Germany Cuts Its Deficit Forecast

Posted August 22nd, 2011 at 7:00 am (UTC-5)
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Germany's Finance Ministry revised its deficit forecast Monday from 2.5 percent to 1.5 percent of gross domestic product this year. The drop would meet the Maastricht 3-percent deficit limit requirement two years ahead of schedule.

German tax revenue grew nearly 10 percent in July from a year ago.

The Finance Ministry says the forecast means Europe's largest economy should have a balanced budget by 2014.