Germany’s current account recorded a surplus of €27.6 billion in March 2024, down €1.1 billion on the previous month’s level. This was mainly attributable to a lower surplus in invisible current transactions, which comprise services as well as primary and secondary income.

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.

Last year, the Bundesbank’s annual accounts were shaped by the increase in the key interest rates. For the 2023 financial year, the Bundesbank reports a balanced financial result because it was able to use its financial buffers to cushion burdens in the double-digit billions. 

Germany’s current account recorded a surplus of €32.4 billion in March 2023, up €9.9 billion on the previous month’s level. This was chiefly attributable to a larger goods account surplus. In addition, the surplus in invisible current transactions, which comprise services as well as primary and secondary income, rose. 

In spite of many burdens, the German economy grew more strongly than expected at the beginning of 2026 – partly because industry proved to be quite resilient. However, the labour market continued to deteriorate and the consequences of the war in Iran are clouding the outlook for the German economy in the second quarter.