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Germany: public debt at all-time high in first half of 2020

Increase mainly due to borrowing for overcoming COVID crisis

29 September, 09:52
(ANSA) - BELGRADE, 29 SET - The debt owed by all public organs and institutions in Germany to the non-public sector amounted to 2,108.9 billion euros at the end of the first six months of 2020, the highest level ever determined for the debt statistics, the German Federal statistical office Destatis informed today.

Destatis said that the German public debt rose by 11.1%, or 210.1 billion euros, compared with the end of 2019. The former record high of 2,068.3 billion euros was measured on 31 December 2012.

"The increase is mainly due to the fact that the public budgets borrowed funds for the purpose of financing measures to overcome the coronavirus crisis," Destatis noted.

The data on public debt refers to the debts of the overall public budget (Federation, regions, municipalities/associations of municipalities and social security funds including all extra budgets) to the non-public sector (credit institutions and the remaining domestic and non-domestic sector). (ANSA).

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