Posted on 09/26/2003 9:54:58 PM PDT by Pikamax
Germany sinks deeper in the red 26 September 2003 WIESBADEN - Germany's public sector continued to go deeper into the red in the first half of 2003, boosting the total national debt to nearly EUR 1.29 trillion, officials said Friday.
The Federal Statistics Office in Wiesbaden said the figure as of June 30 was 5.1 percent higher than that 12 months earlier.
The increase in the debt came as expenditures continued to rise while income nearly stagnated in the first six months, the office reported.
It said that while spending increased by 2.3 percent to EUR 501.5 billion, revenues were up a scant 0.1 percent to EUR 432.5 billion.
The resulting EUR 69 billion deficit was EUR 11 billion or some 19 percent higher than the spending deficit in the first half of 2002, the figures showed.
The figures are comprised for the federal budget including special funds, state budgets, budgets of communities and local authorities, and social security funds.
The office said the spending increase in the first half of 2003 above all reflected the 4.1 percent rise in social welfare expenditures, to EUR 183.4 billion.
How large is the deficit of the US? Do you know? Is it bigger or smaller comparatively?
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