The German government will record its biggest post-war budget deficit this year as the economic crisis sends tax revenues plummeting, Peer Steinbrück, finance minister, said on Thursday. The federal deficit would exceed €50bn in 2009 and rise to €90bn next year, more than twice the previous record of €40bn set in 1996 as Germany absorbed the huge cost of its unification. In contrast, the federal deficit last year was only €11.9bn.

This entry was posted by Gwen Robinson on Friday, May 15th, 2009 at 4:56 and is filed under Capital markets. Tagged with germany. Edit this entry.