Benchmark
Aging Germany Is Almost Ready to Spend
Deutsche Bank study sees current-account surplus narrowing as population gets older
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Germany’s much-criticized current-account surplus is set to become smaller in the coming years as spending patterns shift with changes in society.
A study by Deutsche Bank economists Heiko Peters and Robin Winkler finds that the country's surplus — mostly driven by net goods trade — will fall by 20 percent by 2020, to around 7 percent of Germany’s gross domestic product. While still big, it’s a far cry from the record 8.8 percent of GDP, or 275 billion euros, it is projected to reach this year.