Germany’s debt hits all-time high
Germany’s Federal Statistical Office Destatis reported that the public debt reached a new record of 2.37 trillion euros (2.6 trillion dollars) at the end of 2022.
The indebtedness of the general public budget to the non-public sector increased by 2 percent, or 46.1 billion euros ($50 billion), year-on-year, compared to 2021, according to published data. Destatis attributed the increase to the emergency measures taken during the Covid-19 outbreak and the energy crisis.
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Compared to the end of the third quarter of 2022, debt increased by 1.8 percent, or 41.9 billion euros ($45.5 billion), raising concerns about its impact on the German economy and financial stability. Debt per capita amounted to 28,155 euros ($30,600), representing an increasing burden on the population.
Inflation, a severe energy crisis and prospects for a further slowdown in the EU’s largest economy eroded consumer activity and posed a threat to economic prosperity.
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Germany’s public debt has reached an all-time high of 2.37 trillion euros ($2.6 trillion) at the end of 2022. According to the Federal Statistical Office Destatis, the indebtedness of the general public budget to the non-public sector increased by 2 percent, or 46.1 billion euros ($50 billion), year-on-year, partly due to emergency measures taken during the COVID-19 pandemic and the energy crisis. The increase in debt signifies concerns over its possible impact on the German economy and financial stability, as the debt per capita amounted to 28,155 euros ($30,600), which is an increasing burden on the population. Experts also worry about inflation, the energy crisis, and the prospects of further slowdown in the EU’s largest economy, which could harm economic prosperity.
