The Governing Council today decided to keep the three key ECB interest rates unchanged. Its updated assessment reconfirms that inflation should stabilise at its 2 % target in the medium term.

German economic output rose significantly in the fourth quarter of 2025, according to the Monthly Report. Growth towards the end of the year was primarily driven by private and government consumption. Households probably also benefited from strong wage growth. Industry grew its production and construction output rose significantly. According to the experts, there is no sign of any short-term trend reversal for the better in the labour market. The inflation rate stood at around 2 % at the turn of the year.

Germany’s current account recorded a surplus of €16.1 billion in December 2025, up €1.9 billion on the previous month’s level. Although the surplus in the goods account decreased, the surplus in invisible current transactions, which comprise services as well as primary and secondary income, increased more strongly.

Here you will find the various data sources from which the Bundesbank compiles the balance of payments.

Here you will find general information on the balance of payments as well as the international standards on which the concept and methodology of the German balance of payments are based.