German government’s public deficit will be much higher in 2023 than previously thought | Forexlive

Spiegel news magazine report (via Reuters), citing finance ministry documents:

German government’s public deficit reaching 4.5%, due mainly to energy relief measures
A deficit of 4.5% of gross domestic product (GDP) is more than double the amount originally calculated, according to Spiegel
deficit should drop to 2% in 2024
to 1.5% in 2025 and 2026, as state aid becomes limited and expires over the course of 2024 under current government plans

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Given the extent of energy relief measures is this really all that much of a surprise?

EUR update: