The Savings–Investment Spending Identity in Open Economies: The United States and Germany, 2013 U.S. investment spending in 2013 (equal to 19.4% of GDP) was financed by a combination of private savings (22.5% of GDP) and a capital inflow (2.7% of GDP), which were partially offset by a government budget deficit (−5.8% of GDP). German investment spending in 2013 was slightly lower as a percentage of GDP (17.6%). It was financed by a higher level of private savings as a percentage of GDP (24%), which was offset by both a capital outflow (−6% of GDP) and a small government budget deficit (−0.4% of GDP). Source: International Monetary Fund.