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Monday, January 13, 2020

German Economy: Germany posts record-breaking budget surplus

Germany had a record budget surplus of € 13.5 billion ($15 billion) at the end of 2019, the Finance Ministry announced on Monday.

"We've had a bit of luck, and of course we've economized well," German Finance Minister Olaf Scholz said in Berlin on Monday, just a year after he claimed the "fat" years were over for Germany.

It is the third time in the last five years that Europe's largest economy closed the year with a budget surplus. The 2019 surplus overtook a 2015 budget surplus of €12.1 billion.

Added to that figure is an additional €5.5 billion from a fund earmarked for refugees that went unspent, making a total surplus of €19 billion.

In contrast the US budget deficit topped $1 trillion in 2019.

Read more at: Germany posts record-breaking budget surplus | News | DW | 13.01.2020