Germany’s current account recorded a surplus of €31.4 billion in December 2023, up €0.9 billion on the previous month’s level. While the surplus in the goods account decreased, the surplus in in-visible current transactions, which comprise services as well as primary and secondary income, ex-perienced a stronger increase. 

TARGET stands for Trans-European Automated Real-time Gross settlement Express Transfer system and is the settlement system used by Eurosystem central banks for urgent, real-time transfers.

We currently appear to be administering the correct ‘dose’ of interest rate increases, said Bundesbank President Joachim Nagel in an interview with the Sunday newspaper “Frankfurter Allgemeine Sonntagszeitung”. In his view, the price outlook is not yet clear enough to cut interest rates. However, he does expect price developments to continue to normalise. 

Germany’s current account recorded a surplus of €30.8 billion in November 2023, up €10.8 billion on the previous month’s level. This was primarily caused by the shift into a surplus in invisible current transactions, which comprise services as well as primary and secondary income. Moreover, the surplus in the goods account increased.