German tax income up nearly 9 percent in July

AP News
Posted: Aug 20, 2012 2:32 AM
German tax income up nearly 9 percent in July

BERLIN (AP) — Germany's Finance Ministry says the country's tax income was nearly 9 percent higher in July than a year earlier — helped by recent wage increases and underlining the continuing strength of Europe's biggest economy.

The ministry said in its monthly report released Monday that Germany's total tax take last month was €43.13 billion ($53.2 billion) — an increase of 8.6 percent compared with July 2011. Over this year's first seven months, tax income was up 5 percent at €311.36 billion.

Many German workers have enjoyed solid pay increases after two years of strong economic growth. Unemployment is low.

Germany's momentum has slowed this year, but the country is still doing far better than many others in the debt-troubled eurozone. Its economy grew 0.3 percent in the second quarter.