Germany’s net international investment position (i.i.p.) rose by €205.3 billion in the second quarter of 2026.

Surpluses in the income account were caused primarily by valuation effects and other adjustments, with the current account (including investment income) playing a smaller role. By contrast, effects stemming from financial derivatives generated a moderate deficit.

On balance, the instrument account showed the largest growth in portfolio investment, followed by minor increases in other investment and foreign direct investment. While the growth in portfolio investment was mainly attributable to positive market price effects, growth in other investment was primarily the result of transactions.
In direct investment, the small volume of growth recorded despite negative market price effects can be explained by positive exchange rate effects in particular. By contrast, foreign reserve assets recorded the largest outflows. This was mainly due to the decline in the price of gold, followed by minimal reductions in financial derivatives. Despite large transaction balances, these were due to high negative market price effects in particular. 

In the sector account, financial corporations (excluding MFIs) recorded the largest growth, followed by non-financial corporations, households and non-profit institutions serving households, and monetary financial institutions (MFIs). By contrast, the Bundesbank and general government registered declines.

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. The sector account considers the domestic sectors involved.