Germany’s net international investment position (i.i.p.) rose by €205.6 billion in 2025.

In the income account, other adjustments and investment income, in particular, led to significant surpluses. The current account excluding investment income made a minor contribution to the surpluses. Valuation effects, on the other hand, generated considerable deficits, while the effects of financial derivatives showed only small deficits.

On balance, the instrument account showed the largest growth in other investment, which is mainly attributable to transactions. Reserve assets recorded comparable growth, which is due primarily to positive market price effects resulting from the significant increase in the price of gold. The predominantly transaction-fuelled growth in financial derivatives was smaller by comparison. By contrast, portfolio investment and, to a lesser extent, foreign direct investment posted deficits, driven primarily by negative exchange rate effects. 

As regards the sector accounts, financial corporations excluding MFIs recorded growth, followed by the Deutsche Bundesbank and monetary financial institutions.  By contrast, general government and, to a lesser extent, non-financial corporations, households and non-profit institutions serving households recorded outflows.

The three-dimensional account system analyses changes in the net i.i.p. from a range of perspectives: the income account establishes the link to balance of payments transactions and adds to valuation effects and other adjustments, the instrument account shows how changes in the net i.i.p. are reflected in the various functional categories of financial assets, and the sector account considers the domestic sectors involved.