The German Bundesbank published harmonised Maastricht debt figures showing Germany’s general government debt increased by EUR 144 billion in 2025 to EUR 2.838 trillion, pushing the debt-to-nominal-GDP ratio up to 63.5% from 62.2%. Federal government debt (including off-budget entities) rose by EUR 107 billion, while Länder and municipalities increased by EUR 19 billion and EUR 25 billion. Social security funds’ debt more than doubled to EUR 7 billion, but this is largely intra-government borrowing from the federal government and is therefore not included in the consolidated general government debt total. The Bundesbank attributed the net 1.3 percentage point rise in the debt ratio to a 2.0 percentage point offset from nominal GDP growth versus a 3.3 percentage point mechanical increase from higher debt, and noted the debt increase exceeded the Maastricht deficit published by the Federal Statistical Office (EUR 119 billion) because part of the borrowing was used to build financial assets that do not affect the deficit. It also estimated that EU-level borrowing implies an attributed German share of about EUR 118 billion (2.6% of German GDP) out of a consolidated EU institutions debt stock of EUR 477 billion in 2025, largely reflecting debt-financed transfers under Next Generation EU and EU loans to Ukraine. The Bundesbank noted that Maastricht deficit and debt data are notified to the European Commission at the end of March and end of September, and that the Federal Statistical Office will publish related national finance-statistics debt results on 09 April 2026.
German Bundesbank 2026-03-31
German Bundesbank reports 2025 general government debt up EUR 144 billion to EUR 2.84 trillion and debt ratio at 63.5%
The German Bundesbank reported that Germany’s general government Maastricht debt rose by EUR 144 billion in 2025 to EUR 2.838 trillion, lifting the debt-to-GDP ratio to 63.5% from 62.2%. It said the 1.3 percentage point rise reflected a 3.3 point mechanical increase from higher debt, partly offset by 2.0 points from nominal GDP growth, and that debt growth exceeded the Maastricht deficit because some borrowing financed financial asset accumulation. The Bundesbank estimated Germany’s attributed share of EU institutions’ debt at about EUR 118 billion (2.6% of GDP) out of EUR 477 billion in 2025, mainly from Next Generation EU transfers and EU loans to Ukraine.