Germany's tax revenue saw a notable increase of 8.2% in October 2024, amounting to 60.9 billion euros ($64.11 billion), according to the finance ministry.

For the first ten months of 2024, tax revenues rose by 3.3% compared to the same period last year, totaling 686.9 billion euros.

Despite these positive tax revenue figures, Germany's GDP unexpectedly grew by 0.2% in the third quarter of 2024, helping the country avoid a recession, although inflation surged in October, reversing a previous downward trend.

Looking ahead, the German government projects a 0.2% contraction in the economy for 2024, marking the second consecutive year of declining output among G7 nations.

Economic analysts express concern that the collapse of Germany's ruling coalition could exacerbate economic difficulties in the near future.

While forward-looking economic indicators have shown slight improvements, they remain low overall, suggesting ongoing economic challenges.

Adding to the uncertainty, the potential return of Donald Trump to the White House raises concerns about foreign trade, particularly regarding possible new tariffs on EU imports that could impact German exports.

Analysts expect that total tax revenue for 2024 will reach 855.2 billion euros, reflecting a 3.1% increase from the previous year, although this is a downgrade from earlier estimates of a 4.1% increase.