Germany’s current account recorded a surplus of €30.8 billion in November 2023, up €10.8 billion on the previous month’s level. This was primarily caused by the shift into a surplus in invisible current transactions, which comprise services as well as primary and secondary income. Moreover, the surplus in the goods account increased.

Bundesbank President Jens Weidmann does not believe that the uncertainty generated by trade disputes has thus far had any lasting impact on the global economy. Speaking on the sidelines of the Annual Meetings of the International Monetary Fund in Bali, he said that the slight slowdown in growth, especially that observed in European countries, is probably due to the normalisation of expansion rather than a consequence of the trade conflict.

Germany’s current account recorded a surplus of €31.4 billion in December 2023, up €0.9 billion on the previous month’s level. While the surplus in the goods account decreased, the surplus in in-visible current transactions, which comprise services as well as primary and secondary income, ex-perienced a stronger increase.