German tax revenue growth slows in October

German tax revenue growth slows in October

Germany's tax revenues grew at a slower pace in October than in all the months of this year put together, the Finance Ministry said on Thursday in a monthly report, underlining the impact of flagging economic growth. The ministry said tax income had increased by 2.5 percent on the year to 37.67 billion euros in October, down from 5.4 percent year-on-year growth for January to October as a whole. In September, tax revenues still grew by 4.2 percent. Germany's economy slowed in the third quarter and looks set to shrink this quarter as Europe's economic powerhouse finally feels the impact of the euro zone debt crisis. It is still likely to avoid a recession, however. "The winter half of the year (the fourth quarter and the first three months of 2013) should see a temporary economic dip," the ministry said in its monthly report. "Export expectations and orders from abroad also show a significant downward movement."