German banks tightened their credit standards for loans to enterprises marginally in the second quarter 2022. In the case of loans to households for house purchase, the tightening of credit standards was stronger than at any other time since the introduction of the BLS. Credit standards for consumer credit and other lending were also tightened.

Germany’s current account recorded a surplus of €23.9 billion in December 2021, up €5.4 billion on the previous month’s level. The surplus in the goods account declined, but the surplus in invisible current transactions, which comprise services as well as primary and secondary income, increased considerably more strongly.

The group of emerging market economies have experienced impressive growth over the past 20 years, substantially boosting their share of global economic output and worldwide trade. Recently, however, economic momentum has tailed off considerably in a large number of emerging market economies, and the growth lead they once enjoyed over the industrial countries has narrowed.