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Germany banks record $32 billion surplus

dpa logodpa 23/02/2017

Germany's surplus for 2016 has come in at $A32 billion - the country's largest since the reunification of East and West German in 1990.

Germany's pile of cash just continues to grow, with authorities announcing a 23.7 billion euro ($A32 billion) surplus for 2016.

The size of Germany's surplus has long been a bone of contention between Germany and its EU allies, who would like to see Germany spend more money on big-ticket items like infrastructure or foreign investments, in hopes of revving up the eurozone economy and helping countries that are struggling financially.

But Germany has pushed back, partially due to a culture that shuns debt, formalised in legislation that calls for Germany to minimise new borrowing.

The figure announced on Thursday represents the country's largest surplus since the reunification of East and West German in 1990. The surplus amounts to 0.8 per cent of gross domestic product.

Germany's statistics agency attributed the surge to strong economic growth and low unemployment.

The news comes a day after the EU urged Germany to whittle down its surplus and focus on boosting domestic consumption.

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