Statistical news focuses on the latest figures and trends in Danmarks Nationalbank’s statistics. Statistical news is targeted at people who want quick insight into current financial data.
Denmark’s IIP has increased fivefold since mid-2024
The Danish international investment position (IIP) has increased sharply since the first half of 2024. At the end of 2025, the IIP amounted to kr. 3,220 billion, reaching its highest level. The IIP is measured as the value of Denmark’s financial assets abroad minus foreign owned financial assets in Denmark. This means that Danish investors, overall, hold more financial assets abroad than foreign investors hold in Denmark. Since the end of the first half of 2024, the increase in Denmark’s IIP has primarily reflected valuation losses on foreign holdings of Danish shares as well as substantial surpluses on the balance of payments.
The Danish IIP has increased by kr. 2,612 billion since the second half of 2024
Note:
The international investment position is another term for the capital account when Denmark’s financial assets abroad exceed foreign financial assets in Denmark. Data on Denmark’s net international investment position are available in the Statbank. Gross domestic product (GDP) is calculated as the sum of the last four quarters. Data on GDP are available in Statistics Denmark’s Statbank.
Large price declines in Danish shares have driven the increase in the IIP
The most significant valuation effect on the IIP stems from price declines in foreign investors’ financial assets in Denmark, i.e., on the liability side of the IIP. In particular, it stems from a fall in the value of foreign investments in Novo Nordisk shares. Since the end of the first half of 2024, the fall in the share price has reduced the value of foreign investors’ holdings of Novo Nordisk shares by kr. 1,827 billion, thereby increasing the IIP by a corresponding amount. Other valuation effects have also affected the IIP. First, price increases in Danish investments in foreign shares have contributed positively. Second, the depreciation of the US dollar has resulted in exchange‑rate losses on Danish investments in foreign assets denominated in dollars, which have reduced the IIP.
Surplus on the balance of payments increases Danish IIP
Since the second half of 2024, Denmark has recorded a substantial surplus on the balance of payments amounting to kr. 565 billion, which has increased the Danish IIP. A surplus on the balance of payments implies that, overall, Denmark increases its financial assets abroad or reduces its liabilities to the rest of the world. Over time, price and exchange‑rate changes tend to level out, and developments in the IIP are therefore mainly driven by balance of payments surpluses.
Changes in the IIP from the first half of 2024 to the end of 2025
Note:
The balance of payment surplus is the sum of net lending. Data on net lending are available in Statistics Denmark’s Statbank.