EU27 investment in the rest of the world up by 50% in 2007
21 Maggio 2008
In 2007, EU27 FDI1 (foreign direct investment) in extra-EU27 countries (outflows) rose by 53%, from 275 billion euro in 2006 to 420 bn in 2007, while FDI into the EU27 from the rest of the
world (inflows) increased by 89%, from 169 bn to 319 bn. In 2007, intra-EU272 FDI flows rose by 13% compared with 2006.
In 2007, the EU27 invested 113 bn euro in the USA and 58 bn in Canada, compared with 79 bn and 30 bn respectively in 2006. EU27 investments in Offshore financial centres3 rose from 50 bn to 84
bn. Investments grew also in Switzerland (from 23 bn to 34 bn), Russia (from 11 bn to 17 bn) and India (from 3 bn to 11 bn).
The USA invested 145 bn euro in the EU27 in 2007, compared with 74 bn in 2006. Investments in the EU27 from Offshore financial centres3 (from 30 bn to 98 bn), Switzerland (from 18 bn to 29 bn),
Japan (from 14 bn to 18 bn) and India (from 1 bn to 10 bn) also increased, while Canadian investment remained stable at 9 bn.
EU27 FDI flows with China (excluding Hong Kong) remained modest in 2007, with EU27 investment of 2 bn euro in China and Chinese investment of 1 bn in the EU27.
These figures4, published by Eurostat, the Statistical Office of the European Communities, come from first FDI results for 2007 and revised data for 20065.
The United Kingdom, Germany, Luxembourg and France main actors in extra-EU27 FDI flows
The United Kingdom, with outflows of 121 bn euro, and a 29% share of the EU27 total, was the largest investor in extra-EU27 in 2007, followed by Luxembourg (78 bn or 19%) and Germany (52 bn or
12%). With regard to extra-EU27 inflows, the United Kingdom, with 87 bn, and a 27% share of the EU27 total, was the main recipient of FDI, ahead of Luxembourg (50 bn or 16%) and France (23 bn
or 7%). The role of Luxembourg in EU FDI is mainly explained by the importance of its financial intermediation activity6.
In 2007, the EU27 was a net investor in the rest of the world, with outflows higher than inflows by 101 bn euro (0.8% of GDP). In 2006 outflows were also higher than inflows, by 106 bn (0.9% of
GDP). Among the Member States, Germany was the highest net investor outside the EU27 in 2007, with a difference of 50 bn. With inflows higher than outflows by 15 bn, Ireland was the largest net
recipient of FDI from extra-EU27.
France main actor in intra-EU27 FDI
France (125 bn euro), Germany (71 bn) and Italy (64 bn) were the main investors inside the EU27 in 2007. The main recipients of investments from other Member States were France (86 bn), the
Netherlands (67 bn) and the United Kingdom (49 bn).
1. Foreign direct investment (FDI) is the category of international investment that reflects the objective of obtaining a lasting interest by an investor in one economy in an enterprise
resident in another economy. The lasting interest implies that a long-term relationship exists between the investor and the enterprise, and that the investor has a significant influence on the
way the enterprise is managed. Such an interest is formally deemed to exist when a direct investor owns 10% or more of the voting power on the board of directors (for an incorporated
enterprise) or the equivalent (for an unincorporated enterprise). FDI flows presented here include re-invested earnings. In comparing 2007 and 2006 data, it should be kept in mind that 2007
data are preliminary estimates, while data for 2006 are semi-final. Updated figures for 2007 will be released by the end of 2008.
2. There is a statistical discrepancy between intra-EU inflows and outflows for both 2006 and 2007. The annual rate of change has been calculated based on the average of inflows and outflows.
3. Offshore Financial Centres (OFC) is an aggregate used in Eurostat FDI data which includes 38 countries. As examples, the aggregate contains European financial centres, such as Liechtenstein,
Guernsey, Jersey, the Isle of Man, the Faroe Islands, Andorra and Gibraltar; Central American OFC such as Panama and Caribbean islands like Bermuda, the Bahamas, the Cayman Islands and the
Virgin Islands; and Asian OFC such as Bahrain, Hong-Kong, Singapore and Philippines.
4. The figures presented are based on data received up until 30 March 2008 from the Member States. Data for the EU aggregate takes into account confidential data, estimates for Member States
missing data and data for Special Purpose Entities (SPEs), that are additionally collected by Eurostat and the ECB from Member States not including SPEs’ FDI in national data. This ensures
adherence to international standards, exhaustiveness of the EU aggregates and explains why the total of Member States’ flows differs from the EU aggregates. SPEs are mainly financial holding
companies, foreign-owned, and principally engaged in cross-border financial transactions, with no or negligible local activity in the Member State of residence.
5. With respect to the latest figures published on the Eurostat website, referring to data for 2006, EU27 outflows to extra-EU27 are revised 6% downwards. EU27 inflows from extra-EU27 are
revised 7% upwards.
6. SPEs account for approximately 85-90% of Luxembourg’s FDI inflows and outflows.
EU27 FDI flows: 2007 preliminary results by main partner, billion euro
Outward flows to
Inward flows from
Intra-EU27
Extra-EU27
of which:
Intra-EU27
Extra-EU27
of which:
USA
Canada
Switz-erland
Russia
Japan
China
Hong Kong
India
Brazil
USA
Canada
Switz-erland
Russia
Japan
China
Hong Kong
India
Brazil
EU27*
552.0
419.9
112.6
58.3
34.0
17.1
-1.9
1.8
6.0
10.9
7.1
469.2
319.2
144.5
9.0
28.6
1.0
17.8
0.5
-2.4
9.5
1.9
Belgium
28.0
9.9
5.2
-0.4
1.6
1.0
0.4
0.2
0.2
–
-0.1
18.1
10.5
1.0
0.6
8.3
–
0.4
0.5
0.1
–
–
Bulgaria
0.1
0.1
–
–
–
–
–
–
–
–
–
5.4
0.7
0.2
–
–
0.2
–
–
–
–
–
Czech Republic
0.6
0.3
–
–
–
–
–
–
–
–
–
5.9
0.8
0.3
–
0.4
-0.1
0.2
–
–
–
-0.1
Denmark
4.8
7.0
1.6
-0.1
0.7
–
–
0.5
0.1
0.1
0.1
5.6
2.7
1.0
-0.1
-0.1
–
–
–
–
–
0.9
Germany
70.6
51.7
16.0
-3.2
13.2
6.7
0.5
1.5
0.7
1.7
1.1
35.8
1.4
-4.6
-0.3
1.1
–
1.2
–
–
–
–
Estonia
0.9
0.2
–
–
–
0.1
0.5
–
–
–
–
1.8
–
–
–
–
–
–
–
–
–
–
Greece
1.4
2.5
0.1
–
0.1
–
–
–
–
–
–
1.2
0.2
0.1
–
–
–
–
–
–
–
–
Spain
62.2
25.2
11.1
0.6
-0.4
0.1
0.1
0.2
0.6
0.1
2.5
36.1
3.0
1.9
-1.1
0.5
0.3
-0.3
–
–
–
0.7
France
124.6
34.7
11.7
2.5
5.2
0.6
2.3
1.0
0.8
0.3
1.1
86.1
23.4
14.2
0.2
2.7
0.2
0.9
0.4
0.3
–
–
Ireland
5.9
6.2
3.2
–
-0.1
–
–
0.2
:
:
–
-2.0
20.9
14.4
2.5
1.1
0.3
-1.6
-0.3
0.1
–
0.2
Italy
63.9
0.2
1.3
0.1
0.6
–
0.1
0.4
–
–
0.2
22.1
0.6
0.7
–
0.5
0.1
-0.8
–
–
–
–
Cyprus
0.6
0.2
–
–
–
–
–
–
–
–
–
1.2
0.3
–
–
–
0.1
–
–
–
–
–
Latvia
–
0.1
–
–
–
–
–
–
–
–
–
1.3
0.3
–
–
-0.1
–
–
–
–
–
–
Lithuania
0.4
0.1
–
–
–
–
–
–
–
–
–
1.0
0.4
–
–
–
0.2
–
–
–
–
–
Luxembourg
54.6
78.3
19.2
0.8
1.8
0.4
0.1
0.1
–
–
–
36.6
50.2
21.4
1.4
1.2
-1.0
0.1
–
0.6
–
0.1
Hungary
19.2
6.6
4.9
0.1
0.8
0.1
–
–
–
–
–
15.6
11.2
1.4
1.0
0.1
-0.1
–
0.1
0.1
–
–
Malta
–
–
:
:
:
:
:
:
:
:
:
0.5
0.2
–
–
–
:
–
:
–
:
:
Netherlands**
29.1
-6.4
-23.7
10.3
4.8
0.5
0.8
-1.7
0.7
0.5
-0.4
67.4
5.2
13.1
-0.3
1.0
–
1.0
–
–
–
-0.1
Austria
8.0
15.1
:
:
:
:
:
:
:
:
:
18.6
4.0
:
:
:
:
:
:
:
:
:
Poland
1.3
1.1
0.1
–
–
0.2
–
–
–
–
–
10.9
1.9
0.6
–
-0.2
-0.2
0.3
–
–
–
–
Portugal
2.8
1.7
0.4
–
0.1
–
–
–
:
–
0.4
2.8
1.3
0.3
0.2
–
–
–
–
:
0.2
–
Romania
-0.1
–
–
–
–
–
–
–
–
–
–
6.5
0.8
0.1
0.1
0.4
–
–
–
–
–
–
Slovenia
0.4
0.8
–
–
-0.1
0.1
–
–
–
–
–
0.8
0.2
–
–
0.2
–
–
–
–
–
–
Slovakia
–
0.1
–
–
–
–
–
–
–
–
–
1.8
0.4
–
–
–
–
0.1
–
–
–
–
Finland
5.6
0.7
-0.6
–
:
0.1
–
-0.1
–
0.1
0.1
5.4
0.8
–
–
–
–
–
–
:
–
–
Sweden
-5.2
32.0
2.2
6.4
-0.2
0.4
0.1
0.1
–
0.1
0.4
3.7
10.0
-0.4
0.2
-0.2
-0.1
–
–
–
–
–
United Kingdom***
44.2
121.2
33.0
31.4
:
:
-2.8
–
3.5
0.6
1.0
48.7
87.0
23.0
4.1
9.1
:
8.8
:
:
:
–
Minus sign stands for disinvestment.
* Data for EU aggregates take into account confidential data, estimates for Member States missing data and data for Special Purpose Entities (SPEs) that in some cases are additionally collected
by Eurostat and the ECB from Member States not including SPEs FDI in national data (see footnote 4).
** Data excluding SPEs
*** Estimate
: Data is confidential or not available
– Less than 50 million euro
EU27 FDI flows: 2006 revised data by main partner, billion euro
Outward flows to
Inward flows from
Intra-EU27
Extra-EU27
of which:
Intra-EU27
Extra-EU27
of which:
USA
Canada
Switz-erland
Russia
Japan
China
Hong Kong
India
Brazil
USA
Canada
Switz-erland
Russia
Japan
China
Hong Kong
India
Brazil
EU27*
455.4
275.0
79.0
30.1
22.7
10.7
1.3
6.0
2.7
2.5
5.4
445.9
168.9
73.9
9.0
17.5
1.5
13.8
2.2
-0.2
0.5
1.2
Belgium
35.1
9.6
1.5
-0.2
1.1
0.1
0.6
–
0.1
0.1
0.1
47.5
3.4
2.4
0.3
0.3
–
0.5
-0.2
:
0.1
:
Bulgaria
0.1
0.1
–
–
–
–
–
–
–
–
–
5.0
1.0
0.2
–
–
0.1
–
–
–
–
–
Czech Republic
1.2
–
–
–
–
0.1
–
–
–
–
–
4.4
0.5
–
–
0.4
–
0.1
–
–
–
–
Denmark
-0.6
7.4
1.4
0.2
0.7
0.1
0.2
0.3
0.1
–
–
4.5
-1.6
-0.3
–
-0.4
0.1
–
–
–
–
-0.2
Germany
39.5
36.0
20.9
0.4
2.6
2.6
0.3
2.5
0.2
0.8
0.9
27.1
16.8
4.1
0.1
0.2
2.5
0.7
0.3
–
–
0.1
Estonia
0.8
0.1
–
:
–
–
–
–
–
–
–
1.3
–
-0.1
–
–
0.1
–
–
–
–
–
Greece
0.4
2.9
–
–
–
–
–
–
–
–
–
4.0
0.3
0.1
–
0.1
–
–
–
–
–
–
Spain
61.3
18.7
8.8
0.1
-0.2
0.1
0.1
0.2
–
0.1
2.3
15.1
6.4
5.5
0.7
-1.9
0.1
0.1
–
-0.1
–
-0.1
France
49.9
41.8
14.8
0.8
10.8
1.0
1.7
0.3
0.6
0.5
0.8
50.4
14.2
6.5
0.6
1.8
0.1
0.7
–
0.2
–
0.1
Ireland
6.2
5.6
4.1
–
–
–
-0.1
–
–
0.1
–
50.4
0.9
0.5
:
0.1
–
-0.3
–
-0.4
–
–
Italy
18.6
14.9
4.9
0.1
0.5
–
–
0.2
–
0.1
0.1
28.4
2.8
1.3
–
0.8
–
0.1
–
0.1
–
0.1
Cyprus
0.4
0.3
–
:
–
–
–
–
–
–
–
0.3
0.9
–
:
–
0.2
–
–
–
–
–
Latvia
–
0.1
–
–
0.1
–
–
–
–
–
–
1.0
0.4
0.1
–
–
–
–
–
–
–
–
Lithuania
0.2
–
–
–
–
–
–
–
–
–
–
2.4
-0.9
–
–
–
-1.1
–
–
–
–
–
Luxembourg
58.2
29.9
11.6
1.8
0.3
0.3
0.2
–
–
–
0.2
76.6
22.9
5.1
0.6
1.4
-1.0
–
2.1
0.1
–
0.2
Hungary
4.7
10.3
7.3
0.2
1.0
0.4
–
–
-0.1
–
–
6.4
9.3
2.2
0.3
-0.1
–
0.1
–
0.2
–
0.4
Malta
–
–
:
:
:
:
:
:
:
:
:
0.2
1.3
–
0.1
0.1
:
–
:
–
:
:
Netherlands**
15.0
22.6
1.5
:
4.4
5.9
0.3
0.3
-1.0
0.3
0.8
2.3
4.1
0.7
:
2.9
–
1.9
–
–
–
0.1
Austria**
5.1
22.6
0.3
–
-0.5
1.2
–
0.1
–
–
–
5.1
-0.6
-1.6
–
-0.4
–
0.1
–
–
–
–
Poland
5.1
0.9
0.1
–
0.5
0.1
–
–
–
–
–
13.3
1.9
0.4
0.1
0.5
–
0.3
–
–
–
–
Portugal
3.6
1.9
0.2
-0.2
–
–
–
–
:
–
–
6.4
2.7
0.3
1.7
-0.1
–
–
–
:
–
0.1
Romania
0.2
0.2
–
–
–
0.1
–
–
–
–
–
8.5
0.6
0.1
0.1
0.3
–
–
–
–
–
–
Slovenia
0.2
0.6
–
–
–
–
–
–
–
–
–
0.5
–
–
–
–
–
–
–
–
–
–
Slovakia
0.3
–
–
–
–
–
–
–
–
–
–
2.9
0.4
0.1
–
–
–
–
–
–
–
–
Finland
2.6
–
–
–
:
0.4
–
–
–
0.1
–
4.0
0.3
0.1
–
-0.1
–
0.1
–
–
:
–
Sweden
10.4
7.1
1.4
0.5
–
0.3
0.6
0.1
–
–
-0.2
7.4
10.9
8.3
-1.9
0.3
–
–
–
0.2
–
–
United Kingdom
5.3
67.2
0.4
12.0
10.2
–
0.6
0.5
2.9
0.4
0.5
60.6
57.1
20.5
5.2
6.9
:
5.4
–
0.2
0.4
:
Minus sign stands for disinvestment.
* Data for EU aggregates take into account confidential data, estimates for Member States missing data and data for Special Purpose Entities (SPEs) that in some cases are additionally collected
by Eurostat and the ECB from Member States not including SPEs FDI in national data (see footnote 4).
** Data excluding SPEs
: Data is confidential or not available
– Less than 50 million euro
