International investment position at the third quarter of 2025

Compared to the second quarter of 2025, Luxembourg’s external financial assets, driven by Investment Funds (IF) expansion, increased by 342 billion euros, reaching 13 086 billion euros at the end of the third quarter of 2025. External financial liabilities increased similarly, reaching 13 059 billion euros for this period. Luxembourg’s international investment position is amounted to 27 billion euros at the end of September 2025.

The outstanding amount in direct investments assets and liabilities remained stable and reached respectively 4 804 billion euros and 3 692 billion euros.

Driven by strong equity markets, the outstanding amount in portfolio investments assets reached 6 375 billion euros, i.e. an increase of 303 billion euros, associated with 147 billion euros of investments, and positive revaluation and price effects (156 billion euros). Likewise, the amount outstanding in portfolio investments liabilities reached 7 708 billion euros at the end of September 2025, which represents an increase of 303 billion euros. This increase is due to 117 billion euros of positive transactions and 185 billion euros of positive price and change effects. In particular, strong developments in foreign equity markets (asset side) are reflected on IF net asset value (liability side).

Lastly, the outstanding amount in assets regarding other investments reached 1 617 billion euros at the end of September 2025, which corresponds to a slight increase compared to the previous quarter. The amount outstanding in liabilities on other investments also slightly increased vis-à-vis the previous quarter (43 billion euros), reaching 1 393 billion euros at the end of the third quarter of 2025.

Table: Luxembourg International Investment Position

(in billions of EUR)

Source : BCL

Detailed statistical data is available on the BCL’s website on the following page:

https://www.bcl.lu/en/statistics/series_statistiques_luxembourg/09_iip/index.html

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