(MENAFN) According to the German finance ministry, the government managed to balance its books in 2014 for the first time since 1969 and a year ahead of target, AFP reported.
Originally, the government had been outlining a small budget deficit of USD7.7 billion for 2014. The minister has pledged to achieve that goal in 2015 and for a balanced budget to become the norm.
But thanks to higher tax revenues and lower interest rate payments on its debt, Berlin has now managed to finish the year without any net new borrowings, achieving a goal of "black zero".
In terms of overall debt, Germany is still in breach of the European ceiling of 60 percent of gross domestic product. At the end of 2013, the country's overall debt amounted to USD2.54 trillion, 78 percent of GDP.
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