Germany’s current account recorded a surplus of €19.6 billion in September 2021, up €4.2 billion on the previous month’s level.

German banks tightened their credit standards somewhat for loans to enterprises and loans to households for house purchase in the third quarter of 2021. At the same time, credit standards for consumer credit and other lending were eased marginally. These are the results of a quarterly survey of German banks on their lending activities. According to the survey, loan demand increased in all the surveyed loan categories, but fell significantly short of banks’ expectations in the previous quarter for loans to enterprises and consumer credit and other lending.

Bundesbank President Jens Weidmann will lay down his office for personal reasons at the end of the year. “I have come to the conclusion that, after more than ten years, now is a good time to embark upon a new chapter – for the Bundesbank, but also for me personally,” Mr Weidmann explained. He said he owed thanks to his colleagues on the Governing Council of the ECB under the leadership of Christine Lagarde for the open and constructive atmosphere in the - at times - difficult discussions conducted over the past years.

Households’ financial assets grew by €159 billion to €7,325 billion in the second quarter of 2021. Alongside the transaction-related increase in financial assets (acquisition of financial assets), valuation gains on shares and investment fund shares played a significant role.

Germany’s current account recorded a surplus of €11.8 billion in August 2021, down €6.1 billion on the previous month’s level. While the surplus in invisible current transactions, which comprise services as well as primary and secondary income, saw a slight increase, the surplus in the goods account declined much more sharply.   

At the end of December 2020, Germany’s net external assets stood at €2,077 billion, thus amounting to almost 62% of nominal gross domestic product (GDP). Both German claims and liabilities vis-à-vis non-residents continued to rise considerably in 2020.

Germany’s current account posted a surplus of €17.6 billion in July 2021, down €5.0 billion on the previous month’s level. Although the surplus in the goods account rose, the surplus in invisible current transactions, which comprise primary and secondary income as well as services, declined significantly.

In July, the surplus in the goods account increased by €1.1 billion on the month to €17.5 billion, with imports of goods contracting more sharply than exports.

Germany’s current account posted a surplus of €22.5 billion in June 2021, up €9.4 billion on the previous month’s level. This was attributable to an increase in the goods account balance and especially in the invisible current transactions balance comprising services as well as primary and secondary income.

Starting in August 2021, the Bundesbank is publishing not only the end-of-month values but also the monthly averages for the German TARGET2 balance on its website.