Die deutsche Leistungsbilanz verzeichnete im Mai 2025 einen Überschuss von 9,6 Mrd €. Das Ergebnis halbierte sich damit praktisch gegenüber dem Niveau des Vormonats. Maßgeblich dafür war der Umschwung ins Minus bei den „unsichtbaren“ Leistungstransaktionen, die neben Dienstleistungen auch Primär- und Sekundäreinkommen umfassen. Hinzu kam ein etwas geringerer Aktivsaldo im Warenhandel. 

The Basel framework encompasses all applicable standards issued by the Basel Committee on Banking Supervision. The Bundesbank played a substantial part in formulating all of these standards.

Bundesbank’s external position stood at €807 billion at the end of June 2025, with claims from the TARGET2 payment system worth €1051 billion making up around 71 % of total assets. These are followed by international reserves, comprising gold and foreign exchange reserves, including the special drawing rights allocated by the International Monetary Fund (IMF), which account for a total of 20 % of assets. At 84 %, issuance of euro cash accounted for the bulk of liabilities. Deposits of non-euro area residents amount to 8 % of foreign liabilities.

Germany’s gross external debt amounted to €6.6 trillion at the end of the first quarter 2025; relative to gross domestic product (GDP) it increased in the period under review.

Die Bruttoemissionen am deutschen Rentenmarkt lagen im Mai 2025 mit 135,6 Mrd € über dem Wert des Vormonats (115,8 Mrd €). Nach Abzug der Tilgungen und unter Berücksichtigung der Eigenbestandsveränderungen der Emittenten stieg der Umlauf heimischer Rentenwerte um 35,7 Mrd €. Ausländische Schuldverschreibungen wurden für netto 23,1 Mrd € auf dem deutschen Markt untergebracht. Im Ergebnis nahm damit der Umlauf von Schuldverschreibungen in Deutschland um 58,8 Mrd € zu.

Verfahren für Geschäftspartnern zur Nutzung von Kreditforderungen als notenbankfähige Sicherheiten.

The external assets of the banks (more than 2 trillion euros) are significantly higher than the external liabilities.

In June, households in Germany again adjusted their expectations for real estate prices in their region upwards slightly. With an expected increase of 5.4 % for the next 12 months, they were 0.1 percentage point higher than the previous month’s figure of 5.3 %. When asked about their qualitative expectations in June, 60 % (May: 61 %) of households expected real estate prices to increase and 7 % (May: 5 %) expected them to decrease during this period.

German enterprises constitute net debtors vis-à-vis non-residents: Standing at €1812 billion at the end of May 2025, their liabilities arising from financial operations and trade credits, exceeded their corresponding assets of €1500 billion by €312 billion. Compared with the previous month, this is a change of €14 billion.

Germany’s net international investment position (i.i.p.) rose by €564 billion in 2024. The three-dimensional account system analyses changes in the net i.i.p. from different perspectives.

While the charts on the other webpages of this study illustrate the results of regularly asked core questions, here we show charts on an ad hoc basis mainly relating to special questions for research projects or policy advice.

Mit dem Bachelor-Studium der Angewandten Informatik bieten wir Dir – in Kooperation mit der Dualen Hochschule in Baden-Württemberg (DHBW) – einen attraktiven Berufseinstieg in die Welt der Informationstechnologie.

The Deutsche Bundesbank conducts regular surveys of households’ expectations for unemployment, economic growth, rent prices, real estate prices, and interest rates on savings and loans. These data are used to calculate index figures, from which corresponding trends can be easily derived.

In June, households expected their net household income to rise by an average of around €120 over the next 12 months. Average expected income growth has thus risen for the fourth consecutive month (March: around €60, April: around €85; May: around €105). Expectations still vary significantly when broken down by factors such as household income, gender and, in particular, age group. The median remains constant at €125. This can be explained by the fact that a large share of individuals have considered income growth of between €0 and €250 to be most likely each month since this survey was launched.

Population developments are posing challenges for the German labour market and government finances. The scale of these challenges depends on how long people work and when they retire. This issue is addressed in the Bundesbank’s current Monthly Report. It analyses when people covered by the statutory pension insurance scheme (insurees) retire and discusses what might boost employment. The report also shows how reductions and increases for early or late retirement could be determined.

Aktuelle Vorträge, Fortbildungen, Ausstellungen und weitere Veranstaltungen der Hauptverwaltung in Baden-Württemberg