International investment position at the end of the first quarter of 2023

Compared to the last quarter of 2022, Luxembourg’s external financial assets increased by 128 billion euros, reaching 11 541 billion euros at the end of the first quarter of 2023. External financial liabilities also increased by the similar amount (129 billion euros) and reached 11 513 billion euros for this period. Luxembourg’s net external position, for its part, stabilized at 28 billion euros at the end of the first quarter of 2023.

In the various components of the net external position, the net asset position in direct investments increased by 7 billion euros, reaching 941 billion euros at the end of March 2023. The net asset position in the other investments (deposits and traditional credits, trade credits, other receivables or payables) also increased and reached 241 billion euros. The structural net liability position in the portfolio investments increased by 36 billion euros and reached 1 196 billion euros at the end of March 2023.

The amount outstanding in direct investments assets reached 4 757 billion euros at the end of March 2023, having undergone negative revaluation effects (19 billion euros) along with negative transactions (31 billion euros). The amount outstanding in direct investments liabilities reached down 3 816 billion euros at the end of March 2023, and was also triggered by negative revaluation effects (21 billion euros) and by negative transactions (disinvestments of 35 billion euros) at the end of the first quarter of 2023.

The amount outstanding in portfolio investments assets reached up  5 041 billion euros at the end of March 2023, after having increased by 110 billion euros which resulted from positive revaluation effects (104 billion euros), as well as from positive transactions (6 billion euros). The amount outstanding in portfolio investments liabilities reached up 6 237 billion euros at the end of March 2023, which resulted also from positive revaluation effects (99 billion euros) and positive transactions (51 billion euros).

For other investments, the amount outstanding in assets reached up 1 519 billion euros at the end of March 2023, after having increased by 64 billion euros which resulted mostly from positive transactions (75 billion euros) but also from positive changes in exchange rates (11 billion euros). The amount outstanding in liabilities increased by 29 billion euros, up to 1 278 billion euros at the end of March 2023.

Table: Luxembourg International Investment Position (billion euros)
(in billion of EUR)

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