BERLIN, July 29 (Xinhua) -- Germany's public debt climbed to a record high at the end of 2024, with per capita liabilities exceeding 30,000 euros (34,594 U.S. dollars), official data showed on Tuesday.
Figures released by the Federal Statistical Office put total public debt at 2.51 trillion euros, an increase of 2.6 percent from the previous year. The rise reflects mounting fiscal strain across all levels of government as Europe's largest economy struggles with weak growth and slowing revenues.
The federal government remains the biggest debtor, with liabilities rising to 1.73 trillion euros. Debt levels also increased at the state and municipal levels, with local governments recording particularly sharp increases.
On a per-person basis, the debt burden reached a new high of 30,062 euros, up 669 euros from a year earlier.
The figures come just one day after the federal government finalized its 2026 draft budget, which foresees a 172 billion euros funding gap between 2027 and 2029. The widening deficit highlights Berlin's challenge of stimulating growth while revenues remain under pressure, amid the risk of a third straight year of economic stagnation.
The projected shortfall is approximately 30 billion euros higher than the estimate presented by Finance Minister Lars Klingbeil in June. The increase is largely due to planned corporate tax cuts for an investment boost, with the federal government pledging to compensate state and local authorities for the resulting revenue losses. (1 euro = 1.15 U.S. dollar)
