2022 saw Germany’s current account surplus drop by €116 billion to €162 billion. Receipts amounted to €2.35 trillion, whilst expenditure totalled €2.19 trillion. The balance fell by 3½ percentage points to 4¼% of gross domestic product. This represents the largest decline since German reunification and the lowest figure since 2003.

The development of the German current account in 2022 was driven by strong changes in the goods and services accounts. Export surpluses in the goods account, which are usually high, fell significantly as a result of sharp rises in the prices of energy and other imported commodities. In the services account, travel expenditure saw strong growth again following two years of decreased travel due to the COVID-19 pandemic.

The current account is a component of the balance of payments, which records all economic transactions between residents and non-residents in a given period (month, quarter, year). The current account is broken down into exports and imports of goods and services, primary income (such as compensation of employees and investment income), and secondary income. Secondary income comprises current transfers, such as remittances.