Germany says that in 2014 it achieved its first balanced budget since 1969, a year earlier than planned, thanks to low interest rates, higher tax revenue and other factors.
The Finance Ministry said in a statement Tuesday that historically low interest rates meant that Germany paid less on previous credit, and overall spending was a billion euros less than budgeted, at €295.5 billion.
Meantime, tax revenues were €2.6 billion higher than budgeted. In addition, a December court ruling forced utility companies to pay the government €2.3 billion as part of a tax on the fuel used to produce nuclear power.
Germany had previously planned on new net borrowing of €6.5 billion euros in 2014 and a balanced budget in 2015.