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German economy remains solid despite risks over Brexit: Finance Ministry

Xinhua, July 21, 2016 Adjust font size:

The German economy remains solid despite external risks result by Brexit, said German Finance Ministry in its monthly report on Thursday.

"The overall picture of the current economic indicators signaled a solid basic constitution of the German economy," said the ministry, adding that the economy would continue its "moderate upswing" over the course of the current year despite the increasing risks after Britain's decision to leave the European Union.

"The good situation in the labor market continues," it said.

In the first half of 2016, Germany's tax revenue increased annually by 5.2 percent to 155.6 billion euros (about 171.5 billion U.S. dollars), signaling a robust economic development. Expenditure also increased by 2.2 percent to 150.7 billion euros, according to the ministry.

Earlier this week, German central bank also said that the underlying trend of the German economic growth was strong as the driving factors of domestically supported upswing, including the excellent labor market, rising real wages and an expansionary fiscal policy, remained intact. Endit