German public debt rises to new record high

German public debt rises to new record high

While economy stagnates, energy crisis and COVID-19 pandemic have continued to drive up Germany's national debt

By Timo Kirez

GENEVA (AA) - Germany's public debt has reached a new record high, according to a press release issued Friday by the Federal Statistical Office.

The energy crisis and COVID-19 pandemic pushed the national debt up by another €47 billion ($51.7 billion) to a record high, said Destatis.

At the end of 2022, federal, state, municipal, and social security debt, including all extra budgets, totaled €2,368 billion.

Per capita debt in Germany rose €244 to €28,164, according to the release. Only liabilities to the non-public sector, such as banks and private companies in Germany and abroad, were taken into account in the statistics.

The federal government alone was €1,620.4 billion in debt at the end of 2022, up 4.6%. In contrast, the liabilities of the individual German states fell 5% to €606.9 billion

Also on Friday, Destatis announced that the German economy narrowly ended its recession with stagnation in the second quarter.

According to the report, gross domestic product (GDP) remained at the same level as in the first quarter from April to June. Prior to that, it had shrunk for two quarters in a row.

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