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Data source: German Federal Bank

Geographical Area: Germany

Note: 2021 to 2024 provisional data.

This table includes additional information to the above visualized indicators, i.e. a short definition of this indicator and a description of the politically determined target values as well as explaining the political intention behind selecting this indicator.

Definition (Text from the Indicator Report 2022 - State 31.10.2022)

The indicator shows the government debt defined in the Maastricht Treaty as a percentage of gross domestic product (GDP) at current prices. The indicator therefore serves as a measure of government debt.

Definition

The indicator shows the consolidated gross debt of the state (in accordance with the Maastricht Treaty) in relation to gross domestic product (GDP) in current prices (in per cent). The indicator serves as a measure of government debt.

Intention

The Stability and Growth Pact of the European Union (EU) sets the reference value for the maximum debt ratio at 60 per cent of gross domestic product (GDP).

Target

Ratio of government debt to GDP must not
exceed 60 per cent; To be maintained until 2030

Type of target

Consistent target every year

Implemen­tation in weather symbol calculation

The debt ratio should not exceed 60 per cent of gross domestic product each year.


Based on the target formulation, indicator 8.2.c in 2024 was above the politically defined target value and the development between 2019 and 2024 also pointed on average towards an increase, meaning that indicator 8.2.c for 2024 is assessed as “Thunderstorm”.

Assessment

Weathersymbol: Thuder strom

Data state

31.03.2025

8.2.c Government debt

In Germany, government debt is determined twice annually by the Deutsche Bundesbank in accordance with the provisions of the Maastricht Treaty, based on calculations by the Federal Statistical Office (Statistisches Bundesamt). The gross domestic product (GDP) at current prices is calculated by the Federal Statistical Office within the framework of the national accounts.

The debt-to-GDP ratio is influenced both by the fiscal position of the public sector and by economic development. With constant levels of public debt, the debt ratio decreases more rapidly as GDP growth accelerates. Conversely, the debt ratio may increase even if absolute debt levels decline, provided GDP falls more sharply in the same period. Implicit public debt – that is, future but not yet realised state obligations – is not taken into account.

Germany’s debt-to-GDP ratio remained above the reference value defined by the European Union (EU) from 2003 until 2018. Following fiscal consolidation, the ratio decreased from 67.1% in 2005 to 63.7% in 2007, but then rose to a peak of 81.0% by 2010, primarily due to the financial and economic crisis. From 2012 onwards, the ratio steadily declined, falling below the Maastricht reference value of 60% in 2019 for the first time since 2002, reaching 58.7%. However, due to the COVID-19 pandemic, the ratio rose again sharply, reaching 68.1% in 2021. According to preliminary calculations, it stood at 62.5% in the current reporting year, 2024.

In a European comparison, fifteen EU Member States remained below the 60% reference value in 2024. The EU average for the debt ratio stood at 81.0%. The highest ratios were recorded in Greece (153.6%) and Italy (135.3%), while Estonia reported the lowest debt-to-GDP ratio at 23.6%.

While the consolidated debt of general government in Germany had been rising continuously since 1991, it declined for the first time in 2013 and continued to fall from 2015 onwards. In 2019, consolidated debt of the general public budget amounted to 2,076 billion euros. As a result of the COVID-19 pandemic and the war of aggression against Ukraine, this figure increased to 2,689 billion euros by 2024, reaching its highest level since 1991. In per capita terms, this corresponded to approximately 31,740 euros in 2024, compared to 7,765 euros in 1991.

Non-consolidated debt amounted to 2,728 billion euros in 2024. Of this, 69.4% was attributable to the federal government, 23.4% to the Länder, 7.1% to municipalities, and 0.1% to the social insurance system.

On the asset side of the public sector balance sheet, government debt is offset by tangible and financial assets. According to the financial accounts of the Federal Statistical Office, tangible fixed assets had a (net) value of 2,022 euros billion in 2023. The largest asset category comprised buildings such as roads, schools, and public infrastructure, with a value of 1,709 billion euros. Financial assets totalled 1,546 billion euros in 2023, with securities representing the largest share (53.6%) within this category.