‘Germany facing big budget hole as economy slows’

BERLIN: Germany is facing a budget shortfall of around 25 billion euros ($28.62 billion) by 2023 as an economic slowdown means tax revenues will come in below previous estimates, a Finance Ministry document revealed.

The government last month cut its growth forecast for this year to 1pc from 1.8pc previously.

The ministry document pointed to further risks for the budget, including costs related to existing coal power.