Germany’s current account recorded a surplus of €11.8 billion in August 2021, down €6.1 billion on the previous month’s level. While the surplus in invisible current transactions, which comprise services as well as primary and secondary income, saw a slight increase, the surplus in the goods account declined much more sharply.   

At the end of December 2020, Germany’s net external assets stood at €2,077 billion, thus amounting to almost 62% of nominal gross domestic product (GDP). Both German claims and liabilities vis-à-vis non-residents continued to rise considerably in 2020.

Germany’s current account posted a surplus of €17.6 billion in July 2021, down €5.0 billion on the previous month’s level. Although the surplus in the goods account rose, the surplus in invisible current transactions, which comprise primary and secondary income as well as services, declined significantly.

In July, the surplus in the goods account increased by €1.1 billion on the month to €17.5 billion, with imports of goods contracting more sharply than exports.

Germany’s current account posted a surplus of €22.5 billion in June 2021, up €9.4 billion on the previous month’s level. This was attributable to an increase in the goods account balance and especially in the invisible current transactions balance comprising services as well as primary and secondary income.

Starting in August 2021, the Bundesbank is publishing not only the end-of-month values but also the monthly averages for the German TARGET2 balance on its website.

Financial assets grew by €192 billion to €7,143 billion in the first quarter of 2021, exceeding the €7 trillion mark for the first time ever. Additionally to increases related to the purchase of financial assets, this growth was driven in particular by valuation gains on shares and investment fund shares. 

Germany’s current account recorded a surplus of €13.1 billion in May 2021, down €7.9 billion on the previous month’s level. In addition to the declining surplus in the goods account, the main reason for this decrease was the balance in invisible current transactions, which comprise primary and secondary income as well as services, switching from a surplus to a deficit.