The German current account recorded a surplus of €20.8 billion in February 2022, up €8.4 billion on the previous month’s level. This was mainly attributable to an increase in the goods account surplus. Conversely, the surplus in invisible current transactions, which comprise services as well as primary and secondary income, contracted slightly. 

The Bundesbank has significantly raised its forecast for German economic growth for this year and the next. Bundesbank President Jens Weidmann expects the trajectory of growth to be sustained in equal measure by domestic and foreign demand. However, he sees risks of a setback to economic recovery in the euro area.