# Blog

Germany’s current account surplus after the Covid recession

In 2019, Germany ran a current account surplus of $290 billion, the largest in the world. Germany’s current account surplus is persistently large: from 2011 to 2020, it never dropped below 6% of GDP and remained above 7%...

26th October 2021 by Guntram Wolff 22753 views

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# Blog

Germany’s even larger than expected fiscal surpluses: Is there a link with the constitutional debt brake?

Germany is having a political debate on the adjustment of its budgetary plans due to revised forecasts, and an academic debate on the debt brake. Yet, since 2011, general government revenues and surpluses have been syste...

13th May 2019 by Guntram Wolff 8980 views

# Blog

Understanding (the lack of) German public investment

An array of data suggests that there is a general lack of investment by all branches of the German government, despite running budget surpluses for several years. This blog post plots the progression of the public invest...

20th June 2018 by Guntram Wolff 3223 views

Bruegel’s Wolff: German current account surplus is ‘highly unusual’ from CNBC.

# Interviews

Bruegel’s Wolff: German current account surplus is ‘highly unusual’

18th January 2018 by Guntram Wolff 1770 views

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# Publications

The global decline in the labour income share: is capital the answer to Germany’s current account surplus?

This policy contribution was published by Bruegel. Please find the pdf here. The piece was nicely covered by Martin Wolf in the FT. This paper links the major divergences between the three largest euro-area countries in ...

26th April 2017 by Guntram Wolff 3250 views