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Business

German Public Finances Improve

The state of Germany's straitened public finances improved slightly in the first three months of the current year as revenues grew faster than government spending, data published by the federal statistics office, Destatis, on Thursday showed. The German public deficit narrowed by 3.2 billion euros ($3.9 billion) to 56.3 billion euros in the period from January to March, Destatis said in a statement. Revenues of the federal, regional, municipal and social welfare budgets rose by 2.1 percent to 208.2 billion euros in the three-month period, while public spending edged up by only 0.4 percent to 264.5 billion euros, the statisticians calculated. Tax revenues alone were up 1.2 percent at 185.4 billion euros. Destatis noted that the first-quarter data could not be extrapolated for the whole year owing to stark fluctuations in both revenues and spending throughout the year.

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