January 31, 2018 / 11:58 AM / in 9 months

Germany defends large current account surplus

BERLIN (Reuters) - Germany on Wednesday defended its wide current account surplus from criticism that it contributes to imbalances in the global economy, saying the government was trying to reverse the trend by promoting higher wages and stronger consumption.

German Economy and Energy Minister Brigitte Zypries speaks during the G20 forum on steel overcapacity in the Federal Ministry of Economics and Energy in Berlin, Germany, November 30, 2017. REUTERS/Axel Schmidt

Economy Minister Brigitte Zypries said oil prices and Germany’s ageing population of savers limit the government’s ability to narrow the current account surplus, which was the largest in the world last year.

Reporting by Gernot Heller; Writing by Joseph Nasr; Editing by Paul Carrel

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