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International investment position and external debt

International investment position and external debt

The data capture residents’ assets and liabilities vis-à-vis non-residents and vice versa. These figures are calculated over time based on balance of payments transactions and valuation changes.

International investment position
Bar chart Germany's international investment position

Coming in at a record level of €268 billion, Germany’s net international investment position as at year-end 2018 exceeded the €2 trillion threshold. Moreover, a new all-time high of 61% was reached, relative to gross domestic product (GDP).

External debt

Germany’s gross external debt stood at €4.85 trillion as at the end of December 2018 and is rising only slowly – as a percentage of gross domestic product (GDP), it is actually in decline.

The external position of the Bundesbank, International reserves and foreign currceny liquidity of the Eurosystem

Bundesbank’s net external position stood at €546 billion as at the end of March 2018, with claims from the TARGET2 payment system worth €941 billion making up around 79% of total assets.

External position of banks (MFIs)

The assets of the banks (nearly two trillion euros) are approximately twice as high as the liabilities.

External position of non-banks

In 2018, enterprises’ net external debt increased at a much faster rate than in previous years, totalling -€260 billion as at the end of the reporting period.

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