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German tax take up nearly 6% in Jan, says finance ministry

FILE PHOTO: A general view shows the Berlin skyline

BERLIN (Reuters) - German tax revenues rose by nearly 6% in January from the same month last year, boosted by a sharp increase in earnings from capital gains, especially interest income, the finance ministry said on Thursday.

Revenues from taxes on wages stagnated at around the same level as last year, while revenues from sales taxes rose only moderately, said the ministry in its monthly report. Overall, tax revenues increased by 5.6% to 61.27 billion euros ($66.23 billion)in January.

Early indicators gave no sign of momentum picking up much in Europe's biggest economy in the first quarter after a weak end to 2023 with declining production, foreign trade and retail turnover, said the report.

The government cut its growth forecast for this year to a measly 0.2% from a previous forecast of 1.3%, the economy minister said on Wednesday, blaming weak global demand, geopolitical uncertainty and high inflation.

($1 = 0.9251 euros)

(Writing by Madeline Chambers; Editing by Sarah Marsh)