Whereas the government has forecast a shortfall of 65 billion euros, “I see good chances that we will finish under 60 billion euros this year,” Schaeuble told the Rheinische Post regional newspaper.

Last Thursday the Bundesbank, or German central bank, said the combined federal, regional, local and social security deficit would be well below five percent of gross domestic product.

Last year the German economy contracted by 4.7 percent, its worst recession since World War II. But this year could see its strongest expansion since a record 3.4 percent in 2006, the central bank has said.

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