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Debts of many German cities rise despite high tax revenues: study

Xinhua, November 23, 2016 Adjust font size:

Many German cities are experiencing an increase of debts in spite of a good economic situation, a study showed on Tuesday.

According to a study of the accounting firm Ernst & Young, the majority of the 73 big cities with more than 100,000 residents recorded a debit rise in 2015.

"Many large German cities are falling deeper and deeper into the debt trap, despite the bubbling tax revenues and good economic conditions," German media n-tv cited the study as reporting.

A total of 19 of 29 large cities in the state of North Rhine-Westphalia had to take additional debts last year, while most other German cities from other states reduced their debts.

The total debts of all major cities have fallen by 0.2 percent to 80.9 billion euros (about 85.75 billion U.S. dollars).

The Federal Ministry of Finance of Germany announced one day earlier that the tax revenues of German federal and state governments rose significantly to good 44 billion euros in October, an increase of about 8 percent year on year. (1 euro = 1.06 U.S. dollars) Endit