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

Compared to the second quarter of 2023, Luxembourg’s external financial assets increased by 17 billion euros, reaching 11 622 billion euros at the end of the third quarter of 2023. External financial liabilities increased by 21 billion euros, reaching 11 592 billion euros for this period. Luxembourg’s net external position, for its part, is evaluated at 30 billion euros at the end of the third quarter of 2023. 

In the various components of the net external position, the net asset position in direct investments decreased by 14 billion euros, equivalent to 900 billion euros at the end of September 2023. The net asset position in the other investments (deposits and traditional credits, trade credits, other receivables or payables) has also decreased, in order to reach 241 billion euros. The structural net liability position in the portfolio investments reached 1 139 billion euros at the end of June 2023, which corresponds to a decrease of 21 billion euros compared to the last quarter. 

The amount outstanding in direct investments assets reached 4 778 billion euros at the end of September 2023, having undergone mostly positive transactions (8 billion euros) and positive revaluation effects (41 billion euros). The amount outstanding in direct investments liabilities reached down 3 878 billion euros at the end of the third quarter of 2023, and was also triggered by positive revaluation effects (76 billion euros) and by negative transactions (disinvestments of 12 billion euros).

The amount outstanding in portfolio investments assets reached down to 5 127 billion euros at the end of September 2023, after having decreased by 10 billion euros which mainly resulted from negative revaluation effects (-12 billion euros). The amount outstanding in portfolio investments liabilities reached down to 6 266 billion euros at the end of September 2023, which was mainly driven by negative revaluation effects (-20 billion euros) as well as negative transactions (-11 billion euros).

For other investments, the amount outstanding in assets reached up 1 485 billion euros at the end of September 2023, after having decreased by 33 billion euros which resulted mostly from negative transactions (-49 billion euros) but also from positive changes in exchange rates (16 billion euros). The amount outstanding in liabilities has also degraded compared to the previous quarter, by 27 billion euros, reaching 1 244 billion euros at the end of third quarter of 2023. 

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

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