German Tax Revenue to Fall Short for Next Two Years

German tax revenue will be a combined €20 billion ($23.7 billion) short of government estimates this year and next as economic growth is still lacking, according to a report in the Berliner Zeitung newspaper which cited unidentified state finance ministers. Earlier this week, Germany's six leading economic institutes lowered their forecast for growth for 2004 as consumer confidence stalls, adding that the country's deficit will breach European Union limits this year and next. Members of the ruling Social Democratic Party and the Green Party have ruled out spending cuts to lower the deficit, the newspaper said.