In the third quarter of 2023, the German net international investment position (i.i.p.) increased by €58 billion to €2.8 trillion; that equates to 69% of gross domestic product (GDP). German claims on non-residents now stand at €12.6 trillion. This compares to German liabilities amounting to €9.8 trillion.

An economy’s i.i.p. captures the marked-to-market financial assets and liabilities of residents vis-à-vis non-residents at the end of each quarter. Thus, the i.i.p. provides information not only on the volume and structure of financial assets held abroad by residents, but also on those held in Germany by non-residents. The net i.i.p. as a percentage of GDP is a key indicator in the EU’s macroeconomic imbalance procedure (MIP).