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German balance of payments in September 2025
Germany’s current account recorded a surplus of €18.6 billion in September 2025, up €9.1 billion on the previous month’s level. This was mainly caused by a larger goods account surplus. Another reason was the shift to a surplus in invisible current transactions, which comprise services as well as primary and secondary income.
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Methodology and quality External sector
on the subject of External sector
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Transaction values External Transactions
The transaction values data are available exclusively as direct FDI data. This means that the data can only show direct holdings of more than 10 % in affiliated enterprises. It is not possible to collect data on direct investment c
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From our archive: The Blessing letter
The so-called Blessing letter, dated 30 March 1967, forms part of the correspondence between the President of the Deutsche Bundesbank at the time, Karl Blessing, and the then Chairman of the Board of Governors of the US Federal Reserve System, William Martin. Blessing addresses US concerns that the Bundesbank might convert US dollars into gold on a massive scale.
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Germany’s international investment position at the end of 2024
At the end of 2024, Germany’s net external assets totalled €3,452 billion, thus amounting to around 80 % of the country’s nominal gross domestic product (GDP). Overall, both assets and liabilities vis-à-vis non-residents rose further in 2024.
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Dr Sabine Herrmann Director General Human Resources
Director General Human Resources
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