE UNITED REPUBLIC OF TANZANIA MINISTRY OF FINANCE AND ECONOMIC AFFAIRS BUDGET EXECUTION REPORT FISCAL YEAR 2009/10 JULY DECEMBER 2009 DAR ES SALAM FEBRUARY 2010 SUMMARY The economic performance during
More informationBudget key figures for the Norwegian economy main figures of the Fiscal Budget rates of direct and indirect taxes
Budget 2004 key figures for the Norwegian economy main figures of the Fiscal Budget rates of direct and indirect taxes Main figures of the Fiscal Budget and the Government Petroleum Fund, excluding borrowing
More informationMacroeconomic and financial market developments. March 2014
Macroeconomic and financial market developments March 2014 Background material to the abridged minutes of the Monetary Council meeting 25 March 2014 Article 3 (1) of the MNB Act (Act CXXXIX of 2013 on
More informationNBS MoNthly BulletiN december 2016
Published by: Národná banka Slovenska Address: Národná banka Slovenska Imricha Karvaša 1, 813 5 Bratislava Slovakia Contact: +1//5787 1 http://www.nbs.sk Discussed by the Bank Board on December 1. All
More informationANNUAL REPORT THE FRENCH BALANCE OF PAYMENTS AND INTERNATIONAL INVESTMENT POSITION
2014 ANNUAL REPORT THE FRENCH BALANCE OF PAYMENTS AND INTERNATIONAL INVESTMENT POSITION BANQUE DE FRANCE DIRECTORATE GENERAL STATISTICS Balance of Payments Directorate Sectoral Surveys and Statistics
More informationGermany. Structure and development of tax revenues. National tax systems: Structure and recent developments. Table DE.1: Tax Revenue (% of GDP)
Germany Structure and development of tax revenues Table DE.1: Tax Revenue (% of GDP) 00 003 004 005 006 007 008 009 010 011 01 013 Ranking Revenue (billion euros) A. Structure by type of tax Indirect taxes
More informationSTATISTICAL REFLECTIONS 3 September 2014
66/14 STATISTICAL REFLECTIONS 3 September 14 Second-quarter 14 GDP increased by 3.9 Gross domestic product, second quarter 14, second estimation Contents Introduction...1 Production...1 Expenditure...
More informationTHE UNITED REPUBLIC OF TANZANIA BUDGET FOR FISCAL YEAR 2009/10 APRIL JUNE 2010 AND FULL YEAR BUDGET PERFORMANCE
THE UNITED REPUBLIC OF TANZANIA BUDGET FOR FISCAL YEAR 2009/10 APRIL JUNE 2010 AND FULL YEAR BUDGET PERFORMANCE MINISTRY OF FINANCE AND ECONOMIC AFFAIRS AUGUST, 2010 EXECUTIVE SUMMARY The preliminary results
More informationThe estimated general government finances are reduced by DKK 4¾bn in 2007 and DKK 4bn in 2008 compared to the May projections.
5. English Summary Capacity utilization in the Danish economy is still high, and economic growth has dampened slightly, cf. Economic Survey, August 2007. The level of employment has reached a new record,
More informationBalance Of Payment Current Account Deficit At USD Mn In January- October, Or 1.4% Of GDP
Balance Of Payment Current Account Deficit At USD 215.8 Mn In January- October, Or 1.4% Of GDP The Gross External Debt Was USD10.553 mn At The End Of November Or 68.1 Of GDP BULGARIA: CURRENT SITUATION,
More informationThe Swiss Taxation System
II The Swiss Taxation System Historical background The Swiss system of taxation has been strongly marked by history. When Switzerland was still a federation of states, the cantons derived the bulk of their
More informationSUMMARY OF MACROECONOMIC DEVELOPMENTS
SUMMARY OF MACROECONOMIC DEVELOPMENTS FEBRUARY 2018 2 Summary of macroeconomic developments, February 2018 Forecasts for global economic developments over the medium term are optimistic. In its January
More informationManufacturing in East Germany since Unification restructuring and actual role in unified Germany
Manufacturing in East Germany since Unification restructuring and actual role in unified Germany Alexander Eickelpasch, German Institute for Economic Research (DIW Berlin), Berlin, Germany KDI SCHOOL of
More informationMajor Highlights. Recent Economic Developments. September/October,2016. Central Bank of Swaziland 1
September/October,20 Major Highlights The country s headline inflation increased to 8.3 per cent in Septmber 20 from 8.0 per cent in August 20. Inflation rate (% y/y) 8.3 (Sep) Discount and prime rates
More informationKey Data Content Federal Republic of Germany Facts and Figures. Labour market/ Social security. Environment/ Health. States in comparison
Key Data 2016 Federal Republic of Germany Facts and Figures Population/Employment Economy/Finance Income Labour market/ Social security Working hours Content 2016 Apprenticeship Environment/ Health States
More informationGENERAL GOVERNMENT FISCAL PLAN
MINISTRY OF FINANCE VM/1778/02.02.00.00/2016 28 April 2017 Distribution as listed GENERAL GOVERNMENT FISCAL PLAN 2018 2021 The General Government Fiscal Plan also includes Finland s Stability Programme,
More informationEconomic activity gathers pace
Produced by the Economic Research Unit October 2014 A quarterly analysis of trends in the Irish economy Economic activity gathers pace Positive data flow Recovery broadening out GDP growth revised up to
More informationECONOMIC MONITOR MOLDOVA Issue 7 January 2018
ECONOMIC MONITOR MOLDOVA Issue 7 January 218 Overview Economic growth at 3.5% in 217 Weaker growth of 3.% expected in 218 due to decreased consumption demand Inflation at 6.6% in average during 217; lower
More informationSummary of macroeconomic developments, August 2018
2 Summary of macroeconomic developments, August 2018 Escalating trade disputes have brought significant uncertainty to the global economy. Global activity indicators are suggesting a slowdown in growth,
More informationSUMMARY OF MACROECONOMIC DEVELOPMENTS
SUMMARY OF MACROECONOMIC DEVELOPMENTS NOVEMBER 2018 2 Summary of macroeconomic developments, November 2018 Indicators of global economic activity suggest a continuation of solid growth in the final quarter
More informationBudget Outturn Summary Report Monthly edition Portuguese version published on the 23 rd December Budget General Directorate
Monthly edition Portuguese version published on the 23 rd December 2016 Budget General Directorate Internet site: http://www.dgo.pt Email: dgo@dgo.pt 1. Summary OVERALL BALANCE 1. Summary According to
More information9437/18 RS/MCS/mz 1 DG B 1C - DG G 1A
Council of the European Union Brussels, 15 June 2018 (OR. en) 9437/18 NOTE From: To: No. Cion doc.: General Secretariat of the Council ECOFIN 520 UEM 198 SOC 334 EMPL 268 COMPET 391 V 374 EDUC 223 RECH
More informationEstimates. Fiscal Year Ending March 31, 2019
Fiscal Year Ending March 31, 2019 Fiscal Year Ending March 31, 2019 British Columbia Cataloguing in Publication Data British Columbia., fiscal year ending March 31. 1983 Annual. Continues: British Columbia.
More informationECUADOR. 1. General trends
Economic Survey of Latin America and the Caribbean 2016 1 ECUADOR 1. General trends Ecuador ended 2015 with GDP growth of 0.3%. The slowdown that began in 2014 worsened in 2015, in an external context
More informationAustria. Austria Total OECD Austria (Maastricht)
2. FISCAL CONSOLIDATION: OECD COUNTRY PROFILES: AUSTRIA 79 Austria 1. Economic situation After the sharp contraction by 3.6% of real GDP in 29 during the world-wide recession, the Austrian economy a small
More informationDFG form /18 page 1 of 5. Business Travel Accident Insurance for Travel at the Invitation of the DFG
form 71.02 07/18 page 1 of 5 Guidelines Business Travel Accident Insurance for Travel at the Invitation of the The relies on the support of researchers in various ways, e.g. as reviewers or as members
More informationSt. Gallen, Switzerland, August 22-28, 2010
Session Number: Parallel Session 7A Time: Friday, August 27, AM Paper Prepared for the 31st General Conference of The International Association for Research in Income and Wealth St. Gallen, Switzerland,
More informationBudget Paper B FINANCIAL REVIEW AND STATISTICS
Budget Paper B FINANCIAL REVIEW AND STATISTICS FINANCIAL REVIEW AND STATISTICS Contents Introduction... 1 Section 1 Budgetary Estimates under Balanced Budget Legislation Overview... 3 2003/04 Results...
More informationBusiness sector in general
Business sector in general Enterprises in general Enterprise development Accounts Globalisation Business sectors in general Enterprises in general Most workplaces are small Denmark has a nearly 284,000
More informationAsda Income Tracker. Report: October 2011 Released: November Centre for Economics and Business Research ltd
Asda Income Tracker Report: October 2011 Released: November 2011 M a k i n g B u s i n e s s S e n s e Centre for Economics and Business Research ltd Unit 1, 4 Bath Street, London EC1V 9DX t 020 7324 2850
More informationINTEGRATED FINANCIAL AND NON-FINANCIAL ACCOUNTS FOR THE INSTITUTIONAL SECTORS IN THE EURO AREA
INTEGRATED FINANCIAL AND NON-FINANCIAL ACCOUNTS FOR THE INSTITUTIONAL SECTORS IN THE EURO AREA In May 26 the published for the first time a set of annual integrated non-financial and financial accounts,
More informationThird Quarter Finances
2017 18 Third Quarter Finances Contents A. 2017 18 Fiscal Outlook... 1 B. Ontario s Economic Outlook... 5 C. Economic Performance... 7 D. Details of Ontario s Finances... 8 E. Ontario s 2017 18 Borrowing
More informationTable 1.3 : Demand side growth in GDP, growth contribution and relative share (figures in per cent at market prices) Growth of GDP
Aggregate demand and its composition 1.17 The most important contribution to demand growth during the Tenth Five Year Plan period (2002-07) had come from investment, while the external trade made negligible
More informationEstimates. Fiscal Year Ending March 31, 2017
Fiscal Year Ending March 31, 2017 Fiscal Year Ending March 31, 2017 British Columbia Cataloguing in Publication Data British Columbia., fiscal year ending March 31. 1983 Annual. Continues: British Columbia.
More informationPress Release December adjustment of monetary policy, allowed for a substantial reduction in new credit to Government by the Central Bank.
Press Release December 2017 Overview During 2017, the Barbados economy continued to face significant macroeconomic challenges associated with declining international reserves, weak public finances and
More informationRomania. Structure and development of tax revenues. Romania. Table RO.1: Revenue (% of GDP)
Structure and development of tax revenues Table RO.1: Revenue (% of GDP) 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 I. Indirect taxes 11.7 12.8 12.7 12.5 11.8 10.8 11.9 13.0 13.2 12.8 VAT 6.6 8.0
More informationConsolidated Financial Statements
Volume 1 Consolidated Financial Statements Public Accounts for the fiscal year ended Printed by Authority of the Legislature Fredericton, N.B. Volume 1 Consolidated Financial Statements Public Accounts
More informationTRINIDAD AND TOBAGO. 1. General trends
Economic Survey of Latin America and the Caribbean 2016 1 TRINIDAD AND TOBAGO 1. General trends In 2016 Trinidad and Tobago is expected to post negative growth for the third year in a row, with the economy
More informationHong Kong, China. Key Indicators for Asia and the Pacific 2018
Key Indicators for Asia and the Pacific 2018 1 POPULATION a Total population as of 1 July (million) 6.7 6.7 6.7 6.7 6.8 6.8 6.9 6.9 7.0 7.0 7.0 7.1 7.2 7.2 7.2 7.3 7.3 7.4 Population density b (persons/km
More informationCouncil of the European Union Brussels, 23 April 2018 (OR. en) Eugen Orlando Teodorovici, Minister of Public Finance, Ministry of Public Finance
Council of the European Union Brussels, 23 April 2018 (OR. en) 8257/18 ECOFIN 354 UEM 125 COVER NOTE From: date of receipt: 23 April 2018 To: Subject: Eugen Orlando Teodorovici, Minister of Public Finance,
More informationNew Balance of Payments system: preliminary data for July and 2014 Q2, and revision of previous periods
PRESS RELEASE Madrid, 15 October 2014 New Balance of Payments system: preliminary data for July and 2014 Q2, and revision of previous periods The Banco de España is today publishing the July 2014 and the
More informationBRIEF STATISTICS 2009
BRIEF STATISTICS 2009 Finnish Tax Administration The Tax Administration is organized under the jurisdiction of the Ministry of Finance. The Tax Administration collects about two-thirds of the taxes and
More informationRestructuring public expenditure: challenges and achievements
ECONOMIC POLICY COMMITTEE Brussels, 16 January 2006 ECFIN/EPC(2005)REP/55529 final Restructuring public expenditure: challenges and achievements 1. Background Key issues on the quality of public finances
More informationEconomic Projections :3
Economic Projections 2018-2020 2018:3 Outlook for the Maltese economy Economic projections 2018-2020 The Central Bank s latest projections foresee economic growth over the coming three years to remain
More informationSummary of Consolidated Financial Results for the Fiscal Year Ended March 31, 2018 <Under Japanese GAAP>
Summary of Consolidated Financial Results for the Fiscal Year Ended May 15, 2018 Company name: Japan Post Holdings Co., Ltd. Stock exchange listing: Tokyo Stock Exchange Code number:
More information2 National tax systems: Structure and recent developments
Ireland Structure and development of tax revenues Table IE.1: Tax Revenue (% of GDP) 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Ranking Revenue (billion euros) A. Structure by type of
More informationThe black economy in the Belgian national accounts figures in national accounts and evaluation of higher estimates suggested by other studies
The black economy in the Belgian national accounts 1 2007 figures in national accounts and evaluation of higher estimates suggested by other studies Principal elements In the Belgian national accounts,
More informationChart 1 Development of real GDP by quarters (year-on-year growth in %)
A T E C 1 14 12 1 8 4 2-2 -4 I -9-12 -15 8/29B volume 17, Development of the real economy in the first quarter of 29 Viera Kollárová, Helena Solčánska Národná banka Slovenska The indicators of Slovakia
More informationTURKISH TAXATION SYSTEM
TURKISH TAXATION SYSTEM CORPORATE TAX: Taxable Income: The corporate tax is levied on the income and earning derived by corporations and corporate bodies. The income elements by Corporate Tax Law are the
More informationNational accounts and government finances
National accounts and government finances Danish economy Financial claims Inflation International comparison of GDP Public sector General government sector Taxes and duties Distribution of tasks and burden
More informationFinancial Statements of the Government of New Zealand
Financial Statements of the Government of New Zealand For the Six Months Ended 31 December 2012 Prepared by the Treasury 20 February 2013 978 0 478 39697 3 (Print) 978 0 478 39698 0 (Online) This document
More informationGeneral government expenditure by function
Government Finance 2014 General government expenditure by function Ratio of total general government expenditure to gross domestic product grew in The ratio of total general government expenditure to gross
More informationColombia. 1. General trends. The Colombian economy grew by 2.5% in 2008, a lower rate than the sustained growth of
Economic Survey of Latin America and the Caribbean 2008-2009 129 Colombia 1. General trends The Colombian economy grew by 2.5% in 2008, a lower rate than the sustained growth of recent years. Indicators
More informationFinland. Structure and development of tax revenues. National tax systems: Structure and recent developments. Table FI.1: Tax Revenue (% of GDP)
Finland Structure and development of tax revenues Table FI.1: Tax Revenue (% of GDP) 00 003 004 005 006 007 008 009 010 011 01 013 Ranking Revenue (billion euros) A. Structure by type of tax Indirect taxes
More information26 th Subsidy Report. Federal government report on trends in federal financial assistance and tax benefits for the years 2015 to 2018.
26 th Subsidy Report Federal government report on trends in federal financial assistance and tax benefits for the years 2015 to 2018 Summary report 26 th Subsidy Report Federal government report on trends
More informationIntroduction. As a result, the concept benchmark tax system is the key factor in the definition of tax expenditures. This concept is defined by tax.
Introduction 1. This Inventory ( 1 ) is an update of the list included in the report of the High Council of Finance to the Ministry of Finance, presenting a full inventory of all tax exemptions, deductions
More informationP U B L I C F I N A N C E R E P O R T
P U B L I C F I N A N C E R E P O R T 2O16 J U N E Intending to ensure the benefit of the general public... and the good condition of the country by useful remedies... (from a charter of King Charles Robert
More informationDOMINICAN REPUBLIC. 1. General trends
Economic Survey of Latin America and the Caribbean 2016 1 DOMINICAN REPUBLIC 1. General trends The economy of the Dominican Republic grew by 7.0% in 2015, compared with 7.3% in 2014. That growth is driven
More informationEconomic Developments in Greece
March 2018 Economic Developments in Greece January December 2017* The Greek economy is entering a new era Greece has returned to growth in the course of 2017 signaling a turning point for its economy.
More informationEstimates. Fiscal Year Ending March 31, 2018
Fiscal Year Ending March 31, 2018 Fiscal Year Ending March 31, 2018 British Columbia Cataloguing in Publication Data British Columbia., fiscal year ending March 31. 1983 Annual. Continues: British Columbia.
More informationH.B. 12, 2018.] Appropriation (2019)
H.B. 12, 2018.] I II Presented by the Minister of Finance and Economic Development BILL To apply a sum of money for the service of Zimbabwe during the year ending on the 31st December, 2019. 5 ENACTED
More informationEconomic Projections For 2014 And 2015
Economic Projections For 2014 And 2015 Article published in the Quarterly Review 2014:3, pp. 77-81 7. ECONOMIC PROJECTIONS FOR 2014 AND 2015 Outlook for the Maltese economy 1 The Bank s latest macroeconomic
More information2015 Draft Budgetary Plan
2015 Draft Budgetary Plan Corrected for technical errors, 7 November 2014 26c/2014 Economic outlook and economic policy 2015 Draft Budgetary Plan Ministry of Finance publications 26c/2014 Economic outlook
More informationBAHAMAS. 1. General trends
Economic Survey of Latin America and the Caribbean 2018 1 BAHAMAS 1. General trends Economic growth strengthened to 1.4% in 2017, compared with -1.7% in 2016. Activity was bolstered by growth in construction,
More information2 National tax systems: Structure and recent developments
France Structure and development of tax revenues Table FR.1: Tax Revenue (% of GDP) 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Ranking Revenue (billion euros) A. Structure by type of tax
More informationDepartment of Finance. Economic and Fiscal Update
Department of Finance Economic and Fiscal Update First Quarter Projections 2015-2016 Economic and Fiscal Update First Quarter Projections 2015-2016 Published by: Department of Finance Government of New
More informationMalaysia- GDP & BOP 1Q17
Real GDP growth surprised on the upside in 1Q17 Real GDP growth rose by 5.6% in 1Q17, exceeding market expectations Malaysia s real GDP growth rose by 5.6% yoy in 1Q17 (4.5% in 4Q16), significantly higher
More informationDomestic demand shows signs of life
Produced by the Economic Research Unit January 2013 A quarterly analysis of trends in the Irish economy Domestic demand shows signs of life Group Chief Economist: Dan McLaughlin 0.8% rise in GDP still
More informationQuarterly Spanish National Accounts. Base 2008
28 August 2012 Quarterly Spanish National Accounts. Base 2008 Second quarter of 2012 Quarterly National Accounts (GDP) Latest data Year-on-year growth rate Quarter-on-quarter growth rate Second quarter
More information