The German government approved the 2024 budget project with significant cuts compared to the current year, government sources reported to dpa this Wednesday.

After long deliberations, the federal Cabinet decided to present a budget of 445.7 billion euros (484.5 billion dollars) to the Parliament (Bundestag). The 2023 budget amounts to 476.3 billion euros.

After the additional expenses of the previous years due to the coronavirus pandemic and the energy price crisis, it has now been decided to adopt an austerity course.

The new indebtedness will be 16,600 million euros in 2024. This is intended to comply with the debt brake anchored in the Fundamental Law (Constitution), which limits state indebtedness to 0.35 % of gross domestic product (GDP), except in exceptional situations such as those of recent years.

Source: dpa

(Reference image source: Ansgar Scheffold, Unsplash)

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