German budget deficit worse than expected

Germany recorded a budget deficit of 3.3% of gross domestic product in 2009, one point more than the most recent forecasts, but still well below the level for most of Europe’s larger economies.

According to the figures released by the Federal Statistical Office on the 24 February 2010, it is the first year since 2005 that Germany has breached the Maastricht stability and growth targets, intended to keep deficit spending by European Union members to less than 3%.

European Commission: DG Economic and Financial Affairs: Stability and Growth pact http://ec.europa.eu/economy_finance/sgp/index_en.htm

Deutsche Welle, 24.2.10: Germany violates EU deficit rules for first time since 2005 http://www.dw-world.de/dw/article/0,,5280582,00.html

Spiegel Online International, 24.2.10: German Budget Deficit Hits 3.3 Percent of GDP http://www.spiegel.de/international/business/0,1518,679981,00.html

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