The nitrogen content of different internodes and the dissolved amino acids and sugars of the basal culm internodes of Phragmites australis (Cav.) Trin. ex Steud. were studied monthly in 1994 to estimate the carbon/nitrogen balance at eight sites and lakes. These stands had large differences in standing crop, with less than 400 g shoot dry weight m −2 in a mesotrophic lake and up to 1500 g dry weight m −2 in hypertrophic lakes. No significant differences were found between sites in the nitrate and ammonium concentration of the interstitial water because of very high variability in space and time. The relative nitrogen content (% of dry weight) of different leaves and culm internodes showed significant differences but only between the most different sites. The amount and composition of free amino acids and sugars of the basal culm internodes showed a clear association with the maximum standing crop of the sites. During the later shoot growth phase (July to September), plants of the high productivity sites exhibited a high content of dissolved amino acids in the basal culm internodes with asparagine as the main transport and storage compound, but a very low sugar content with sucrose as the main transport component in summer. At low productivity sites of mesotrophic to moderate eutrophic lakes, this relationship was inverse. The mean of the proportions of total sugars to total amino acids and asparagine to sucrose, respectively, were significantly correlated with the maximum standing crop of the eight sites. Alanine and serine were present in high concentration in early spring before outgrowth of the tiller without pressure induced ventilation of the subtending vertical rhizome parts. The results are discussed with respect to the indicatory value of the amino acid and sugar content of the basal shoot internodes to the productivity of the different stands and their limitation by the nitrogen availability of the plants.