German Tax Revenues Up 9.9%; Swiss Money Supply Growth Rises

Arthi Gupta
22 Aug, 2011
New York City

German tax revenues rose 9.9% to

[R]2:00 PM Frankfurt – German tax revenues rose 9.9% to €39.71 billion, Swiss money supply growth improved but Estonia’s producer price index slowed in July. Dutch consumer spending fell in June. Bulgarian jobless rate increased in the second quarter.[/R]

Germany Budget Outlook

Germany''s tax revenues rose 9.9% in July from a year ago to €39.71 billion, the Finance Ministry said in its Monthly Report on Monday.

The ministry expects the budget deficit to fall to 1.5% of Gross Domestic Product this year and is optimistic that the budget will balance by 2014.

The government debt is forecast to ease to 71% of GDP in 2015, but is well above the 60% EU target.

Dutch Consumer Spending Drops

Dutch consumer spending declined 0.9% in June from a year ago, according to data released from Statistics Netherlands showed. Households spent 3.4% less on goods, but expenditure on services rose 1.3%.

On a monthly basis, domestic consumption fell 0.4% in June after recording a 0.2% drop in May.

Swiss Money Supply Growth Improves

Swiss money supply growth improved in July after easing in June, data from the Swiss National Bank showed.

M3, a broad measure of money supply, increased 5.9% from a year ago in July compared to the revised 4.9% expansion in June. The narrow money or M1 growth advanced to 5.2% in July from 4.4% in June.

Bulgarian Jobless Rate Up

Bulgaria''s unemployment rate increased to 11.2% in the second quarter from 10% last year, data released by the National Statistical Institute showed on Monday.

The jobless rate among youth, aged between 15 and 24, rose to 25.3% in the second quarter from 21.2% a year ago. Long-term unemployment, which refers to persons unemployed for one year or more, increased to 6.3% in the second quarter from 4.3% last year.

The number of jobless persons moved up to 369,800 in the second quarter from 342,200 a year earlier.

Estonia PPI Slows

Estonia''s producer price index increased 5.2% annually in July compared to the 5.4% rise recorded in June, data released by Statistics Estonia showed.

On a monthly basis, producer prices rose 0.2% in July.

The export price index climbed 1.4% on a monthly basis in July and 11.9% annually. The import price index increased 0.2% on a monthly basis in July and 10.9% compared to July 2010.