German tax take rebounds in October -ministry report

FILE PHOTO: Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration

BERLIN (Reuters) — Germany’s tax revenue jumped 6.1% to 57 billion euros ($58.35 billion) in October after two consecutive monthly falls, according to the monthly finance ministry report published on Tuesday.

The rebound reflected the stronger-than-expected performance of Europe’s largest economy in recent months as well as galloping inflation in the wake of the Ukraine war and resulting energy crisis.

The economy outlook remains gloomy, according to the ministry, with consumer worries about inflation and declining purchasing power likely increasingly impacting the services sector.

($1 = 0.9769 euro)

Source