German Government Debt Rises to Record High
2023 Debt Surpasses 262 Trillion Euros
Quarterly Reduction Fails to Offset Annual Increase
Germany's national debt has reached a record high of 262 trillion euros, according to newly released figures. This represents an increase of 62 billion euros compared to the end of 2022.
Despite a reduction of 93 billion euros in the fourth quarter of 2023, the overall annual debt increase remains substantial. The government's debt-to-GDP ratio now stands at 90%, significantly higher than the 73% recorded at the end of 2020.
The majority of the debt increase is attributed to the federal government, whose debt rose by 46% in 2023. The surge in borrowing is largely due to the government's response to the COVID-19 pandemic and the ongoing energy crisis.
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