General government recording a deficit of EUR 3.3 billion in 2008
WIESBADEN – According to provisional national account data of the Federal Statistical Office (Destatis), net borrowing of general government amounted to EUR 3.3 billion in 2008. That amount is calculated as the difference between revenue (EUR 1,091.1 billion) and expenditure (EUR 1,094.4 billion) of general government. When broken down by the government levels, the deficit of the Federation was EUR 15.8 billion and that of the Länder EUR 3.6 billion. In contrast to that, the municipalities (EUR 8.4 billion) and social insurance (EUR 7.7 billion) recorded considerable surpluses in 2008. When put in relation to the gross domestic product at current prices (EUR 2,492.0 billion), a deficit ratio of general government of –0.1% is obtained for 2008.
Net lending / net borrowing of general government in percent of the gross domestic product at current prices
2003
2004
2005
2006
2007
2008
–4.0
–3.8
–3.3
–1.5
–0.2
–0.1
Based on new information, especially regarding tax revenue and the effects of the judgement of the Federal Constitutional Court on the so-called commuter allowance, the result published on 14 January 2009 has been revised. Compared with the estimate released in January, revenue in 2008 was smaller by EUR 2.4 billion, and expenditure by EUR 0.7 billion. Hence, net borrowing of general government in 2008 was by EUR 1.7 billion higher than estimated at first. Also according to the definition relevant for the European procedure to be applied in the case of an excessive deficit of general government, net borrowing of general government amounted to approximately EUR 3.3 billion. Compared with previous years, practically no changes occurred in the reference year because of the low importance of yields from, and expenditure for swap transactions and interest rate derivatives, which amounted to just EUR 40 million. Considering the substantial uncertainties in terms of assessment and information that are created by the financial crisis, discussions are currently held at the European level on the adequate application of the rules of the European System of Accounts 1995, which will lead to a Eurostat decision. This may lead to changes in the context of the notification of net lending / net borrowing on 1 April 2009.
For further information please call: Thomas Forster, tel: (+49-611) 75-2795,
