'In the first six months, German federal, state and local governments, as well as social security funds, earned 662 billion euros, while spending 640.9 billion euros.'<blockquote>BERLIN, Aug. 25 (Xinhua) -- Germany achieved a budget surplus of 21.1 billion euros (about 24.2 billion U.S. dollars) in the first half of 2015 thanks to a strong economy and fiscal conservatism, official data showed on Tuesday.
Governments at all levels in Germany earned more than they spent in the first six months of the current year, benefiting from "both a positive development of employment and economy and moderate spending policies," said German federal statistical office Destatis.
The German economy expanded by 0.3 percent in the first quarter and by 0.4 percent in the three months through June, providing a solid base for tax income.
In the first six months, German federal, state and local governments, as well as social security funds, earned 662 billion euros, while spending 640.9 billion euros.
The surplus amounted to 1.4 percent of gross domestic product (GDP), according to Destatis. Around half of it was achieved by the federal government which saw a surplus of 10.5 billion euros thanks to a high increase in tax income and an extra revenue of 4.4 billion euros from the sale of mobile phone frequencies.
- Xinhua,
Germany achieves budget surplus of 21.1 bln euros in H1: Destatis, August 25, 2015</blockquote>
Context<blockquote>
Germany - '..achieving a federal budget with no new debts - a year ahead of schedule.''..Germany will reach budget balance in 2015..' - 'In 2009, learning from the Swiss, Germany introduced its own balanced budget amendment..'</blockquote>