FDI IN FIGURES

October 2015

FDI continues to rise in the first half of 2015

Global FDI flows picked up in the first half of 2015, increasing by 13% compared to the second half
of 2014. If we exclude the drop in the first half of 2014, global flows have been on a rising trend since
the first half of 2013.
Record levels of inward FDI flows to the United States in the first quarter of 2015 (USD 200 billion)
largely accounted for the increase in global flows. These flows were driven not just by the improved
economic performance in the United States but also by cross-border M&As designed to reduce
companies US tax obligations.
OECD FDI inflows were up 50% in the first half of 2015 due largely to the record levels of inflows to
the United States. OECD outflows were up 10% driven by investments from Irish companies.
OECD FDI flows for resident special purpose entities (SPEs) increased in the first quarter of 2015,
boosted by Luxembourg SPEs which were used in the acquisitions of US companies.

In this issue

Did you know?

Detailed FDI statistics by partner country and by industry

are available in the online OECD FDI database (see predefined queries). You will find detailed information on
inward and outward FDI flows, income and positions by
main destination or recipient country, and by industry
sector, as well as detailed information for resident SPEs.
Find also information on inward FDI positions by ultimate
investing country. New data for 2014 will become
available in January 2016.

Recent developments
Trends in FDI in resident SPEs
Spotlight: Outward FDI by main
destinations and source of income

Tables of FDI statistics

Recent developments
1

In the first half of 2015 global FDI flows increased by 13% compared to the second half of 2014, to
USD 883 billion. If we exclude the drop observed in the first half of 2014 due to Verizon buying out
Vodafones investment in its US operations (see FDI in Figures April 2015) which reduced both
inward investment in the United States and outward investment from the United Kingdom, global FDI
flows have been on a rising trend since the first half of 2013. However, the increase observed in the
first half of 2015 is largely due to FDI inflows to the United States and to Hong Kong, China hitting
record-levels. Press reports noted a number of United States corporations announcing that they
2
intend to be involved in cross-border M&A deals that would reduce US their tax obligations, showing
that the increase in inward investment in the United States is not just related to improving economic
performance there. Figure 1 shows global FDI flows from Q1 2013 to Q2 2015. The measure was
constructed using FDI statistics on a directional basis whenever available, supplemented by
3
measures on an asset/liability basis when needed.

By definition, inward and outward FDI worldwide should be equal. However, in practice, there are statistical discrepancies
between inward and outward FDI. Unless otherwise specified, references to global FDI flows refer to the average of these two
figures.
2
See www.wsj.com/articles/inversion-deals-retain-their-allure-1438910884.
3
See note 1 under Notes for tables 1 to 4 on page 12 for details. Data are as of 9 October 2015.

Figure 1: Global FDI flows from Q1 2013 to Q2 2015 (USD billion)

Quarterly trend

USD billion

Half year trend

1,000
800
600
400
200
0
Q1

Q2

Q3

Q4

Q1

2013

Q2

Q3

Q4

2014

Q1

Q2
2015

Source: OECD International Direct Investment Statistics database

The analysis of trends for global FDI flows on a quarterly basis is not easy due to the high volatility of
the flows which are often very much affected by a few very large deals which occurred during a
specific quarter. Looking at FDI flows for each half year seems to offer more visibility on the trends: if
we exclude the drop in the first half of 2014 due to the Vodafone Verizon deal, global flows have been
on a rising trend since the first half of 2013, and remained above USD 300 billion in each quarter.
Global FDI flows increased by 29% in the first quarter of 2015 as compared to the previous quarter,
from USD 387 billion to USD 499 billion, due to inward FDI flows to the United States hitting a recordlevel (at USD 200 billion) and due to Hong Kong, Chinas net incurrence of FDI liabilities of USD 71
billion. For Hong Kong, China the first half of 2015 (at USD 131 billion) exceeds annual levels
recorded during the period 2005-2014. Global FDI flows decreased in the second quarter by 23% to
USD 384 billion, a level which remains comparable to the last quarter of 2014. Global FDI flows would
st
remain below the peak reached in 2007 even if the rapid pace of the 1 half of 2015 was maintained
nd
in the 2 half of 2015.
In the first half of 2015, FDI flows into the OECD area increased by 50% as compared to the second
half of 2014, from USD 375 billion to USD 564 billion, and FDI outflows were up 10% from USD 526
billion to USD 581 billion. FDI inflows to the OECD area accounted for around 55% of global FDI
inflows, as compared to an average 45% in 2013 and 2014. FDI inflows received by the United States
in the first quarter largely accounted for the increased share of the OECD as compared to the rest of
the world. OECD FDI outflows accounted for around 75% of global FDI outflows, slightly higher than
the average 70% in 2013-2014. This development was largely driven by high levels of FDI outflows
from Ireland recorded in the first quarter of 2015 and to net disinvestments (negative outflows) from
Hong-Kong, China in the second quarter of 2015 which reduced FDI outflows from the rest of the
world. FDI flows into EU countries increased by 30% (from USD 136 billion to USD 177 billion) and
outflows increased by 9% (from USD 205 billion to USD 224 billion); however, these levels remain
below levels reached before the financial crisis. FDI inflows to the G20 as a whole increased by 18%
from USD 530 billion to USD 624 billion but the situation varies across G20 OECD and non OECD
sub-groups: FDI flows to OECD-G20 economies increased by 49% but were offset by a 15% drop in
FDI inflows received by the non-OECD G20 economies. FDI outflows for the G20 decreased by 17%
to USD 441 billion with G20 sub-groups showing similar declines.
2

Figure 2: FDI flows for Q1 2013 to Q2 2015 (USD billion)

FDI inflows

USD Billion

FDI outflows

USD Billion

600

600

300

300

2013
World

2014
OECD

2015
G20

2013
EU

World

2014
OECD

2015
G20

EU

Source: OECD International Direct Investment Statistics database and IMF.

OECD FDI inflows more than doubled in the first quarter of 2015 (to USD 368 billion) as compared to
the previous quarter, then dropped by 47% in the second quarter (to USD 196 billion) but still
remained above their levels observed in all quarters of 2013 and 2014 (except Q3 2014). Overall,
they increased more than 50% in the first half of 2015 compared to the second half of 2014.
This development was largely due to record levels of FDI inflows in the United States in the first
quarter of 2015 (USD 200 billion), of which USD 86 billion was in the chemical sector and USD 81
billion was in the other manufacturing sector. There were some large deals that could explain these
4
inflows. 77% of the funds received by the United States came from Luxembourg: they were likely
passed through Luxembourg SPEs before reaching the United States, and it is therefore difficult to
identify the real sources of the funds. FDI inflows received by France and Germany recovered from
net disinvestments observed in the second half of 2014 (to USD 13 billion and USD 3 billion
respectively), and FDI flows in the Netherlands almost tripled (to USD 30 billion excluding flows
received by SPE). FDI flows received by other major OECD recipients remained stable in the first half
of 2015: the United Kingdom at around USD 40 billion, Australia at around 24 billion and Ireland at
around 23 billion. In contrast, Canada received USD 24 billion as compared to USD 33 billion.
Within 17 economies as a whole who reported FDI instruments for the first half of 2015: total equity
inflows and intercompany debt flows more than doubled, representing respectively 64% and 12% of
total flows received by those economies, while reinvestment of earnings decreased by 11%,
accounting for 23% of the total. The increase in equity capital was due to its role in the large M&A
deals in the first half of 2015. However, the situation varies across countries. The increase of FDI
equity flows was largely due to equity transactions in the United States which almost tripled (from
USD 55 billion to USD 170 billion) and was slightly offset by decreases in Germany (from USD 20
billion to USD 7 billion). Intercompany debt inflows were boosted by increases in the United States
(from USD 42 billion to USD 54 billion) but also in France and Germany where debt inflows were up
from USD -8 billion and USD -26 billion respectively to USD 0.3 billion and USD -11 billion.
Reinvestment of earnings went down driven by decreases in the United States (from USD 50 billion to
USD 43 billion).
In the non-OECD G20 countries, FDI inflows declined in the first half of 2015 by 12% in China after
very high levels at the end of 2014 (from USD 165 billion to USD 145 billion), by almost 40% in Brazil
as the country officially entered a recession (from USD 51 billion to USD 31 billion), by 30% in
Indonesia (from USD 13 billion to USD 9 billion) and by 36% in Argentina (from USD 4.6 billion to
4

See www.actavis.com/news/news/thomson-reuters/actavis-completes-allergan-acquisition; and

www.wsj.com/articles/medtronic-to-book-500-million-restructuring-charge-1443476397.

USD 3 billion). FDI flows received by India increased by 36% (from USD 16 billion to USD 22 billion)
and almost tripled in Russia from very low levels in the second half of 2014 (from USD 4.7 billion to
USD 12 billion). South Africa recorded negative FDI inflows (USD -1.4 billion).
FDI outflows from the OECD area increased by 10% in the first half of 2015 as compared to the
second half of 2014 but the situation varies across countries. FDI outflows from Ireland more than
doubled to USD 75 billion, of which USD 51 billion was equity capital recorded in the first quarter,
mostly in the pharmaceutical sector. Outward FDI flows from the Netherlands, excluding resident
SPEs, and net acquisition of FDI assets by Spain more than doubled: from USD 13 billion to USD 25
billion and from USD 14 billion to USD 30 billion respectively. FDI outflows from Canada, France, as
well as net acquisition of FDI assets of Japan remained stable at around USD 43 billion, USD 24
billion and USD 62 billion respectively. Those developments were offset by decreases in outward
investments from other major OECD investors: FDI outflows from the United States decreased from
USD 192 billion to USD 177 billion; FDI outflows from Germany decreased from USD 59 billion to
USD 35 billion. The United Kingdom recorded net disinvestments of USD -32 billion.
Within 17 economies as a whole who reported FDI instruments for the first half of 2015, total equity
outflows increased by 17%, accounting for one third of the total outflows, while reinvestment of
earnings remained stable (accounting for 55% of the total) and intercompany debt flows decreased
(1% of the total). The increase in equity capital flows was largely due to its role in the large M&A deals
in the first half of the year. As for FDI inflows, the situation varies across countries. The increase in
FDI equity outflows was driven by increases from Ireland where equity outflows tripled (from USD 17
billion to USD 51 billion), and to a lesser extent from France where equity outflows also tripled from
USD 4 billion to USD 13 billion. Those developments were partly offset by decreases recorded from
the United States (from USD 37 billion to USD 9 billion). Reinvestment of earnings remained stable:
they were slightly up in the United States, Germany and Sweden, but dropped in the other
economies. The drop in intercompany debt flows was driven by negative intercompany debt outflows
from Germany (at USD 7 billion as compared to USD 21 billion in the second half of 2014) and by
decreases from France (from USD 15 billion to USD 5 billion) and Ireland (from USD 7 billion to USD
0.3 billion).
In the non-OECD G20 economies, FDI outflows of Argentina reached USD 2.8 billion of which USD
2.5 billion was recorded in the second quarter of 2015, which exceeds annual levels recorded during
the period 2005-2014. FDI outflows of Brazil and China increased by 11% and 7% respectively (from
USD 9 billion to USD 11 billion and from USD 49 billion to USD 53 billion), and FDI outflows of India
doubled (from USD 0.9 billion to USD 2 billion). Those developments were offset by large decreases
of FDI outflows from Russia (from USD 34 billion to USD 18 billion) and to a lesser extent from
Indonesia (from USD 3.8 billion to USD 3 billion) and from South Africa (from USD 4.9 billion to USD
0.9 billion).
Due to the record levels of FDI flows received by the United States in the first quarter of 2015, they
are the largest recipient of FDI inflows worldwide in the first half of 2015, followed by China (the
largest recipient of FDI worldwide in 2010-2014), the United Kingdom and Brazil. The United States
remained by far the largest source of FDI worldwide, followed by Ireland, Japan, China, Canada and
Germany. 5

Hong-Kong, China and Singapore are not listed as major FDI sources and recipients respectively because it is thought that
these economies are not the ultimate destinations or sources of a significant amount of their flows; instead these flows pass
through on their way to other economies.

FDI in resident special purpose entities

th

An important feature of the OECD Benchmark Definition 4 edition is to separately identify FDI flows
and positions of resident SPEs. SPEs are entities with little or no physical presence or employment in
the host country but that provide important services to the MNE in the form of financing or of holding
assets and liabilities. MNEs often channel investments through SPEs in one country before they reach
their final destination in another country.

Figure 3: Share of FDI into SPEs and non-SPEs, at-end 2014

100%
80%
60%
40%
20%
0%

SPEs

Non-SPEs

Source: OECD International Direct Investment Statistics database

By excluding investment into resident SPEs, countries have a better measure of FDI into their country
6
that is likely to have a real impact on their economy. Figure 3 shows the percentage of inward positions
accounted for by resident SPEs at-end 2014 when available (at end-2013 otherwise).
FDI positions excluding resident SPEs are now available for 14 OECD economies: SPEs are not
significant in Korea, Chile, Poland and Norway, accounting for less than 5% of FDI in those
economies, while resident SPEs in Luxembourg, the Netherlands, Hungary, Austria and Iceland
account for 35% or more of their inward investment. SPEs play smaller, but still significant, roles in
investment for Portugal, Sweden, Denmark, Belgium and Spain. SPEs account for 13% of investment
in Portugal and between 6% and 8% of investment in Sweden, Denmark, Belgium and Spain.

For more details see the OECD note on how MNEs channel investments through multiple countries.

FDI flows in and from SPEs are volatile because they often are involved in individual large deals.
They were up in the first quarter of 2015. For example FDI flows in and from Luxembourg SPEs
peaked to respectively USD 156 billion and USD 216 billion in the first quarter of 2015 (before
dropping in the second quarter to respectively USD 16 billion and USD -35 billion), as they were
involved in the deals responsible for the large inflows into the United States. After large fluctuations in
2013 and 2014, FDI flows in/from resident Dutch SPEs further decreased in the first half of 2015 (to
USD 11 billion and USD -33 billion). FDI flows in/from Danish and Hungarian SPEs are up from their
negative levels recorded in the second half of 2014 (to less than USD 0.1 billion and to USD 1.3
billion respectively), while flows in and from Polish SPEs remained negative. Investment flows in/from
Austrian SPEs reached respectively USD 1.6 billion and USD 1.8 billion as compared to USD 1.2
billion and USD -0.1 billion. Investment flows in/from Chilean, Icelandic and Portuguese SPEs remain
very limited in the first half of 2015.

Spotlight: Outward FDI by main destination and source of income

Figure 4 shows the major recipients of OECD outward FDI at-end 2013, and major sources of total
7
income on outward FDI (income on equity and interest from debt) received by the OECD in 2013.
Countries receive income on the total stock of investment in a country and not just the most recent
flows, so the figure shows shares of the outward OECD stock, also called position. Certain destination
countries account for a larger share of the total OECD outward FDI position than they do as sources
of the income received by the OECD: the United States is the top recipient of OECD investment
abroad, receiving 12.6% of the total, but only generating 8% of the total income received by the
OECD; the United Kingdom, Luxembourg, Belgium, Germany, and Italy also account for larger shares
of the position than they do of income. Alternatively, the Netherlands receives 8.8% of OECD
investment but the country is the top source of income received by the OECD, accounting for 11.7%
of the total income. China, Switzerland, Ireland and Singapore also account for larger shares of the
total income received by the OECD by source than they do for the position.
There are many possible causes for these differences. A few of these include:

differences in economic conditions across countries in 2013;

the riskiness of the investment as investments in riskier countries would generally have to
generate more income to be undertaken;
income shifting; and
measurement issuesfor example, the value of older investments may not reflect todays
prices but income does, so countries with older investments may account for a higher share
of income than they do of positions.

FDI positions and income in Figure 4 are allocated to the immediate counterparty and therefore
provide a limited picture of the real destinations of OECD outward FDI; this is demonstrated by the
presence of offshore countries among the top recipients of FDI. The allocation of outward FDI
statistics to the country of the ultimate host is a significant challenge for compilers of FDI statistics and
constitutes a major piece of work in the research agenda of the OECD and its Working Group on
International Investment Statistics (WGIIS).

Excluding positions and income data for Chile, Israel, Mexico and Switzerland which do not report FDI income by partner
country allocation. Detailed data on FDI by partner country for 2014 will be available in the OECD FDI statistics database in
January 2016.

Figure 4: OECD outward FDI position and income receivables7, 2013

OECD outward FDI position at-end 2013,
by major recipients
20% 15% 10%

5%

OECD FDI income receivables in 2013,

by major sources

0%

0%
United States

13.6%
9.8%

5% 10% 15% 20%

Netherlands

United Kingdom

11.7%

United States

7.8%

Netherlands

United Kingdom

Luxembourg

Switzerland

6.0%

4.5%

Switzerland

Luxembourg

5.1%

3.9%

Germany

Ireland

3.9%

9.7%
7.8%

7.6%

3.4%

Belgium

Singapore

3.3%

3.2%

Canada

Bermuda

3.1%

3.2%

Ireland

Canada

2.9%

2.9%

France

China

2.9%

2.4%

Bermuda

2.3%

Belgium

2.2%

Spain

Australia

2.2%

2.2%

Brazil

Germany

2.2%

1.9%

Australia

Brazil

2.0%

1.7%

Cayman Islands

Hong Kong, China

2.0%

1.7%

China

France

1.6%

1.7%

Italy

Mexico

1.6%

1.5%

Singapore

Sweden

1.5%

1.4%

Sweden

Cayman Islands

1.5%

1.1%

Japan

Russian Federation

1.4%

1.1%

Mexico

Japan

1.2%

0.9%

Hong Kong, China

Norway

1.2%

15.9%

Other
2.2%

18.7%

Other

Unallocated

Unallocated

Source: OECD International Direct Investment statistics database

6.2%

FDI net acquisition of financial assets

Table 1
In USD millions
OECD1
Australia

2 015

2 014
Q1

FDI outward flows

Q2

Q3

Q4

137 496 224 597 279 809 300 024

Q1

2 014
Q2

Q1

2 015
Q2

Q3

Q4

941 925 334 718 330 990 155 371 213 928 254 708 271 355

Q1

Q2

895 428 285 823 295 278

- 1 996

- 1 723

435

3 582

298

1 189

9 281

- 480

1 424

- 3 970

5 139

2 114

- 2 459

7 808

Austria*

2 119

671

2 031

1 061

5 883

4 027

2 133

3 290

957

1 900

- 73

6 074

5 106

2 017

Belgium

- 15 545

- 247

- 4 863

10 070

- 10 584

5 890

- 507

8 977

- 2 232

- 689

5 554

11 611

6 833

3 521

8 433

6 051

11 142

31 417

57 043

13 146

30 044
2 834

Canada
Chile*
Czech Republic
Denmark*

3 755

2 064

4 450

1 836

12 105

4 447

2 983

3 651

2 073

4 364

906

10 994

4 574

431

- 3 457

726

748

- 1 553

1 005

- 293

- 697

- 676

667

176

- 529

588

451

2 992

1 248

4 259

2 410

10 909

5 616

1 486

4 266

2 401

4 366

1 950

12 984

5 562

1 158

52

- 68

Estonia

358

- 16

588

- 111

818

- 5

- 216

57

16

133

- 435

- 230

Finland

- 763

- 4 944

1 406

2 474

- 1 826

- 495

1 742

- 3 054

868

- 125

1 386

- 926

France

18 899

2 859

- 25

13 151

34 885

17 826

9 089

11 770

5 083

6 573

19 445

42 871

22 131

1 449

Germany

31 566

37 916

26 391

21 836

117 709

44 348

25 232

17 293

28 211

16 476

42 249

104 230

23 246

11 854

Greece

232

112

256

309

909

68

111

231

111

254

308

904

64

111

1 620

805

1 559

805

4 789

1 007

1 096

742

482

804

1 445

3 472

711

14

123

91

- 385

211

40

- 204

25

- 15

- 27

- 272

77

- 237

- 296

25

6 845

16 196

28 633

48 928

100 602

63 189

35 592

1 962

7 522

23 612

10 040

43 135

53 937

21 867

1 288

2 058

287

34

3 667

1 609

1 140

6 653

5 082

12 858

1 566

26 158

9 710

4 082

Japan5

24 817

33 148

20 258

42 405

120 628

31 142

30 506

Korea

6 813

8 813

6 633

8 299

30 558

7 007

7 948

658

- 1 198

- 5 886

4 884

- 1 541

3 769

- 1 081

Hungary*
Iceland*
Ireland
Israel4
Italy

Luxembourg*
Mexico
Netherlands*
New Zealand
Norw ay
Poland*

19 252

22 023

15 732

1 705

275

647

- 166

241

10 000

- 50

2 671

8 857

26 137
22 158

30 473

18 545

42 457

4 658

- 434

4 425

- 345

113 699

29 923

20 541
8 304

4 612

2 724

2 154

19 477

13 150

22 271

16 614

- 3 990

48 046

4 011

21 148

998

56

- 319

12

66

- 37

31

71

253

- 754

21 478

6 216

1 492

58 712

727

3 325

1 186

969

6 207

2 192

841

Portugal*

2 469

3 044

455

3 882

9 849

- 903

- 1 007

2 286

665

50

137

3 138

197

5 017

Slovak Republic

1 074

25

374

- 1 229

244

1 004

533

122

- 120

- 18

- 107

- 123

50

- 30

174

60

- 56

16

194

34

145

58

176

- 50

78

264

- 34

43

13 994

7 627

5 677

6 656

Slovenia

1 975

Spain*
Sw eden
Sw itzerland
Turkey
United Kingdom
United States
Total World1,2
European Union (EU) 1
G20 countries 1

31 613
10 774

- 6 634

750

- 5 188

- 299

5 286

10 487

4 892

21 682

- 1 824

- 7 930

16 819

16 301

22 279

1 179

1 118

2 135

2 615

7 047

1 071

1 086

- 91 179 - 30 598

27 224

6 623

- 87 929

96 668 110 506

89 866

357 191

60 151

9 383

- 444

1 058

1 092

2 058

2 448

417 - 14 066 - 65 589 - 26 289

5 398

4 626

82 241 102 054

89 750

74 439 108 408

62 890

8 663

- 3 609

993

943

- 81 854 - 30 439

- 1 736

336 935

94 328

82 530

264 578 318 911 414 859 416 448 1 414 794 444 103 396 392 281 213 308 112 389 888 392 828 1 372 107 398 611 361 589
16 557

59 961 122 079 122 116

118 170 207 536 273 352 270 167

93 395

302 289 123 838 100 196

869 225 245 014 261 917 122 588 190 250 233 681 301 251

320 711 176 111 118 434

33 462

63 961 111 471

847 836 204 104 237 330

G20-OECD countries 1

69 994 158 898 221 984 221 015

671 891 204 905 214 333

75 651 141 742 182 183 247 050

646 693 160 593 188 836

G20 -non OECD countrie

48 176

197 333

46 936

48 508

51 498

54 202

201 144

43 511

48 493

1 090

247

270

199

1 806

252

2 542

12 451

18 684

24 571

24 713

80 418

23 569

29 307

48 637

51 368

49 152

40 108

47 585

Argentina
Brazil

6 606

10 509

6 202

2 725

26 042

8 056

3 218

8 872

149

624

306

9 951

720

1 302

China
India
Indonesia
Russia

2 883

2 407

2 226

2 871

10 388

3 451

3 121

1 805

1 475

1 648

2 149

7 077

2 167

855

14 481

14 217

11 714

15 980

56 393

2 642

7 606

14 319

15 020

12 422

21 751

63 513

7 329

10 781

Saudi Arabia

1 087

1 094

1 726

1 490

5 396

962

South Africa

707

1 329

4 034

869

6 939

456

488

*Data excludes SPEs. Corresponding data below including SPE's 3:

Austria

3 474

2 374

- 236

1 434

7 047

5 335

2 695

5 372

- 850

1 460

236

6 217

6 422

2 542

Chile

3 739

2 056

4 439

1 817

12 052

4 435

2 970

3 635

2 065

4 353

887

10 940

4 562

2 821

Denmark

3 072

430

4 139

739

8 379

5 646

1 516

4 352

1 002

4 417

293

10 064

5 545

1 276

Hungary

1 902

- 477

3 982

3 799

9 206

1 807

1 016

1 057

- 464

1 174

- 43

1 724

1 475

640

123

91

- 385

211

40

- 204

25

- 15

- 27

- 272

77

- 237

- 296

25

72 843 - 11 004

2 931

Iceland
Luxembourg

15 798 - 14 453

70 988 109 589

Netherlands

23 106

- 5 618

36 189 - 21 781

706

3 263

1 181

2 507

2 889

- 215

19 738

11 761

8 097

Poland
Portugal
Spain

181 922 219 596 - 36 188

31 897

- 9 442

9 269

6 103

2 191

531

3 877

9 058

- 593

- 865

5 776

45 372

8 641

21 192

953

For notes to this table refer to page 12

Source: OECD and IMF
OECD Directorate for Financial and Enterprise Affairs - Investment Division

182 136
20 876

8 676

41 689

1 603

1 595
2 357

707

- 458

236

2 843
35 306

192

5 168

FDI inward flows

FDI net incurrence of liabilities

Table 2

2 014

2 015

In USD m illions

Q1

OECD1

48 528 170 015 223 487 191 446

Australia

Q3

Q4

Q1

Q2

2 015

Q1

633 482 414 957 230 002

Q2

Q3

Q4

62 145 150 796 208 891 166 035

Q1

587 814 368 091

Q2
196 066

6 087

12 034

18 610

9 196

45 927

11 833

15 965

7 603

15 181

14 205

10 753

47 742

8 185

14 491

906

1 286

678

3 366

6 237

- 764

2 978

2 078

1 571

547

2 233

6 428

315

2 863

- 11 981 - 17 307

641

10 109

- 18 539

7 479

2 417

12 539 - 19 291

4 815

5 592

3 655

8 423

6 444

14 289

18 457

57 376

7 058

16 616
4 347

Austria*
Belgium

Q2

2 014

Canada

13 096

11 533

Chile*

4 572

2 667

6 931

7 762

21 931

2 715

4 496

4 468

2 676

6 845

6 832

20 820

2 843

Czech Republic

2 295

- 614

2 155

1 049

4 885

1 107

- 463

1 167

2 168

2 096

478

5 908

690

282

- 3 884

- 2 557

5 986

2 240

1 785

- 393

3 344

- 2 610

- 1 404

6 093

1 779

3 859

- 443

3 012

153

- 439

Denmark*
Estonia

525

152

797

80

1 555

97

- 587

224

184

342

- 243

507

Finland

8 750

- 2 366

4 806

3 638

14 828

9 592

6 012

6 456

3 444

3 273

2 551

15 726

664

- 7 410

5 790

15 192

5 373

7 913

- 1 932 - 13 398

12 494

- 6 175

- 4 574

7 521

France

23 278

Germany

10 934

Greece
Hungary*

- 1 560 - 14 008
7 774

- 3 483

- 504

7 206

1 068

15 552

16 148

- 7 918

7 308

16 527

20 899

- 3 340

321

798

55

502

1 675

- 178

59

320

796

53

501

1 671

- 182

60

2 913

- 1 034

3 122

3 423

8 424

786

- 493

2 034

- 1 358

2 367

4 064

7 107

491

- 1 575

Iceland*

141

297

277

718

760

- 575

180

389

- 131

441

668

- 575

Ireland

329

19 846

26 343

42 080

88 599

- 4 552

11 172

21 321

3 192

31 133

9 964

13 185

3 213

1 499

2 056

- 29

6 739

4 724

3 255

7 805

2 383

2 513

1 454

14 155

4 277

- 538

Israel4
Italy
Japan5

3 466

1 566

2 118

1 870

9 021

2 922

5 350

Korea

3 155

1 260

2 725

2 759

9 899

1 621

- 214

Luxembourg*

5 669

8 699 - 17 057

1 575

- 1 114

4 294

- 8 449

707

- 914

432

1 921

2 092

11 530

3 416

2 834

6 374

24 154

8 331

5 419

5 508

7 309

20 070

4 083

5 105

36 568

22 561

7 180

601

- 419

- 562

2 873

2 493

889

924

Mexico
Netherlands*

13 416

New Zealand

19 825

3 199

10 797

47 238

20 704

19 538

864

162

- 690

3 083

3 418

693

1 359

Norw ay

3 183

3 592

4 584

- 1 218

10 140

4 317

1 123

Poland*

1 703

16 740

6 216

4 003

5 688

1 182

17 094

4 888

- 1 099

Portugal*

563

7 337

1 782

2 623

12 304

503

- 748

381

4 958

1 377

- 1 122

5 594

1 602

5 277

Slovak Republic

926

- 589

383

- 684

35

1 900

- 116

- 26

- 734

- 10

437

- 332

946

- 678

28

783

409

- 230

990

439

39

- 85

901

415

- 167

1 061

370

- 63

2 539

- 798

Slovenia

12 532

Spain*
Sw eden
Sw itzerland
Turkey

20 314
9 020

- 2 049

- 3 327

- 7 240

- 3 597

198

4 011

13 941

13 448

- 4 679

- 768

21 942

11 517

20 358

4 260

2 739

2 354

3 236

12 589

3 488

2 835

23 - 16 679

34 896

28 174

46 414

64 919

- 5 016

80 984 105 283

50 523

United Kingdom
United States
Total World1,2

- 104 958

131 832 191 459

87 423

G20 countries 1

96 903 219 181 285 876 251 346

37 812

68 943

92 981

287 165 166 278

4 141

4 139

2 713

2 277

3 069

12 198

3 410

2 692

25 611 - 12 374

13 070

26 171

52 478

34 069

7 314

96 831

50 407

80 840 - 102 219

257 611 360 309 419 514 401 902 1 439 343 642 194 440 342

European Union (EU) 1

7 629

76 453

- 5 661

10 697

111 577 199 550

66 760

269 988 340 961 405 048 381 540 1 397 485 598 714

407 307

100 170

66 558

4 587

67 518

269 570 116 017

61 021

853 307 421 202 267 896

104 189 202 996 247 198 282 976

33 067

68 812

837 306 381 431

242 023

G20-OECD countries 1

- 21 323 105 449 168 132 113 621

365 880 313 503 157 708

- 12 796

89 394 129 324 140 201

346 069 270 329

130 927

G20 -non OECD countrie

118 226 113 732 117 744 137 725

487 427 107 699 110 188

116 986 113 602 117 874 142 775

491 237 111 102

111 097

Argentina
Brazil

21 224

24 714

27 361

23 596

96 895

13 148

17 783

9 781

8 029

8 540

7 520

33 870

10 336

11 478

China
India
Indonesia

- 507

512

2 130

2 464

4 599

2 760

196

66 119

58 003

69 109

95 866

289 097

74 039

70 841

6 112

6 117

8 220

5 901

26 349

5 758

6 747

5 033

5 185

7 642

5 179

23 039

4 474

4 480

12 907

11 751

- 709

- 1 059

22 891

1 704

2 640

12 746

12 554

- 2

4 713

30 011

6 391

5 815

Saudi Arabia

1 931

2 077

2 150

1 854

8 012

1 848

South Africa

659

2 529

943

1 583

5 714

- 1 894

Russia

504

*Data excludes SPEs. Corresponding data below including SPE's 3:

Austria

2 796

2 040

- 1 044

4 557

8 351

448

3 420

4 704

- 1 200

661

3 353

7 517

1 535

3 266

Chile

4 590

2 682

6 946

7 785

22 002

2 731

4 513

4 486

2 690

6 860

6 855

20 891

2 859

4 364

Denmark

- 3 814

- 3 267

6 055

633

- 393

- 272

3 200

- 2 533

- 2 695

6 334

187

1 293

- 373

2 960

Hungary

3 699

- 2 329

5 431

5 984

12 785

1 601

- 640

2 854

- 2 316

2 623

2 142

5 303

1 268

- 1 016

144

301

281

733

763

- 572

184

393

- 127

456

671

- 572

- 23 389 - 37 802 108 417

84 571

131 797 160 215

7 680

- 670

41 420

1 275

5 311

Iceland
Luxembourg
Netherlands
Poland

11 381

19 056

6 204

3 946

Portugal
Spain

42 313 - 26 796
5 691

1 173

45 955

894

47 758

17 014

4 887

- 1 410

640

7 402

1 639

2 681

12 362

491

- 721

12 923

10 903

18 291

- 8 995

33 122

7 979

3 437

For notes to this table refer to page 12

Source: OECD and IMF
OECD Directorate for Financial and Enterprise Affairs - Investment Division

131 160
9 139

33 419

47 841

- 3 295

87 104
11 950

488

5 210

1 394

- 978

6 116
23 005

Table 3
In USD millions
1

FDI positions-Assets

FDI outward positions

2 010

2 011

2 012

2 013

2014p

2 010

2 011

2 012

2 013

2014p

19 325 393

19 448 431

22 329 720

24 240 409

23 657 250

16 765 202

16 856 095

18 517 968

20 061 753

19 761 888

Australia

483 229

458 578

515 711

490 527

477 863

449 768

418 814

476 426

456 993

448 171

Austria*

217 271

228 758

241 900

267 460

248 406

181 636

193 133

209 533

231 840

216 555

838 883

879 735

821 070

419 640

465 528

439 972

OECD

Belgium*
Canada

986 049

881 244

958 321

1 113 589

1 134 132
79 536

Chile*

57 308

74 293

94 541

98 278

103 775

48 084

59 376

73 005

82 499

Czech Republic

34 533

33 428

40 011

46 001

38 033

14 923

13 214

17 368

20 627

15 978

197 412

210 652

224 357

238 740

216 187

165 369

176 071

183 985

190 661

173 748

5 189

4 267

5 469

Denmark*

6 787

6 093

147 422

116 721

1 307 605

1 360 308

1 274 769

1 346 449

1 449 647

1 411 083

48 041

44 960

36 300

30 390

22 315

26 357

37 717

38 533

39 063

11 481

11 711

9 093

9 503

8 031

412 011

538 755

632 617

Estonia

8 311

7 246

8 750

10 470

10 282

Finland

187 668

173 420

191 777

186 771

154 412

France

1 557 029

1 620 174

1 709 724

1 764 142

1 630 445

1 172 979

1 247 922

Germany

1 634 904

1 696 097

1 930 781

2 076 840

1 991 673

1 383 601

1 432 696

Greece

49 376

51 674

48 860

40 370

34 362

42 623

Hungary *

52 086

54 777

57 708

64 294

63 285

Iceland*

12 820

12 765

13 650

14 071

12 601

810 053

981 822

1 120 506

Ireland
4

Israel

68 973

Italy

579 679

600 074

646 191

695 838

662 621

Japan

846 255

972 267

1 054 097

1 132 973

1 193 137

831 110

70 783
955 854

71 172
1 037 700

Korea*
Lux embourg*

78 016
483 703

1 118 009

1 169 077

237 932
187 183

216 319

355 987

158 224

149 658

Mex ico
Netherlands*

75 374
533 906

101 283
110 014

1 016 108

1 036 720

1 041 826

1 166 468

1 069 002

27 895

27 998

29 760

27 430

27 914

New Zealand

16 053

114 265
19 007

148 204
19 529

Norw ay *

129 759

136 523

134 058

1 124 797

1 028 876

18 740

18 998

198 677

230 721

Poland*

51 071

51 010

61 718

67 461

62 536

16 407

18 928

26 102

27 725

24 938

Portugal*

61 044

71 866

82 160

88 625

80 229

43 968

54 412

49 587

51 200

43 541

9 598

12 195

11 680

13 061

10 403

3 456

4 021

4 765

4 830

2 977

10 536

10 021

9 496

9 396

8 399

8 147

7 826

7 533

7 142

6 432

513 326

491 005

393 402

353 975 e

Slov ak Republic
Slov enia
Spain*
Sw eden*
Sw itzerland

516 212 449 438 e

1 283 706

United States
Total World 1,2
European Union (EU)1

1 473 863

1 465 278

1 462 971

23 962

28 294

31 378

33 660

39 933

22 506

27 652

30 936

33 321

39 507

1 990 800

2 005 445

2 127 276

2 087 391

1 915 025

1 574 643

1 625 966

1 593 820

1 579 928

1 513 222

Turkey
United Kingdom

1 364 894

5 486 391

5 214 826

5 968 494

7 117 278

7 124 034

4 809 587

4 514 327

5 222 873

6 291 370

6 285 320

22 690 578

23 175 519

26 646 626

28 935 726

27 821 780

20 055 495

20 523 381

22 742 559

24 642 509

24 599 159

9 663 505

9 904 577

11 602 909

12 162 866

11 486 099

7 892 114

8 134 226

8 682 860

8 959 776

8 555 964

G20 countries1

14 973 513

15 045 811

16 830 496

18 690 233

16 321 261

13 029 348

13 132 263

14 304 272

15 999 623

15 831 691

G20-OECD countries1

13 842 344

13 763 677

15 293 053

16 887 575

15 293 285

11 973 071

11 909 931

12 859 144

14 311 526

14 130 974

1 131 169

1 282 134

1 537 443

1 802 658

1 027 976

1 056 277

1 222 332

1 445 128

1 688 097

1 700 717

30 328

32 891

32 916

34 326

317 210

424 780

531 900

660 480

G20 -non OECD countries1

Argentina
Brazil

191 349

206 187

270 864

300 791

96 911

109 519

118 072

119 838

302 964

China
India

19 293

19 998

27 985

39 738

48 791

366 301

361 750

409 567

479 501

388 400

Saudi Arabia

26 528

29 958

34 359

39 303

South Africa

83 248

97 051

111 779

128 681

Indonesia
Russia

6 672

744 289

6 204

12 401

19 350

24 116

315 742

332 836

385 328

307 200

296 958

327 843

350 722

325 979

441 721

491 171

459 339

*Data excludes SPEs. Corresponding data below including SPEs:

318 051

337 352

366 161

393 227

365 346

1 037 598

1 118 873

1 136 470

1 130 207

1 020 061

60 386

78 181

97 727

101 131

106 628

51 162

63 264

76 191

85 352

82 389

Denmark

215 394

227 004

238 144

252 092

227 068

181 880

191 104

194 977

201 623

182 409

Hungary

213 958

217 140

238 306

238 465

222 602

147 239

165 300

190 480

190 002

170 165

18 649

17 145

13 856

12 360

Austria
Belgium
Chile

Iceland
Korea

281 582

144 032

172 413

202 875

238 812

258 553

237 985

Lux embourg

2 009 029

2 899 912

3 594 286

4 124 418

4 432 640

2 990 057

2 969 914

Netherlands

4 526 126

4 834 939

5 183 173

5 685 326

5 161 481

5 220 696

4 817 476

290 187

275 082

249 703

199 806

232 522
27 155

Norw ay
Poland

62 836

65 738

72 088

71 660

65 852

24 214

29 174

30 899

30 657

Portugal

82 821

82 480

89 613

98 748

88 481

62 285

61 450

56 637

58 864

50 117

706 518

695 535

655 816

540 298

514 795

525 035

553 269

481 601

419 443

377 351

Spain
Sw eden

508 956

508 980

For notes to this table refer to page 12

Source: OECD and IMF
OECD Directorate for Financial and Enterprise Affairs - Investment Division

10

374 399

379 286

389 229

Table 4

FDI inward positions

FDI positions - liabilities

In USD millions

2 010

2 011

2 012

2 013

2014p

2 010

2 011

2 012

2 013

2014p

OECD 1

15 662 246

16 149 168

18 956 505

20 397 546

20 349 796

13 127 325

13 356 288

15 015 447

16 271 120

16 602 660

Australia

560 557

594 695

653 827

601 629

598 555

527 096

554 931

614 542

568 094

568 863

Austria*

196 248

188 385

197 063

214 449

207 442

160 614

152 760

164 696

178 828

175 592

905 469

897 153

837 766

486 226

482 946

456 670

Belgium*
Canada
Chile*

160 282

994 749

872 772

962 090

951 698

937 970

172 007

202 510

211 129

221 254

151 058

157 090

180 974

195 350

197 015

Czech Republic

148 116

140 782

159 137

159 459

133 558

128 505

120 569

136 494

134 085

111 504

Denmark*

129 027

132 986

138 666

142 564

137 658

96 985

98 406

98 293

94 486

95 219

Estonia

17 573

17 884

20 358

24 886

23 834

14 451

14 906

17 077

21 202

19 645

Finland

136 744

128 984

137 034

131 204

131 118

France

1 014 742

1 071 083

1 119 371

1 200 335

1 082 360

630 692

698 832

Germany

1 210 504

1 251 951

1 447 207

1 571 825

1 408 447

955 428

41 778

32 690

29 108

29 920

26 428

35 025

Hungary *

120 622

113 751

124 000

134 171

123 120

Iceland*

13 138

13 900

11 712

11 935

11 992

762 611

835 990

864 814

Greece

Ireland
4

Israel

87 096

93 428

717 253

796 500

726 685

965 948

862 875

944 631

827 857

29 058

24 763

25 850

22 456

90 851

85 331

104 009

108 410

98 899

11 025

11 754

9 325

7 367

7 422

364 569

392 921

376 925

60 220

Italy

421 395

439 411

493 297

536 787

488 533

Japan

230 032

242 200

222 152

185 670

193 501

214 890

64 496
225 785

74 703
205 754

Korea*
Lux embourg*

87 972

98 698

364 965

338 747

170 713

169 436

166 375
172 967

425 550

469 492

155 711

162 646

Mex ico

363 769

Netherlands*

636 049

651 352

668 530

781 506

719 665

New Zealand

69 207

73 434

81 702

83 898

85 568

57 365

338 975
64 444

366 564
71 472

Norw ay *

91 397

179 824

391 879

339 155

739 835

679 540

75 209

76 651

196 448

226 632
205 581

Poland*

224 458

201 944

240 427

271 161

246 231

187 602

164 424

198 953

229 167

Portugal*

101 945

102 431

131 270

145 608

129 413

84 869

84 979

98 698

108 181

92 722

Slov ak Republic

56 469

60 151

62 034

66 254

59 736

50 327

51 978

55 118

58 022

52 310

Slov enia

13 055

13 684

14 165

14 524

14 225

10 667

11 490

12 202

Spain*
Sw eden*
Sw itzerland
Turkey
United Kingdom
United States
Total World 1,2
European Union (EU)1

888 695

976 866

1 050 518

479 168

386 782 e

1 033 833

1 106 015

12 269

12 257

604 681

539 625

356 358

291 242 e

188 469

137 117

190 436

149 947

177 814

187 013

136 475

189 994

149 608

177 388

1 473 302

1 525 179

1 961 546

1 997 497

2 146 039

1 057 145

1 145 700

1 428 091

1 490 033

1 744 230

4 099 097

4 199 225

4 661 159

5 780 621

6 228 795

3 422 293

3 498 726

3 915 538

4 954 713

5 390 081

25 072 225

26 490 132

30 449 617

32 911 374

33 311 442

22 446 194

23 637 452

26 416 243

28 670 387

29 458 429

8 011 797

8 455 140

10 464 748

10 952 004

10 375 200

6 266 783

6 485 974

7 421 440

7 800 660

7 573 256

G20 countries1

14 257 077

14 716 115

16 477 598

18 141 372

18 544 907

12 289 210

12 775 438

13 932 182

15 427 274

16 042 611

G20-OECD countries1

10 692 114

10 807 788

12 235 527

13 548 747

13 783 206

8 815 358

8 926 912

9 782 426

10 949 209

11 386 786

3 564 963

3 908 327

4 242 072

4 592 625

4 761 701

3 473 852

3 848 526

4 149 757

4 478 065

4 655 825

87 552

98 941

100 438

109 887

1 569 604

1 906 908

2 068 000

2 331 238

G20 -non OECD countries1

Argentina
Brazil

682 346

696 408

743 964

747 891

205 603

206 374

224 984

226 748

755 371

China
India
Indonesia

173 356

198 598

227 219

251 187

278 330

Russia

490 560

454 949

514 926

565 654

353 444

Saudi Arabia

176 378

186 758

199 032

207 897

South Africa

179 564

159 391

163 509

152 123

160 735

2 677 901

184 804

211 635

230 799

253 655

408 942

438 195

471 481

272 243

251 818

275 539

293 458

265 834

512 659

553 162

490 703

*Data excludes SPEs. Corresponding data below including SPEs:

Austria

295 844

292 212

313 857

335 962

319 331

Belgium

1 089 066

1 158 684

1 207 409

1 192 198

1 051 425

Chile

163 849

175 753

205 999

214 378

224 573

154 625

160 836

184 463

198 599

200 335

Denmark

144 334

145 420

150 377

154 018

147 414

110 821

109 521

107 210

103 550

102 754

Hungary

279 600

277 844

295 841

296 241

271 308

212 881

226 003

248 015

247 778

218 871

16 538

16 586

11 746

11 801

172 554

Iceland

259 375

135 500

135 178

157 876

180 860

182 037

Luxembourg

1 954 541

2 605 843

3 083 878

3 600 457

3 809 577

2 466 094

2 337 997

Netherlands

3 683 850

3 975 862

4 298 068

4 727 841

4 344 083

4 263 212

4 000 079

273 105

258 438

230 143

198 192

228 328

250 797

275 360

249 516

195 409

174 661

203 333

232 014

208 636

114 992

103 755

115 871

124 205

107 113

638 992

571 869

389 169

317 945

Korea

Norw ay
Poland

236 223

216 671

Portugal

135 528

124 785

Spain
Sw eden

481 721

478 752

148 848

164 090

145 480

731 694

794 229

712 890

509 250

522 995

422 195

For notes to this table refer to page 12

Source: OECD and IMF
OECD Directorate for Financial and Enterprise Affairs - Investment Division

11

347 163

349 058

373 444

Notes for tables 1 to 4

c: confidential
e: estimate
n: not publishable
p: preliminary data

Data are updated as of 9 October 2015.

Tables 1 to 4 show FDI statistics on the two bases being used to measure FDI at the aggregate level: the directional basis and the
asset/liability basis. For countries that publish both measures, both measures are shown. For selected countries, asset/liability figures are
not directly comparable to directional figures, due to different compilation methods or to different revision calendars (consequently, the net
value between assets and liabilities differs from the net value between outward and inward data). For more information on the two
presentations for FDI, see the OECD note: Asset/liability versus directional presentation. FDI terms are defined in the FDI Glossary.
1. OECD, European Union (EU28), World, G20 aggregates:
FDI outward and inward flows (tables 1 and 2) were compiled using directional figures when available. Missing directional figures
were approximated using the ratio between annual asset/liability and directional figures or; by distributing annual directional figures
equally among the four quarters. When directional figures were not available and could not be approximated, asset/liability figures
were used.
FDI outward and inward stocks (tables 3 and 4) were compiled using directional figures when available. Missing directional figures
were approximated using the ratio between asset/liability and directional figures when available or using unrevised historical data.
When directional figures were not available and could not be approximated, asset/liability figures were used. Data for 2014 include
positions at end-2014 or at-end 2013 when 2014 data are not available.
FDI net acquisition of financial assets and net incurrence of liabilities (tables 1 and 2) and FDI assets and liabilities (tables 3 and 4)
were compiled using asset/liability figures when available and directional figures otherwise.
Resident SPEs from Austria, Belgium (FDI positions only), Chile, Denmark, Hungary, Iceland, Korea (FDI positions only),
Luxembourg, Mexico, the Netherlands, Norway (FDI positions only), Poland, Portugal, Spain and Sweden (FDI positions only) are
excluded.
European Union aggregate corresponds to member country composition of the reporting period: EU15 for data up to and including
2003, EU25 for data between 2004 and 2006, EU27 for data between 2007 and 2012 and EU28 starting from 2013.
2. World aggregate: World totals for FDI flows (tables 1 and 2) are based on available data at the time of update as reported to OECD
and IMF. Missing data for countries for Q1 and Q2 2015 were estimated using the overall growth rate observed between, respectively,
Q4 2014 and Q1 2015 and Q1 2015 and Q2 2015. Growth rates were calculated from data for OECD countries, for non OECD G20
countries, and for 38 non OECD and non G20 countries in Q1 and 15 non OECD and non G20 countries in Q2.
3. Special purpose entities (SPEs): Information on resident SPEs for Estonia and Sweden (FDI flows only) is confidential. Information
is not yet available separately for Belgium (for FDI flows only), Canada, Ireland, Mexico, Norway (for FDI flows only), Switzerland and
the United Kingdom. Resident SPEs are not present or not significant in Australia, the Czech Republic, Finland, France, Germany,
Greece, Israel, Italy, Japan, Korea, New Zealand, the Slovak Republic, Slovenia, Turkey, and the United States.
4. The statistical data for Israel are supplied by and under the responsibility of the relevant Israeli authorities. The use of such data by
the OECD is without prejudice to the status of the Golan Heights, East Jerusalem and Israeli settlements in the West Bank under the
terms of international law.
5. Directional flows for Japan: only annual data reflect annual revisions, so the sum of quarters may not add up to the annual data.

FDI in Figures is published twice yearly. For queries, please contact [email protected]. Find data and more detailed
FDI statistics at www.oecd.org/investment/statistics.htm.
To receive news and e-alerts about OECD work on international investment, follow the subscription procedure at
www.oecd.org/investment/investmentnews.htm.

OECD 2015
This work is published on the responsibility of the Secretary-General of the OECD. The opinions expressed and arguments employed herein do
not necessarily reflect the official views of OECD member countries. This document and any map included herein are without prejudice to the
status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area.

12