German tax revenues grow at slower pace in July

BERLIN (Reuters) -German federal and state tax revenues rose 3% year-on-year in July, a slower rate of increase than the previous month, due in part to a decline in earnings from sales tax, the finance ministry said on Thursday.

The total tax take in Europe's biggest economy came to 65.74 billion euros ($76.60 billion) in July, with increases in taxes on income, wages and inheritance, said the ministry in its monthly report. In June, tax revenues had risen more than 7%.

In the first seven months of the year, Germany collected some 513.3 billion euros in tax, up 7.4% from the same period in the previous year.

Germany's economy contracted in 2024 for the second consecutive year and shrank slightly in the second quarter. Economists expect the export-driven economy to suffer further from U.S. tariffs and mostly predict stagnation for this year.

The ministry played down any likely impulses that would boost tax revenues.

"Leading indicators do not point to a short-term acceleration of economic activity," said the ministry.

($1 = 0.8582 euros)

(Reporting by Christian KraemerWriting by Madeline ChambersEditing by Ludwig Burger)

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• GitLab’s second-quarter revenue jumps 21% as AI demand drives bookings
• Citi opens downside catalyst watch on Kroger as Walmart price war intensifies
• Stifel Starts GlobalFoundries Inc. (GFS) at Buy, Top Pick