Germany’s current account recorded a surplus of €5.9 billion in October 2022, almost half of the previous month’s result.

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Germany’s current account recorded a surplus of €14.8 billion in September 2022 and was thus up again significantly on the narrow result of €0.9 billion in the previous month.

January 2010 to December 2024

Germany’s current account recorded a surplus of only €0.6 billion in August 2022, down €4.8 billion on the previous month’s level. This was due to a decrease in the goods account surplus. The deficit on invisible current transactions, which comprise services as well as primary and secondary income, changed only slightly.

According to Bundesbank Executive Board member Burkhard Balz, the digital economy will change the payment landscape quite significantly. Therefore, it is the responsibility of the cen-tral bank to create trust in its currency and to ensure that payments remain competitive and safe. “We also have to ensure that central bank money will be offered in a way that is compatible with the digital economy,” he said in a speech.

The German current account recorded a surplus of €18.8 billion in March 2022, down €2.3 billion on the previous month’s level.

Bundesbank Executive Board member Sabine Mauderer warned against missing the right moment for exiting expansionary monetary policy. In her speech at the Euro Finance Week in Frankfurt am Main, she stressed that monetary policy normalisation takes time.