Current account surplus higher

Germany’s current account recorded a surplus of €16.1 billion in December 2025, up €1.9 billion on the previous month’s level. Although the surplus in the goods account decreased, the surplus in invisible current transactions, which comprise services as well as primary and secondary income, increased more strongly.

In December, the surplus in the goods account fell by €2.7 billion to €8.6 billion because receipts recorded a sharper decline than expenditure. Invisible current transactions saw the surplus widen by €4.5 billion to €7.5 billion. For one thing, net receipts in the primary income account expanded by €2.6 billion to €17.5 billion. This was primarily due to a rise in residents’ receipts from portfolio investment and other investment income. For another, the deficit in the services account narrowed by €2.3 billion to €2.1 billion. While receipts from charges for the use of intellectual property fell on balance, there was a significantly stronger decline in net expenditure on travel. The deficit in the secondary income account, meanwhile, widened slightly by €0.4 billion to €7.9 billion. Receipts in this account increased, but expenditure expanded somewhat more strongly overall.

Net capital exports

Germany registered net capital exports of €22.9 billion in December, compared with €38.5 billion in November.

Direct investment generated net capital exports of €22.4 billion in December (November: €0.9 billion). Foreign enterprises reduced their direct investment in Germany by €19.3 billion, largely on account of redemptions of intra-group loans (€24.5 billion). Non-resident parent enterprises, by contrast, boosted their equity capital in Germany (€5.2 billion). German enterprises stepped up their foreign direct investment by €3.2 billion. They expanded their intra-group loans (€5.5 billion), but scaled back their equity capital (€2.3 billion). 

Germany’s cross-border portfolio investment recorded net capital exports of €5.9 billion in December (after net capital imports of €27.2 billion in November). Foreign investors disposed of German securities on balance (€26.9 billion), selling bonds (€14.3 billion), money market paper (€9.5 billion), shares (€3.0 billion) and mutual fund shares (€0.1 billion). Resident investors sold foreign shares (€28.9 billion) and money market paper (€8.3 billion) on balance, but added mutual fund shares (€15.5 billion) and bonds (€0.8 billion) to their portfolios. 

In December, transactions in financial derivatives resulted in net inflows of €6.6 billion (after outflows of €0.9 billion in November). 

Other statistically recorded investment – which comprises loans and trade credits (where these do not constitute direct investment), bank deposits and other investments – registered net outflows of capital amounting to €1.2 billion in December (following €63.1 billion in November). Transactions via Bundesbank accounts generated net capital imports (€29.8 billion), in particular because the Bundesbank’s TARGET claims on the ECB decreased and foreign counterparties increased their deposits at the Bundesbank, which is often the case at year-end. By contrast, net capital exports were registered by monetary financial institutions excluding the Bundesbank (€55.6 billion) and by general government (€2.5 billion). Enterprises and households (€27.1 billion) recorded net capital imports (€27.1 billion).

The Bundesbank’s reserve assets grew slightly – at transaction values – by €0.1 billion in December.

Preliminary annual figures for the balance of payments

According to the balance of payments data currently available, Germany’s current account surplus in 2025 came to €197.4 billion, down from €251.5 billion in the previous year. The sub-accounts of the financial account recorded net capital exports totalling €269.0 billion. Viewed in terms of transactions, net financial assets increased most strongly in other investment (€159.6 billion), followed by portfolio investment (€53.3 billion), financial derivatives (€40.1 billion) and direct investment (€15.1 billion). As regards the reserve assets, transactions resulted in net capital exports of €0.9 billion.

The final annual figures for the balance of payments will be published and analysed in greater detail in the March 2026 Monthly Report.