Debt increases by 15.7 billion euros during the initial quarter.
Germany's overall public debt climbed up in the early part of the year. By the close of Q1 2024, the combined public spending of the Federal Government, states, municipalities, social security, and special funds amounted to 2,461.4 billion Euro, as per the Federal Statistical Office. This represents an uptick of 0.6% or 15.7 billion Euro compared to the end of 2023. Compared to Q1 of 2023, the debt went up by 2.3% or 54.7 billion Euro.
The Federal Government's debt increased by 0.4% or 6.5 billion Euro over the first 3 months. The Economic Stabilization Fund Corona special fund's liabilities dropped by 9.1% to 33.6 billion Euro. However, the Special Fund Bundeswehr, created in response to Russia's invasion of Ukraine in July 2022, saw its debt climb by 38.8% to 8.1 billion Euro.
The states are currently carrying a debt of 602.3 billion Euro. This marks an increase of 1.2% or 6.9 billion Euro compared to the end of 2023. Mecklenburg-Vorpommern (+9.7%), Sachsen-Anhalt (+8.6%), and Berlin (+7.3%) saw the highest percentage increase in debt. Baden-Württemberg (-5.8%), Sachsen (-3.4%), and Hamburg (-3.3%) experienced the most significant reductions. This improvement was due to lesser bond issuances and credits in these areas.
The municipalities and local associations' debt increased by 1.4% to 156.1 billion Euro. Mecklenburg-Vorpommern (+8.1%), the Saarland (+6.1%), and Schleswig-Holstein (+5.6%) witnessed the strongest percentage increase in debt. Only Rheinland-Pfalz (-2.8%), Thueringen (-1.1%), and Hessen (-0.1%) showed decreases. The social insurance debt dipped by 1.1% to 22.1 billion Euro over the first 3 months.
Statistically speaking, these figures also consider liabilities outside the public sector. This encompasses credit institutions and the domestic and foreign private sector, including private companies domestically and abroad.
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The public debt increase of 15.7 billion Euro in the first quarter was largely contributed by the combined spending of various sectors. By the end of Q1 2024, Germany's public debt surpassed a quarter of a trillion euros, reaching 2,461.4 billion Euro. Depending on the specific sector, the public debt showed varying trends; for instance, the Bundeswehr special fund saw a significant increase of 38.8% to 8.1 billion Euro.
