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This Article is From Jun 15, 2020

German Contribution to EU Budget Will Rise by 42%, Welt Reports

(Bloomberg) -- Germany's contribution to the EU budget will rise by 42% in the coming years, Die Welt reported, citing government calculations based on the proposals for the European Union's long-term budget.

The finance ministry in Berlin estimates that Germany's annual payments to Brussels would rise by an average of 13 billion euros ($14.6 billion) from 2021. Its contribution has averaged 31 billion euros per year recently.

According to the current proposal from the EU Commission, member states should pay around 1.075% of their gross domestic product as a contribution over the next seven years.

©2020 Bloomberg L.P.

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