It is often said that wage moderation in Germany was the primary cause of the current account imbalances in the euro area that emerged prior to the financial crisis. A new study puts this hypothesis to the test.

Constans was the youngest son of Constantin I the Great. He was only a boy when his father accorded him the rank of Caesar (emperor-designate). With the death of Constantin I in 337, his three sons Constantin II, Constantius II and Constans adopted the title of Augustus and divided the empire amongst themselves.

Monthly turnover data are available for industry and the retail trade sector. Quarterly time series are published for the services sector. The results for the retail trade are also included in the calculation of private consumption.

Statutory basis, implementation provisions, Bundesbank notices and circulars

On this page you will find relevant code lists on reports in external sector.

Germany’s Statistics on International Trade in Services are collected by the Deutsche Bundesbank in order to compile Germany’s Balance of Payments Statistics and serve as the basis for the research data set Statistics on International Trade in Services (SITS).

Germany’s current account recorded a surplus of €8.3 billion in August 2025, down €7.3 billion on the previous month’s level. This was mainly caused by the smaller surplus in the goods account and the shift to a deficit in invisible current transactions, which comprise services as well as primary and secondary income.