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German budget to rise 1% next year, no new debt until 2023

Reuters
Finance Minister Olaf Scholz addresses a news conference to present the budget plans for 2019 and the upcoming years in Berlin

BERLIN (Reuters) - The German government will increase public spending by 1% next year and plans to issue no new debt until 2023 even as the economy slows, the Finance Ministry said on Monday.

The federal government's budget will rise to 359.9 billion euros (321.8 billion pounds) in 2020 and the defence budget will stand at 44.9 billion euros, which is 1.37% of economic output so well below the 2% margin required by the NATO military alliance.

The cabinet is expected to approve the spending plans when it convenes on Wednesday. The plans will then be debated in parliament, which will vote on the spending bill towards the end of the year.

(Reporting by Christian Kraemer; Writing by Joseph Nasr; Editing by Michelle Martin)