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German tax take continues to surge but supply bottlenecks drag -govt -Breaking

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© Reuters. FILEPHOTO: An aerial view of the container terminal at Hamburg’s port on November 14th, 2019. REUTERS/Fabian Bimmer/File photo

BERLIN, (Reuters) – Germany’s tax revenue rose in November to 5.9 billion euros. This was due to Germany’s recovery from the pandemic earlier in the year. But, since then, there has been a slowdown in economic growth, according to the monthly report of the finance ministry.

According to the report, the combined income from central and regional tax in Europe’s biggest economy rose 10.2% over the first eleven months of this year. Experts predict a rise of around 9% for the entire year.

The report shows that the fourth COVID-19 Wave and the supply shortages have impeded the growth in Germany’s tax income.

The ministry stated that supply chains damaged by the pandemic continue to struggle to recover. This is partly due to new outbreaks, which have a continuing impact on production and transport. For example, quarantine in some ports is constantly disrupting sea trade.

According to the ministry, “The supply issues should persist throughout winter” and could impact both industry as well as retail.

The current rate of inflation at 5.2% is the highest in 30 years. It should slow down slightly this year, it said.

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