Germany’s net international investment position (i.i.p.) rose by €176.7 billion in the third quarter of 2025.

Surpluses in the income account were caused primarily by valuation effects, with investment income having a lesser effect and other adjustments contributing only negligibly. By contrast, the current account excluding investment income and the effects of financial derivatives showed small deficits.

On balance, the instrument account showed the largest growth on balance in portfolio investment, followed by reserve assets and other investment. While the growth in portfolio investment and reserve assets (mainly due to the increase in gold prices in euro) is mainly attributable to market price effects, transactions are responsible for the growth in other investment. Direct investment recorded lower outflows due to transactions, while financial derivatives showed a negligible decline due to negative market price effects.

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