In April 2021, Germany’s current account recorded a surplus of €21.3 billion, down €8.7 billion on the previous month’s level. This was driven by the decrease in the goods account surplus and a narrowed surplus on invisible current transactions, comprising primary and secondary income as well as services. 

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.

The German current account recorded a surplus of €18.8 billion in February 2021, up €1.1 billion from the previous month’s level. While the surplus in invisible current transactions, which comprise services as well as primary and secondary income, saw a decline, the surplus in the goods account rose more strongly.