In the first quarter of 2023, Germany’s government debt reached a new high of €2.4 billion ($2.63 billion), official figures revealed
Government debt climbed by 1.6 percent in March, according to the Federal Statistics Office (Destatis).
“Destatis” stated that the debt rise was mostly due to “increased financing needs as a result of the current energy crisis related to Russia’s war of aggression against Ukraine.”
According to the Federal Agency‘s study, almost 200 billion euros have been set aside for the so-called “government curbing of gas prices” and financial support for energy suppliers.
According to the study, the increase in debt is mostly attributable to specific funds established for this reason, such as the Economic Stabilization Fund for Energy, which was established in November.
From January to March, the debt attributable to this special fund alone climbed by 73.3 percent, from around 22.2 billion euros to a total of 52.4 billion euros.
Debt to the pandemic-era Economic Stabilization Fund increased by 1.2 percent to 53 billion euros, and Germany’s supplementary armed forces budget had liabilities of 802 million euros for the first time.