BERLIN (AP) — The German government says its tax income next year is expected to fall 1.7 billion euros ($1.9 billion) short of previous forecasts as the outlook for Europe’s biggest economy cools.
A twice-yearly assessment by tax experts released Wednesday by the Finance Ministry showed that federal, state and local authorities are expected to take in 816.4 billion euros next year, up from 796.4 billion this year but a bit less than forecast in May.
Tax income for 2021, 2022 and 2023 was forecast to keep rising, but come in a cumulative 8 billion euros lower than previously forecast.
German economic growth forecasts have been cut repeatedly this year. The economy is widely suspected to have contracted for the second consecutive quarter in the July-September period, putting it in a technical recession.