Germany non-financial corporate debt outstanding
Germany non-financial corporate debt outstanding stood at 67.4 EUR billion in Q1 2026, according to Deutsche Bundesbank. It is one of the indicators in the Non-financial corporations' financial accounts table (Value · Quarterly), with a complete series running from Q1 1999 to Q1 2026. The complete series with an interactive chart, free to download.
This indicator in the Non-financial corporations' financial accounts table
| Indicator | Q1-2026 | Q4-2025 | Q3-2025 | Q2-2025 | Q1-2025 | Q4-2024 | Q3-2024 | Q2-2024 | Q1-2024 | Q4-2023 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Liabilities | |||||||||||
| Debt | 67.4 | 67.2 | 68.3 | 68.6 | 68.4 | 67.4 | 68.2 | 67.9 | 67.8 | 67.8 | |
| Total liabilities | 12,033 | 12,153.9 | 12,018.4 | 12,043.7 | 11,851.7 | 11,653.4 | 11,658.5 | 11,501.8 | 11,504.4 | 11,335.1 |
Understanding germany non-financial corporate debt outstanding
Gross repayable financing liabilities owed to financial institutions, market investors, and foreign lenders are aggregated in this debt measure. The series consolidates all contractual borrowing obligations, specifically incorporating outstanding bank loans, drawn syndicated facilities, commercial paper, and long-term corporate bonds, regardless of the creditor's geographic residence. It stands in contrast to total liabilities by excluding non-debt claims such as equity shares, investment fund holdings, and pension entitlements. Additionally, operational obligations like trade credit owed to commercial vendors and unpaid tax liabilities are omitted from this debt definition.
Valuations represent gross debt stocks, combining loan liabilities recorded at nominal principal value with tradable debt paper typically registered at prevailing market quotes. Quarter-on-quarter movements can be distorted by foreign-currency valuation adjustments and price fluctuations on traded bonds, making year-on-year comparisons a more stable guide to structural corporate leverage trends. Benchmark revisions occasionally occur when cross-border lending surveys or enterprise register classifications are updated. Users should note that this series reflects gross indebtedness rather than net debt, meaning it does not deduct cash reserves, liquid bank deposits, or short-term financial assets held by the corporate sector.
Frequently asked questions
- Is this debt measure reported gross or net of cash holdings?
- The series measures gross debt outstanding without subtracting cash, bank deposits, or other liquid assets held by non-financial enterprises.
- Does corporate debt include trade liabilities owed to commercial suppliers?
- No, trade credit and accounts payable are classified separately under other accounts receivable/payable rather than inside contractual debt.
- How are loans and bond liabilities valued in this aggregate?
- Unsecuritized loans are recognized at nominal face value, whereas marketable corporate debt securities are generally measured at market prices.