Home
 
Choose Your City
Change City

German current account surplus is high, but no excessive imbalance: Economy Ministry

BERLIN (Reuters) - Germany views its current account surplus as high, but it is not an excessive imbalance, an economy ministry spokeswoman said on Monday, adding that Germany's surplus with other euro zone countries had halved over the past eight years.

"The federal government shares the view of the European Commission that the German current account surplus has to be assessed as high - but it doesn't represent an excessive imbalance," spokeswoman Tanja Alemany Sanchez de Leon said.

She added that Germany's current account surplus with other euro zone countries halved to some 2 percent of gross domestic product in 2015 from roughly 4 percent in 2007.

"That shows there is a reduction of trade imbalances within the euro zone," the spokeswoman said, adding that 44 percent of Germany's current account surplus was due to business relations with the United States and Britain.

RelatedArticles

The Munich-based Ifo economic institute said earlier on Monday that it expected Germany's current account surplus to have hit a new record of $297 billion in 2016, overtaking that of China again to become the world's largest.

(Reporting by Michael Nienaber,)