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Germany's capital exports hit new record in 2014: Ifo

Xinhua, February 3, 2015 Adjust font size:

Germany's capital exports hit a new record in 2014, German think tank Ifo institute reported on Monday.

The country's net capital exports reached about 285 billion U.S. dollars, enabling Germany to become the owner of the world's second largest net foreign assets, according to Ifo's statistics.

At the same time, Germany's current account surplus increased by around 30 billion euros (33.9 billion U.S. dollars) to almost 220 billion euros, which equals 7.5 percent of its economic output, the Munich-based think tank said.

Ifo attributed the surplus to the trade balance in favorable economic situation in key trading partners.

"The situation looks set to remain positive in 2015. In view of low oil prices and the continued economic upswing in key trading partner countries outside the euro area, Germany's current account surplus looks set to rise to around 240 billion euros," Ifo reported.

In addition, the weak euro is also helping to increase the country's exports. Ifo expects net capital exports will increase to 8 percent of Germany's annual economic output.

Ifo is one of Europe's leading research institutes. Its business climate index is considered as the most important barometer for German economy. (1 euro = 1.13 U.S. dollars) Endit