Despite tax revenue increases Angela Merkel will keep a watchful eye on spending (Reuters)
Germany's tax receipts are predicted to increase according to financial markets but Germans including Angela Merkel keep a watchful eye on how they spend money (Reuters)

Germany will collect taxes totalling €620.5bn in 2013 - an increase on its May forecast, which estimated tax revenues at €615.2bn.

In its revised figures, the German Finance Ministry expects to collect more tax in every year from 2013-2018, with the exception of 2015 and 2017.

German Finance Minister Wolfgang Schaeuble said in a statement that "fiscal leeway remains limited", despite the increased tax revenue estimates.

The country's tax revenue in 2012 was €600bn (£500bn, $803bn).

The German Government is looking to collect about €14bn more between 2013-2017 than had previously been predicted in May.