Germany’s net international investment position (i.i.p.) rose by €174.5 billion in the first quarter of 2026.

Surpluses in the income account were caused primarily by valuation effects, with investment income and the current account excluding investment income playing smaller roles. By contrast, other adjustments and the effects of financial derivatives generated moderate deficits.

On balance, the instrument account showed the largest growth in portfolio investment, followed by foreign direct investment, reserve assets and financial derivatives. While the growth in portfolio investment and reserve assets (mainly due to the increase in gold prices in euro) is mostly attributable to market price effects, the growth in foreign direct investment is due to transactions and exchange rate effects and the growth in financial derivatives stems from transactions. Other investment recorded minor outflows owing to transactions.

In the sector account, non-financial corporations, households and non-profit institutions serving households recorded the largest growth, followed by financial corporations (excluding MFIs), the Deutsche Bundesbank and monetary financial institutions. By contrast, general government 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. The sector account considers the domestic sectors involved.