German debt hits a record level.

Germany's public debt reached a new record of €2.37 trillion ($2.6 trillion) at the end of 2022, data released by the Federal Statistical Office (Destatis) on Wednesday showed. The debt owed by the overall public budget to the non-public sector rose 2% year-on-year, or by €46.1 billion ($50 billion), compared to 2021. Economists say that the surging debt owed to the non-public sector illustrates the challenging economic conditions faced by Germany due to the pandemic and the energy crisis. The non-public sector includes banks and other domestic and foreign economic sectors, such as private businesses in Germany and abroad. The government's efforts to mitigate the impact of these crises have led to a significant increase in public borrowing. Germany, which relies mainly on natural gas to power its industry, has been struggling to cope with skyrocketing energy costs.