General government debt in Germany increased by €57 billion in 2024 to €2.69 trillion. Central government debt grew the most, by €36 billion. State and local governments recorded an increase of €15 billion and €14 billion, respectively. Debt between central, state and local government, which is factored out when calculating the figure for general government debt, also climbed. The Bundesbank determines Germany’s general government debt as per the definition set out in the Maastricht Treaty, which is harmonised across the EU.

The debt ratio, meaning the ratio of debt to nominal gross domestic product (GDP), fell by 0.4 percentage point to 62.5%. Taken by itself, the increase in nominal GDP reduced the debt ratio by 1.8 percentage points. This outweighed the expansion in debt.

The €57 billion increase in debt was significantly lower than the general government (Maastricht) deficit (€119 billion) published by the Federal Statistical Office. The smaller increase in debt was mainly due to the fact that a large portion of the deficit could be financed by drawing on available bank deposits. In addition, central government was able to limit its borrowing because it was receiving repayments on assistance loans previously granted (during the coronavirus pandemic and to support the energy sector). Such repayments (like the granting of funds before them) do not change the deficit, but do impact the debt level.

In addition to national debt, EU Member States also take on debt collectively at the European level. Around €70 billion of this debt can be ascribed to Germany, an amount equivalent to 1.6% of the country’s GDP. Consolidated EU debt totalled €169 billion in 2023. In 2024, it is estimated to have risen to €282 billion. Ultimately, this joint debt is largely serviced through the EU budget, and Member States therefore have a share in it through their financial contribution to the EU budget. Germany’s financial contribution currently amounts to around one-quarter.

Background: The EU Member States report data on their general government fiscal balance and debt to the European Commission each year at the end of March and end of September in what are known as EDP notifications. The Bundesbank calculates Maastricht debt, the definition of which is harmonised across the European Union. Germany’s Maastricht debt is largely based on the “debt of the general government budget”, which is calculated using national government finance statistics methodology. The Federal Statistical Office published its figures for this on 26 March 2025. In terms of methodology, Maastricht debt has a broader definition so as to make it comparable across Europe. This means that it generally works out significantly higher than the debt level recorded in the government finance statistics (by €180 billion in 2024).