Germany announced on Thursday a huge relief package including tax cuts on electricity for the manufacturing sector, in a bid to shore up an economy that many fear could end the year in recession.
"Alone in the coming year, the relief will reach up to 12 billion euros," said Chancellor Olaf Scholz in a statement.
In 2024 and 2025, electricity tax will be slashed from the current 1.537 cents per kilowatt to the European Union minimum of 0.05 cents per kilowatt for the manufacturing sector.
The lowered tax could be extended for a further three years, said the government in a statement.
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