At the end of the third quarter of 2025, the debts of the federal government, states, municipalities, and social security, including all special funds, totaled €2,608.8 billion, according to figures released by the Federal Statistical Office on Wednesday. This represents a 2.1 percent increase compared to the previous quarter. Only liabilities to the non-public sector are taken into account, which includes credit institutions as well as private companies both domestic and foreign.
Federal government debt rose particularly sharply by the end of September, increasing by 2.5 percent to €1,808.4 billion. One reason for this is the so-called Bundeswehr special fund: its debt grew by 17.4 percent to €33.2 billion.
The outstanding debts of the states rose by 0.7 percent to €613.9 billion. The largest increase compared to the previous quarter was recorded in Baden-Württemberg, up 8.7 percent, followed by Hesse (2.8 percent) and Brandenburg (2.5 percent).
In Baden-Württemberg, the increase was partly due to a capital increase at the energy supplier EnBW, in which the state holds nearly half the shares. In Hesse, the third quarter of each year is the last opportunity to raise larger loans on the capital market for the current fiscal year. In Brandenburg, a larger bond was issued. The largest percentage decreases in debt were seen in Lower Saxony (3.6 percent), Saarland (3.1 percent), and Schleswig-Holstein (2.8 percent).
(Reporting by René Wagner, edited by Thomas Seythal)
