Germany’s account surplus contracted but remained the world’s largest by a long run due to solid export growth, data from the Ifo institute revealed on Tuesday. 

The data from the Munich-based Ifo Institute for Economic Research will likely underline criticism of Chancellor Angela Merkel’s fiscal policies. 

For many years, the International Monetary Fund (IMF) and the European Commission have pushed Germany to do more towards supporting domestic demand, as a means to hike imports, increase growth elsewhere and trim global economic imbalances. Since taking over the White House in 2016, U.S. President Donald Trump has also showed his disapproval towards Germany’s export strength. 

According to Ifo figures, Germany’s current account surplus, a gauge measuring the flow of goods, services and investments, was crowned the world’s largest for the third consecutive year in 2018 at $294 billion, with Japan coming in second at $173 billion. Russia came in third at $116 billion in surplus. 

Compared to economic output however, Germany’s current account surplus contracted for the third straight year, tumbling to 7.4% in 2018, down from 7.9% in the previous year, the Ifo said. 

Germany’s account balance has remained consistent since 2011, above the European Commission’s 6% limit of gross domestic product. The surplus reached a record high of 8.9% in 2015.

A macro-economic imbalance was officially recognised by the European Commission in Germany for the first time in 2014, renewing the criticism every year since then. 

The Commission has recommended that Germany makes use of its budget surplus to enhance public investment and create promising conditions for stronger real wage growth. The IMF has also made similar recommendations.