Germany — Balance of Payments

Germany's external accounts since reunification trace one of the most consequential trajectories in the global economy: from the deficits of the early-1990s reunification build-out to a current-account surplus that, after the Maastricht convergence and the launch of the euro, became one of the largest in the world.^[1]

The surplus is built on a powerful merchandise trade balance, with the income and services balances playing supporting roles.

Germany's large current-account surplus corresponds to an equally large net financial-account outflow — German savings invested abroad.

1. Deutsche Bundesbank (2025). Balance of Payments Statistics. Deutsche Bundesbank. link.