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.

Brexit: adjustments of the international investment position and external debt

For international investment position statistics the aggregates are calculated based on the “fixed composition” concept.

Therefore new aggregates vis-à-vis other EU countries (EU 27 – excluding UK) will be released from reference period first quarter (release date June 2020). At that stage all back-data (quarterly and yearly data) will be recalculated.

International investment position
Bar chart Germany's international investment position

In the third quarter, the net international investment position (i.i.p.) went up by €87 billion to €2.3 trillion, or 69% of gross domestic product (GDP). Valuation effects sent external assets, and liabilities, too, sharply higher to €9.6 trillion and €7.3 trillion, respectively.

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 external position stood at €498 billion as at the end of January 2020, with claims from the TARGET2 payment system worth €811 billion making up around 74% of total assets. 

External position of banks (MFIs)
Bar chart of the external claims and liabilities of banks (MFIs) in Germany

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

External positions of enterprises

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.