The net global external position (NGEP) saw a significant increase, rising from €342.7 billion in the first quarter of 2026 to €391.2 billion in the second quarter. This growth was primarily driven by positive price effects, estimated at €42.9 billion. Transactions had a negative impact of -€1.2 billion, while exchange rate effects contributed positively by €4.7 billion.
Net portfolio investments, the main component of the positive NGEP, grew strongly by €18.4 billion to €236.6 billion. This increase was due to high net price effects (€32.3 billion), reflecting the appreciation of foreign shares and investment fund units. Negative net transactions partially offset positive price effects, although exchange rate effects and other volume changes also had a positive impact.
Net direct investments also saw a substantial rise of €25.7 billion in the second quarter of 2026, reaching €139.9 billion. Positive price effects were the main driver, impacting Belgian direct investments abroad more than foreign direct investments in Belgium. Transactions, exchange rate effects, and other volume changes also had a net positive impact.
Net other investments, although negative (-€32.3 billion), showed a recovery of €7.6 billion compared to the previous quarter, mainly due to a decrease in Belgium's external liabilities. Reserve assets remained stable.
In terms of transactions, the financial account of the balance of payments closed the second quarter with a limited negative balance. Investments by Belgians abroad increased (€1.7 billion), as did investments by foreigners in Belgium (€2.9 billion).
The balance of portfolio investments was strongly negative (-€17.0 billion), with Belgian investors increasing their holdings of foreign securities while foreign investments in Belgian securities rose, particularly in government bonds. The balance of direct investments was positive (€8.2 billion), marked by an increase in Belgian investments abroad and a decrease in foreign investments in Belgium, notably linked to dividend distributions.
Other investments showed a positive balance (€7.7 billion), despite a decrease in Belgian assets abroad and foreign liabilities, due to a reduction in financial transactions within the banking sector.
