German current account surplus remains world’s largest in ’18: Ifo

21 February, 2019 12:00 AM printer

BERLIN: Germany's current account surplus has decreased for the third consecutive year to 7.4 percent of the German annual economic output, still totaling 294 billion U.S. dollars in 2018, the German Ifo Institute announced on Tuesday. The German surplus is the world's largest in 2018. Japan has the world's second largest surplus of 173 billion U.S. dollars and Russia the third largest with 116 billion U.S. dollars, reports Xinhua.

In 2015, Germany's current account surplus stood at a record high of 8.9 percent of the German annual economic output but has since declined gradually. However, the International Monetary Fund (IMF) and the European Commission have urged Germany for years to further decrease its trade surplus.