The German Bundesbank published Germany’s 2024 general government debt figures on the EU-harmonised Maastricht basis, showing debt rising by EUR 57bn to EUR 2.689tn while the debt-to-GDP ratio declined by 0.4 percentage points to 62.5%. Federal government debt contributed the largest increase (EUR 36bn), with debt of the Länder and municipalities up by EUR 15bn and EUR 14bn respectively; intergovernmental liabilities also rose but are netted out of the general government total. The debt ratio fell because nominal GDP growth reduced the ratio by 1.8 percentage points, more than offsetting the increase in debt. The Bundesbank also noted that the EUR 57bn rise in debt was well below the general government Maastricht deficit of EUR 119bn published by the Federal Statistical Office, largely because a significant share of the deficit was financed via a drawdown of existing bank deposits, and because the federal government limited new borrowing after receiving repayments of previously granted support loans related to the COVID-19 period and energy-sector stabilisation. In parallel, the release presented estimates of consolidated debt at EU-institution level, rising from EUR 169bn in 2023 to an estimated EUR 282bn in 2024, with Germany’s attributed financing share estimated at about EUR 70bn (1.6% of GDP), based on a financing share of roughly one quarter.
German Bundesbank 2025-03-31
German Bundesbank reports 2024 general government debt up EUR 57bn to EUR 2.69tn as debt ratio falls to 62.5%
The German Bundesbank reported a EUR 57bn increase in Germany's 2024 general government debt to EUR 2.689tn, while the debt-to-GDP ratio fell by 0.4 percentage points to 62.5% due to nominal GDP growth. The rise in debt was below the Maastricht deficit of EUR 119bn, as a significant portion was financed through existing bank deposits and limited new borrowing. Consolidated EU-institution level debt is estimated to rise to EUR 282bn in 2024, with Germany's share at approximately EUR 70bn.