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Statistical Series International investment position and external debtAugust 2025
The “international investment position (i.i.p.)” captures the
financial assets and liabilities of residents vis-？-vis non-residents at market value at the end of a given reporting period. Thus, the i.i.p. provides information not only on the
volume and structure of financial assets held abroad by
residents, but also on financial assets held in Germany by
non-residents.
The i.i.p. and the balance of payments (see statistical series
on the balance of payments statistics) are reconciled in an
integrated statement. The difference between the opening
and closing i.i.p. value of a given period is determined by
financial account transactions, the valuation effects arising from market value or exchange rate fluctuations, and
a variable referred to as “other changes”, which contains
statistical (or accounting-based) changes in financial assets
and liabilities. These include, for example, write-downs
on uncollectible credit claims, changes in sector classifications, changes in the functional category of a financing
instrument or changes in the reporting group. In practice,
statistical discrepancies may also occur if transaction and
stock data stem from different sources.
“External debt”, on the other hand, shows only the financial liabilities of residents to non-residents with a repayment obligation such as payments of principal and/
or interest. It includes financial instruments such as debt
securities and loans. By contrast, financial instruments with
no repayment obligation, such as shares or mutual fund
shares, are excluded. External debt is therefore a subdivision of the liabilities included in the i.i.p. accordingly,
stocks are marked to market and valued at the applicable
exchange rates as at the respective reporting date.
financial assets and liabilities of residents vis-？-vis non-residents at market value at the end of a given reporting period. Thus, the i.i.p. provides information not only on the
volume and structure of financial assets held abroad by
residents, but also on financial assets held in Germany by
non-residents.
The i.i.p. and the balance of payments (see statistical series
on the balance of payments statistics) are reconciled in an
integrated statement. The difference between the opening
and closing i.i.p. value of a given period is determined by
financial account transactions, the valuation effects arising from market value or exchange rate fluctuations, and
a variable referred to as “other changes”, which contains
statistical (or accounting-based) changes in financial assets
and liabilities. These include, for example, write-downs
on uncollectible credit claims, changes in sector classifications, changes in the functional category of a financing
instrument or changes in the reporting group. In practice,
statistical discrepancies may also occur if transaction and
stock data stem from different sources.
“External debt”, on the other hand, shows only the financial liabilities of residents to non-residents with a repayment obligation such as payments of principal and/
or interest. It includes financial instruments such as debt
securities and loans. By contrast, financial instruments with
no repayment obligation, such as shares or mutual fund
shares, are excluded. External debt is therefore a subdivision of the liabilities included in the i.i.p. accordingly,
stocks are marked to market and valued at the applicable
exchange rates as at the respective reporting date.
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