Nothing sets Germany apart from other major developed economies quite so
strongly as its high savings propensity, most notably its high levels of national
savings compared to other countries.
This is due to the success of the export
industry which reached almost EUR 1.2 tn in 2015, an increase of 25% in five
years. German exports are notable for their quality with around a third of exports
made up of machinery and vehicles.
The country’s trade surplus has been as buoyant as its exports climbing to a
record EUR 250 bn, or 8% of GDP in 2015, a level expected to be surpassed in
2016. While only China can lay claim to higher surpluses, Germany benefits
indirectly from Chinese exports as China is the main importer of Germany and
the EU. Despite China’s rapid pace of technological catch-up,
primarily continues to import mass-produced Chinese goods and export