FDI IN FIGURES

April 2024

Global FDI flows continued to decline in 2023

▪ Global FDI flows dropped by 7% in 2023, to USD 1 364 billion, continuing on a declining trend and
remaining below pre-pandemic levels for the second consecutive year.
▪ Downswings were recorded in 2023 for more than two-thirds of OECD economies and other
countries, in particular the People’s Republic of China (hereafter ‘China), who received record-
low FDI flows in a general context of ongoing geopolitical tensions and high interest rates.
▪ Overall, FDI flows in non-OECD G20 economies dropped by 46% in 2023.
▪ Despite this general downward trend, the United States, Brazil and Canada were the top three FDI
destinations worldwide in 2023.
▪ OECD equity flows remained below any level recorded since 2005, partly reflecting a slowdown in
new investment activity.
▪ Cross-border Mergers and Acquisitions (M&A) activity continued on a downward trend, hitting a
ten-year record low in 2023, as the overall economic and geopolitical environment kept deteriorating.
▪ In general, greenfield investment activity stalled in 2023, yet trends diverged between advanced
economies (AEs) and emerging and developing economies (EMDEs). Capital expenditures and the
number of announced projects dropped by around 20% in advanced economies, while they were up by
21% and 9% in EMDEs, respectively

 In this issue
 Recent developments
 FDI flows by instruments Find latest FDI data online
 FDI income by components Detailed FDI statistics by partner country and by industry are
available from OECD’s online FDI database (see pre-defined
 M&A and greenfield projects
queries). Find detailed information on inward and outward FDI
 Tables of FDI statistics flows, income and positions by main destination or source

1
country, by industry sector, and for resident SPEs as well as
Recent developments information on inward FDI positions by ultimate investing
country. Detailed data for 2022 are now available.
In 2023, global FDI flows dropped by 7%,
to USD 1 364 billion, maintaining their downward trajectory and remaining below pre-pandemic levels
for the second year in a row (Figure 1).1 In 2023, FDI inflows decreased in more than two-thirds of
OECD economies; nevertheless, significant drops in other economies also played a role in the total
downturn. In particular, amid an environment of ongoing geopolitical and economic unrest, and hints
that foreign investors may have been divesting their Chinese assets in 2023, FDI flows to China fell to
historically low levels (see Figure 3). FDI equity flows, often associated with new investment, remained
low (Section 2), partly reflecting slower M&A activity (Section 4) and a halting of greenfield investment
announcements, although trends for the latter diverged among different groups of economies.
Prospects for 2024 remain uncertain, with M&A deal values continuing to plunge in Q1 2024, particularly
in EMDEs.

Figure 1 shows annual global FDI flows from 1999 to 2023 as well as quarterly and half-year trends from
2019 to 2023.2 Looking at half-year values, global FDI flows were up by 84% in the first half of 2023,
from very low levels in the second half of 2022, before dropping by 18% in the second half of 2023.3 A

1
By definition, inward and outward FDI worldwide should be equal but, 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
The measure was constructed using FDI statistics on a directional basis whenever available, supplemented by data on an
asset/liability basis when needed. See Notes for tables 1 to 3 on page 13 for details. Data are as of 15 April 2024.
3
Large withdrawals of capital by an MNE in Luxembourg were recorded in H2 2022, see FDI in Figures –April 2023.
review of quarterly data shows that much of the drop in global FDI flows took place in the second and last
quarters of 2023.4

Figure 1: Global FDI flows, 1999-2023

2 500 As a share of GDP USD billion 4.5%

Quarterly trends Half-year trends
4.0% USD billions
2 000 3.5% 1 000
3.0% 800
1 500
2.5% 600
2.0% 400
1 000
1.5% 200
500 1.0% 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
0.5%
2019 2020 2021 2022 2023 p
0 0.0%

Source: OECD International Direct Investment Statistics database.

Inflows
In the OECD area, FDI inflows increased overall by 11% to USD 501 billion (Figure 2). This growth
is largely due to increases from major disinvestments in Luxembourg in 2022 (See Figure 7).
Nonetheless, this masks the fact that more than two-thirds of OECD economies recorded lower FDI
inflows in 2023. The countries with the largest decrease (more than USD 20 billion, see Figure 3) were
Australia and the United States, attributed to lower reinvestment of earnings in both, decreased equity
flows in the former and movements in intra-company loans in the latter. Sweden also recorded important
falls, largely due to lower equity inflows. Major disinvestments recorded in the Netherlands in 2023, as
well as in Luxembourg in the previous year, explain negative values in FDI inflows of the EU group for
the second year in a row; yet important disinvestments were also recorded in the United Kingdom.5

Figure 2: FDI inflows to selected areas, 2005-23 (USD billion)

2005-23 2023p 2022 2023p 2022
World OECD G20 EU Total World 0 0
Total World 1315
2 500 0 World
Total 0
OECD 0 0 OECD 0 0 1151
2 000 453
EU 00 OECD EU 00 501
1 500 0 0
G20 EUG20-143
-540
1 000 0 1071
G20-OECD 0 0
500
0 G20-OECD
G20 0 703
0
G20- non OECD G20- non OECD
G20-OECD 0 695
0 0 0 501
G20- non OECD 376
- 500 p
201

Notes: p=preliminary.
Source: OECD International Direct Investment Statistics database.

FDI inflows to G20 economies decreased by 34%. They dropped by 28% in OECD G20 economies,
and by 46% in non-OECD G20 economies, largely driven by reductions in China and, to a lesser extent,
India. FDI flows fell to their lowest levels in China, turning negative in the third quarter of the year, partly
due to movements in intra-company loans but there are also signs that foreign investors may have been

4
Quarterly FDI flows data are typically more volatile as they are often affected by few large transactions during the quarter.
5
Disinvestments were due to negative equity (except for the United Kingdom) and debt components. See Section 2 for more
insights on the Netherlands and notes on page 13 for more details on the reasons why inflows and outflows can be negative.

2
selling their assets in 2023, in a general context of ongoing geopolitical tensions and high interest rates.
Equity disinvestments also affected FDI flows in India, which hit a ten-year record low.6
Despite this general downward trend in most economies, the United States remained the top destination
for FDI inflows worldwide in 2023 (USD 341 billion), followed by Brazil (USD 64 billion) and Canada
(USD 50 billion).7

Figure 3: FDI inflows to selected countries, 2022-23 (USD billion)

Top 10 major FDI recipients in 20237 Other selected countries (see notes)
2023p 2022 2023p 2022
364 341 0 0
Total World Total World
00 0
OECD 0 0
190
OECD 0
73 64 46 50 34 67
43 2737 3636
EU 00 43 0
32EU3630 46
0 29 12 23
50 28
1 32 18 3321 15 8 12 15
0 0
G20 0 G20 0 -9 -63
-2 -15 -32
-80 -90
G20-OECD 0 G20-OECD 0 -417 -168
0 0
G20- non OECD G20- 0 non OECD 0
0 0

Notes: ‘Other selected countries’ recorded increases or decreases of more than USD 10 billion in their FDI inflows between 2022
and 2023. * Data exclude resident SPEs. **Asset/liability basis.
Source: OECD International Direct Investment Statistics database.

Outflows
FDI outflows from the OECD area increased by 1% to USD 1 069 billion (see Figure 4), concealing
a composition effect in which Luxembourg and Switzerland saw increases from large disinvestments in
2022 while many other countries recorded important declines. Specifically, Australia experienced large
drops (mostly in the form of equity flows) from historically high outflows in 2022 (see Figure 7). The
United Kingdom, Germany and Korea also reported reductions in FDI outflows: while in the
United Kingdom these were largely due to movement in intra-company loans; in Germany and Korea,
drops mostly reflected lower equity outflows and reinvestment of earnings, respectively (See Figure 9).

Figure 4: FDI outflows from selected areas, 2005-23 (USD billion)

2005-23 2023p 2022 2023p 2022
World OECD G20 EU
0 0
Total World Total World 1618
2 500 00 World
Total 00
OECD 0 OECD 0 1577
2 000 1057
EU 00 OECD EU 00 1069
0 0
1 500 G20 0 EUG20 138
0
177
G20-OECD 0 0 1461
0 G20-OECD
1 000
G20 0 1253
500 0 non OECD
G20- non OECD G20- 0 1158
G20-OECD 0 0 965
0 302
G20- non OECD
288
p

Source: OECD International Direct Investment Statistics database.

6
According to data from the Reserve Bank of India, in 2023, gross measures of FDI equity investment flows dropped by 25%,
with disinvestments peaking. It is harder to assess what drives the lower inflows in China, as equity flows and reinvestment of
earnings are not available separately. However, various articles highlight the fact that foreign investors might be selling their
Chinese assets, at least in the short-term: https://www.ft.com/content/bcb1d331-5d8e-4cac-811e-eac7d9448486;
https://www.asiafinancial.com/foreign-direct-investment-in-china-falls-80-to-three-decade-low;
https://fortune.com/2024/02/19/how-big-china-foreign-direct-investment-economy-2023/.
7
Hong-Kong, China and Singapore are not listed as major FDI sources and recipients, 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 and from other economies.

3
 In 2023, at USD 442 billion, the United States was the major source of FDI outflows worldwide, followed
by China (USD 185 billion) and Japan (USD 184 billion).7

Figure 5: FDI outflows from selected countries, 2022-23 (USD billion)

Top 10 major FDI investors in 20237 Other selected countries (see notes)
2023p 2022 2023p 2022
0 0
442 Total World Total World
00 00
402
OECD 0
OECD 0
210185 184 0
162 EU
145 0 EU 00
103 0 0 121
G20101 83090 48 75 62
G2048
66
350 42 30 38 27 6 29
95
11 5 12 2
G20-OECD 0 0
0 G20-OECD 0 -24 -7

G20- non-64OECD G20- 0 non OECD 0 -311 -142

0 0

Notes: ‘Other selected countries’ displayed in this chart recorded more than USD 10 billion increases or decreases in their FDI
outflows between 2022 and 2023. * Data exclude resident SPEs. **Asset/liability basis.
Source: OECD International Direct Investment Statistics database.

2
OECD equity capital FDI flows8
In 2023, FDI equity inflows to OECD countries increased marginally from negative levels
recorded in the previous year, yet they remained below any levels observed since 2005
(Figure 6). Fluctuations between large investment and disinvestment operations involving holding
companies located in Luxembourg and the Netherlands continued to impact the trends in OECD equity
inflows and outflows in 2023. In particular, the Netherlands saw significant negative levels of FDI equity
flows in and out of the country in 2023, as some multinationals relocated their conduit activities to
other countries in the last quarter of the year. This may have been done in anticipation of the
introduction of a global minimum tax rate in 2024, which may have led to a revision of corporate
structures across countries.9
Except for the above-mentioned countries, FDI equity flowing to OECD economies fell by 22%
from 2022 to 2023, in part due to weaker M&A activity, which reached a record low in 2023 as the global
economic and geopolitical climate continued to worsen (Section 4). FDI equity flows in Australia and
Sweden more than halved compared to peak levels in 2022 (Figure 7); in fact, half of the top ten cross-
border M&A deals completed in 2022 targeted these economies. There were also notable decreases in
France, after a prosperous 2022 in which significant equity capital operations involving various
European investors occurred in the finance sector.10
Overall, in 2023, at USD 128 billion, the United States was the main OECD recipient of FDI equity flows,
followed by United Kingdom (USD 40 billion) and Canada (USD 29 billion).

8
Financial flows consist of three components: equity capital, reinvestment of earnings, and intracompany debt (see notes on
page 12 for a description of each component). Equity capital is of particular interest because it often drives much of the volatility
in FDI flows and because it is often associated with new investments, such as greenfield or M&As (discussed in Section 4). OECD
FDI equity, reinvestment of earnings and debt flows are estimated using FDI instruments reported by OECD countries. See notes
to Figure 6 for more detail.
9
Disinvestments transactions (i.e., negative FDI equity inflows and outflows) impacted not only Dutch Special Purpose Entities,
but, more generally, financial holding companies, both of which constitute the most part of the corporate structure of
multinationals. See https://www.dnb.nl/en/statistical-news/snr-2024/conduit-activities-in-the-netherlands-declined-in-fourth-
quarter-of-2023/
10
See : https://www.banque-france.fr/system/files/2023-08/bdp_2022_ra.pdf and OECD FDI statistics database (for FDI flows
by economic activity in 2022).

4
FDI equity outflows from OECD countries decreased by 41% when excluding Luxembourg and the
Netherlands. Trends in these two countries contributed significantly to year-on-year fluctuations in total
FDI flows. The drop was partly driven by lower equity flowing out of the United States and Australia.
The downswing in the United States in 2023 was partially caused by US investors’ reduced new
investment activity (Section 4). In Australia, FDI equity outflows dropped from record-high levels after a
major cross-border M&A deal was closed in 2022 (See FDI in Figures – October 2022). Among OECD
countries, Japan was the largest source of FDI equity outflows with USD 67 billion in 2023, followed by
Korea (USD 36 billion) and the United States (USD 35 billion).

Figure 6: OECD FDI flows by instruments, 2005-23

FDI inflows, as a share of GDP Equity Reinvestment
FDI outflows, as a shareofof
earnings
GDP
Debt Total FDI

4.5% 4.8% 4.5%

3.5% 3.5%
3.8%

2.5% 2.5%

2.8%
1.5% 1.5%

1.8%
0.5% 0.5%

-0.5% -0.5%
0.8%

Notes: p: preliminary estimates. OECD FDI equity, reinvestment of earnings (RE) and debt flows are estimated using FDI
instruments reported by OECD countries, on directional (DP) or asset/liability (AL) basis in accordance with FDI flows shown in
Table 1. Non-reported FDI aggregates by -0.2%
instrument on DP basis were estimated using equity and RE reported on AL basis.
Source: OECD International Direct Investment statistics database.

Figure 7: FDI equity flows of selected OECD countries, 2022-23

2023p 2022 2023p 2022
Inflows, USD billion
0 0 Outflows, USD billion
Total World Total World
00 33 00 Australia** -5 103
Australia** OECD 15 OECD Belgium* -4 10
0 0
Canada EU 00 19 EU 0
0 Canada 41
34
0 29 0 36
G20 France
0 46 G20 0 20
France 0 G20-OECD
24 0 Germany 49
G20-OECD 0 0 Ireland -66 18
12 -27
Germany
G20- 0 non24OECD
non OECD G20- 0 Italy -9 4
-332 0 0 55
Luxembourg* Japan** 67
-23
Korea** 45
18 36
Mexico* 5 Luxembourg* -250
-21
-128 Netherlands* -14
Netherlands** -199
-252 18
Norway** 7
33
Sweden 4 Spain -1 22
33
Sweden 21
United Kingdom** 47
40 Switzerland* -21 31
United States 112 United Kingdom** -16 3
128 114
United States
35
Notes: Countries displayed in this chart either recorded more than USD 20 billion equity flows in 2023; or more than USD 10
billion increase or decrease in FDI equity flows between 2022 and 2023. * Data exclude resident SPEs. **Asset/liability basis.
Source: OECD International Direct Investment Statistics database.

5
3
Recent trends in FDI income of OECD countries
FDI income consists of a foreign investor’s share in the earnings of its affiliates and net interest from
intercompany debt. Changes in earnings reflect changes in profitability of the investment. Earnings are
further broken down into dividends and reinvested earnings. FDI income and its components are
estimated using data reported by OECD countries.11

FDI income payments in the OECD area peaked in 2022 and climbed by a further 1% in 2023,
accounting for 2.4% of the OECD area’s GDP. 12 OECD FDI income receipts also increased by 1%,
accounting for 3.3% of OECD GDP, compared to 3.5% in 2022 (Figure 8).

Figure 8: OECD FDI income by components, 2005-23

FDI income payments (inward), as a share of GDP
Equity FDI income receiptsReinvestment
(outward), of
asearnings
a share of GDP

Dividends ReinvestedDebt
earnings Interests Total FDI
4% 2017p 4%
2016 4.8%
2015

2014
3% 3%
2013 3.8%
2012

2011

2010
2% 2%
2.8%
2009

2008

2007
1% 2006 1.8% 1%

2005

0.0% 1.0% 2.0% 3.0%

0% 0.8% 0%

Notes: p: preliminary estimates. OECD FDI dividends, reinvested earnings and interest are estimated using FDI income
-0.2%
components reported by OECD countries, on directional basis (DP) or asset/liability basis (A/L) in accordance with total FDI
income shown in Table 3. Non reported FDI income aggregates by component on DP basis were estimated using dividends
and RE reported on AL basis. Non-reported FDI income components were estimated using RE reported for FDI flows and by
distributing dividends and interests equally or by distributing total FDI income equally among the three components.
Source: International Direct Investment statistics database.

In 2023, OECD earnings on inward FDI also stalled compared to the peak registered in 2022. The
United States, the Netherlands and Ireland remained the largest sources for OECD FDI earnings
payments (Figure 9). Overall, foreign parents received 60% of OECD earnings on inward FDI, up from
51% in 2022. As a result, dividend payments increased by 17% and reinvested earnings decreased by
18%, compared to 2022. There were particularly large amounts of earnings repatriated by foreign
parents from their Irish affiliates, resulting in negative inflows of reinvested earnings in Ireland.

Earnings on outward FDI grew by a modest 1% in 2023, partly driven by FDI earnings of US, French
and Irish-owned affiliates abroad, which increased by more than USD 20 billion in each case (Figure 9).
In contrast, important downturns were recorded in Japan. Overall, 57% of those earnings were
distributed to OECD parents, slightly more than in 2022 (53%). As a result, dividend receipts increased
by 11% and reinvested earnings decreased by 10%, compared to 2022.

11
See notes to Figure 8 for more detail. Interest is not discussed separately since it tends to be a small share of total income.
12
Detailed data at the sectoral level for 2022 show that much of the rise in income payments on inward FDI in OECD countries
was observed in the manufacturing sector, yet, mining and quarrying also recorded important increases.

6
 Figure 9: FDI earnings of selected countries, 2022-23
2023p 2022 2023p 2022 Dividends Reinvested earnings
0
Inward FDI earnings, 0
USD billion Outward FDI earnings, USD billion
Total World Total World
0 50 100 0 150 200 250 300 0 200 400 600
0
0 States 0
OECD United
0
OECD 0
United States
0 Netherlands* 0 225
EU
225
0 Ireland EU 0 Japan**
0 0 175 Kingdom**
G20175 Switzerland
0 G20 0
United
United
125
Kingdom**
0 0 125
G20-OECD G20-OECD
0 France 0
Switzerland*
75 75
G20- non OECD G20- 0 non OECD
Australia** 0 Ireland
25 0Canada 0 25
Germany Sweden
-25 -25
Japan** Luxembourg*
Belgium
Mexico* Belgium
Luxembourg*
Notes: Countries displayed in this chart recorded more than USD 20 billion of income on inward and outward equity in 2023.
Spain*
Countries who do not report 2023 FDI income on equity to the OECD could not be displayed. Data for the United States are
Poland
displayed 1separately due to scale differences. *Data exclude resident SPEs; **Asset/liability basis.
Sweden
Source: OECD International Direct Investment Statistics database.
Czechia

4
Cross-border M&A and announced greenfield projects

Equity capital flows are closely tied to new investment, regardless of the mode of entry (cross-border
M&A and greenfield investment) and divestment by foreign direct investors. In 2023, cross-border
M&A activity hit a record low for the past ten years as the global economic and geopolitical
landscape continued to weaken.13 Completed deal values and the number of deals dropped by 43%
and by 18%, respectively. The slowdown affected both advanced economies (AEs) and EMDEs.
Completed cross-border M&A deal values fell by 46% in AEs and by 32% in EMDEs, whereas the
number of concluded deals declined by around 18% in both groups (Figure 10.a).

Despite an overall slowdown, significant transactions were still recorded in 2023 with the largest
deals, in terms of value, targeting Viet Nam, Switzerland and Australia. These transactions
included the following mergers: Black Spade (Hong Kong) a company in the financial sector with
VinFast Auto Ltd (Viet-Nam), a manufacturer and exporter of electronic vehicles, for USD 23 billion;
Koninklijke DSM NV (Netherlands), a Dutch multinational in health, nutrition and materials with
Firmenich International SA (Switzerland), a cosmetics retailer, for USD 21 billion; and Newmont Corp
(United States), an American gold mining company with Newcrest Mining Ltd (Australia), a gold ore
mine operator, for USD 20 billion. The overall fall in cross-border M&A deal values in 2003 was felt
across all sectors, although the healthcare and discretionary consumption sectors showed important
increases in EMDEs. Cross-border deal making activity was also fairly concentrated in a handful
of countries. More than half of completed M&A deal values in 2023 targeted just five economies (the
United States, the United Kingdom, Germany, Australia and Switzerland).Viet Nam ranked sixth and
was the top targeted economy among EMDEs, followed by Brazil and China. Despite a reduced M&A
activity compared to 2022, as concluded deals and the number of deals dropped by 53% and 35%,
respectively, the United States remained the top (ultimate) investing economy.

Looking ahead, amid heightened geopolitical tensions, continued high core inflation rates, tighter
financial conditions and reduced economic prospects, cross-border M&A activity continued to
decline in the first quarter of 2024, particularly in EMDEs, where concluded deal values and the

13
See OECD (2023), OECD Economic Outlook, Volume 2023 Issue 2: https://doi.org/10.1787/7a5f73ce-en

7
 number of deals fell by about 17%, sparing only discretionary consumption and the industrial sector
(where concluded deals increased).
500 3000

Figure 10. Cross-border investment activity, 2013-23* 2500

400
a) Completed M&A deals b) Announced greenfield investment projects
2000
300
1600 (USD billion and num. of deals) 12 000 1600 (USD billion and num. of projects) 12 000
1400 1400
10 000 10 000 1500
1200 1200
200 8 000 8 000
1000 1000
1000
800 6 000 800 6 000
100 600
4 000
600
4 000 500
400 400
2 000 2 000
0 200 200 0
Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1
0 0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
2019 2020 2021 2022
Advanced economies Emerging markest and developing economies #deal AE #deal EMDE
Note: * The number of deals or announced projects is reported on the left-hand-side scale. ‘Advanced economies’ and ‘Emerging
and developing economies’ follow the IMF definitions.
Source: Refinitiv and FT fDI Market databases, OECD calculations.

Announced greenfield investment (GI) projects in 2023 stalled, yet trends diverged between AEs
and EMDEs. Capital expenditures and the number of announced projects dropped by around 20% in
AEs, while they were up by 21% and 9% in EMDEs, respectively (Figure 10.b). The largest increase in
EMDEs was observed in the manufacturing sector (up by 55%), driven by a major project in renewable
energy to construct green hydrogen plants in Mauritania, and projects to build a quartz sand processing
plant and a large capacity refinery in Indonesia. Important projects in artificial intelligence (AI) were also
announced in Malaysia, Germany, and Australia.14 About one third of total capital expenditure in 2023
targeted five economies (the United States, India, the United Kingdom, Indonesia and Germany); and
the top five (immediate) investing economies (the United States, China, Germany, the United Kingdom,
and the United Arab Emirates) accounted for 47% of total capital expenditure in 2023.

Figure 11. Announced greenfield projects by sector, 2019-23 (USD billion)

Advanced economies Emerging and developing economies

200 200

150 150

100 100

50 50

0 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2019 2020 2021 2022 2023 2019 2020 2021 2022 2023
Notes: This chart represents announced capital expenditures by sector, in USD billion. ‘Advanced economies’ and ‘Emerging and
developing economies’ are defined as per the IMF definition.
Source: FT fDI Markets database, OECD calculations.

14
Amazon web Services announced plans to launch important cloud infrastructure in Malaysia; Virtus announced plans to open
a data centre campus on the outskirts of Berlin to provide cloud and AI services in Europe; and Microsoft announced plans to
expand its cloud computing and AI infrastructure in Australia over the next two years.

8
 FDI outward flows FDI inward flows
Table 1
In USD millions 2 017 2 018 2 019 2 020 2 021 2 022 2023
p
2 017 2 018 2 019 2 020 2 021 2 022 2023
p

1
OECD 1 188 214 639 757 969 887 429 434 1 359 661 1 056 674 1 069 273 1 047 904 831 605 934 029 390 924 734 415 452 920 501 298
2
Australia 9 813 539 8 834 7 676 7 596 121 471 11 464 48 125 60 270 38 647 16 228 28 346 66 792 31 517
Austria* 10 679 5 678 12 633 7 518 25 433 7 722 9 740 14 926 5 512 4 783 - 9 951 17 111 9 357 4 504
Belgium* 29 563 43 554 6 113 5 406 30 090 20 284 12 067 - 3 057 27 119 11 859 3 126 9 903 11 535 23 020
Canada 76 179 58 036 77 480 43 666 104 909 83 003 89 623 22 764 37 654 50 535 25 594 60 400 46 169 50 348
Chile 3 992 6 934 11 169 6 242 12 024 11 852 5 567 6 695 13 031 14 403 11 292 12 627 16 882 21 027
Colombia2 3 690 5 126 3 153 1 733 3 181 3 383 1 211 13 701 11 299 13 990 7 459 9 561 17 183 17 446
Costa Rica 126 53 117 112 214 358 288 2 778 2 487 2 812 1 757 3 360 3 418 4 122
Czechia 7 557 8 663 4 128 2 989 7 733 5 677 7 053 9 518 11 010 10 109 9 411 9 049 9 251 7 786
Denmark* 10 025 - 76 16 844 9 613 25 338 6 047 13 306 3 771 1 716 7 073 1 356 6 903 7 929 8 781
Estonia 888 45 1 971 251 - 636 838 1 492 1 947 1 516 3 166 3 588 264 909 4 565
Finland - 575 11 448 4 864 5 844 9 154 13 257 10 943 2 858 - 2 170 13 455 - 1 576 13 290 5 787 7 923
France 35 908 101 978 43 812 21 561 44 667 47 962 75 388 24 780 41 807 13 100 11 334 30 881 36 365 29 798
Germany 85 894 97 056 151 074 38 612 147 585 145 333 101 258 48 287 71 978 52 682 69 795 51 211 27 374 36 699
Greece 168 477 642 547 1 109 3 194 3 952 3 477 3 971 5 019 3 205 6 327 8 440 5 430
Hungary* 1 220 3 363 3 155 4 438 4 367 4 391 3 298 3 514 6 460 4 144 6 885 8 843 9 931 6 015
Iceland* - 208 76 479 - 427 3 - 118 81 - 41 - 382 - 225 - 928 519 853 389
Ireland - 2 043 4 314 34 442 - 46 482 62 229 5 332 - 7 449 52 722 - 12 512 158 489 82 122 15 926 1 488 - 9 346
2,5
Israel 7 624 6 087 8 690 4 579 10 369 10 247 9 969 16 893 21 515 17 363 20 969 18 950 23 032 16 422
Italy 24 478 31 523 24 361 2 922 26 412 16 521 13 015 23 996 37 659 22 720 - 18 534 - 2 951 32 134 18 219
Japan 164 563 144 963 232 550 99 720 209 233 161 556 184 003 9 354 9 961 13 751 11 770 33 925 32 526 21 431
Korea2 34 069 38 220 35 239 34 832 66 001 65 799 34 541 17 913 12 183 9 634 8 765 22 060 25 045 15 178
Latvia* 135 204 - 97 155 2 292 113 577 730 967 927 896 3 294 1 399 1 200
Lithuania 80 704 1 746 2 868 1 323 366 1 044 1 019 976 3 022 3 510 2 798 2 161 1 908
Luxembourg* 39 485 10 054 163 264 143 856 72 530 - 310 224 - 23 680 15 522 30 918 96 994 - 10 275 21 774 - 417 142 - 62 810
Mexico* 3 948 8 489 10 755 1 720 - 2 125 14 532 6 429 34 017 34 101 34 617 28 211 31 829 36 312 36 058
Netherlands* 24 810 - 44 124 31 022 - 173 508 92 364 38 175 - 142 190 26 797 102 071 15 939 - 81 466 - 70 230 - 80 330 - 168 457
New Zealand 227 376 - 168 658 - 1 451 746 - 807 2 721 2 236 4 296 3 998 4 116 7 900 3 568
Norway2 3 325 14 914 7 924 - 11 290 20 732 26 658 6 409 5 961 - 5 350 17 018 - 4 392 10 602 15 088 - 1 953
Poland* 1 878 1 239 1 674 1 151 3 827 6 047 6 282 9 507 16 376 13 326 15 274 29 826 31 095 24 638
Portugal* - 928 1 374 4 011 2 521 1 468 2 683 3 558 6 912 7 175 12 251 7 666 9 614 9 764 7 221
Slovak Republic 1 323 291 43 347 297 432 89 4 008 1 643 2 511 - 2 398 1 820 2 898 180
Slovenia 338 281 610 518 1 356 682 540 896 1 383 1 463 219 1 846 2 037 1 103
Spain 55 926 37 523 27 426 32 311 12 941 42 099 30 208 41 877 57 427 18 526 14 210 33 063 42 835 34 377
Sweden 27 369 17 834 16 266 23 081 30 389 61 909 47 530 12 511 3 807 9 991 19 088 21 558 46 276 29 437
Switzerland* 27 957 64 954 - 46 661 - 32 850 - 75 017 - 63 943 103 100 128 155 - 100 952 - 84 428 - 46 366 - 74 952 - 32 137 11 654
Türkiye 2 626 3 665 2 977 3 234 5 041 4 712 5 780 10 875 12 513 9 470 7 649 11 352 13 410 10 417
United Kingdom 142 443 82 943 11 715 - 78 170 84 926 95 364 2 007 96 401 87 818 53 908 58 260 - 71 180 14 914 - 89 927
United States 353 663 - 129 021 55 630 261 476 311 760 402 214 441 586 325 073 216 415 256 687 113 177 410 778 364 040 341 407
Total World1,3 1 640 382 976 193 1 374 633 718 067 1 871 875 1 618 404 1 576 967 1 795 254 1 578 181 1 692 434 1 055 222 1 797 105 1 314 807 1 151 374
European Union (EU)1 503 237 402 165 607 162 46 308 594 099 137 632 177 316 428 880 517 071 604 061 172 610 179 285 - 142 561 - 53 750
1
European Union – 27 countries (from 01/02/2020) 360 794 319 223 595 447 46 308 594 099 137 632 177 316 332 479 429 253 550 154 172 610 179 285 - 142 561 - 53 750
G20 countries1 1 154 039 645 425 868 955 604 040 1 315 665 1 460 858 1 253 159 995 291 1 022 737 929 730 716 595 1 176 105 1 071 457 702 597
1
G20-OECD countries 933 585 438 391 656 281 437 249 1 006 003 1 158 467 965 094 661 585 622 357 555 752 332 246 606 652 695 080 501 146
G20 -non OECD countries1 220 454 207 034 212 675 166 791 309 661 302 391 288 065 333 705 400 381 373 978 384 348 569 453 376 377 201 451
2
Argentina 1 156 1 726 1 523 1 177 1 537 2 076 2 403 11 517 11 717 6 649 4 884 6 903 15 408 22 911
Brazil 19 040 - 16 336 19 031 - 13 415 20 450 32 100 29 919 66 585 59 802 65 386 28 322 50 651 73 352 63 619
China2 138 293 143 027 136 910 153 721 178 798 210 050 185 301 166 084 235 365 187 170 253 096 344 075 190 204 42 728
India2 11 090 11 418 13 141 11 122 17 239 14 532 13 328 39 966 42 117 50 610 64 362 44 727 49 940 28 166
Indonesia 2 077 8 053 3 352 4 448 3 845 7 322 7 070 20 579 20 563 23 883 18 591 21 131 25 390 21 628
Russian Federation 34 153 35 820 22 024 6 778 64 072 11 510 29 110 25 954 13 228 32 076 10 410 38 639 - 15 203 8 364
Saudi Arabia2 7 280 19 252 13 547 4 911 23 860 26 962 1 014 12 141 3 079 1 621 23 112 28 055
South Africa2 7 366 4 074 3 147 - 1 951 - 139 - 2 162 2 811 2 007 5 447 5 125 3 062 40 215 9 231 5 233

4
*Data excludes SPEs. Corresponding data below including SPE's :
Austria 6 677 - 33 102 - 17 234 519 29 662 8 323 10 062 10 017 - 34 903 - 22 439 - 12 841 18 621 10 150 4 392
Belgium 29 634 40 857 4 910 8 149 38 129 22 848 12 602 - 706 35 691 9 547 2 415 12 391 9 641 22 154
Chile 3 992 6 934 11 169 6 242 12 024 11 852 5 567 6 695 13 031 14 403 11 292 12 627 16 882 21 027
Denmark 8 551 3 820 - 2 733 7 274 24 543 6 227 11 671 2 112 5 913 - 12 869 - 983 6 712 8 108 7 147
Hungary - 153 - 76 115 70 323 91 023 15 969 2 761 - 42 286 2 115 - 72 523 70 569 94 047 20 527 7 878 - 38 685
Iceland - 3 224 78 479 - 427 3 - 118 81 - 3 058 - 381 - 225 - 927 519 846 390
Latvia 138 203 - 104 259 2 326 113 583 739 958 928 1 002 3 305 1 402 1 213
Luxembourg 134 054 - 547 464 - 139 637 25 532 - 45 723 - 401 880 - 234 240 12 541 - 451 067 - 203 870 18 602 - 209 136 - 486 682 - 281 533
Netherlands 184 221 - 291 753 - 15 193 - 311 966 - 33 756 2 876 - 301 002 138 934 - 346 833 - 14 090 - 234 090 - 180 064 - 134 399 - 309 428
Portugal - 749 798 3 638 2 230 963 2 593 3 621 7 735 7 110 12 360 7 838 9 620 8 411 7 301
Switzerland 22 843 50 322 - 47 954 - 27 238 - 125 778 - 72 952 84 105 111 242 - 84 415 - 97 862 - 159 701 - 145 168 - 59 835 - 11 070
For notes to this table refer to page 13
Source: OECD and IMF
OECD Directorate for Financial and Enterprise Affairs - Investment Division

9
 FDI outward positions FDI inward positions
Table 2 In USD million As a share of GDP (%) In USD million As a share of GDP (%)
p p p p
2 021 2 022 2023 2 021 2 022 2023 2 021 2 022 2023 2 021 2 022 2023
OECD 1 33 640 176 30 707 861 33 381 396 56.9 51.0 52.3 33 514 067 30 349 063 33 909 167 56.7 50.4 53.1
Australia 630 346 660 933 - 36.0 37.2 - 755 161 758 040 - 43.1 42.7 -
Austria* 259 435 260 476 280 210 54.1 55.3 53.3 216 800 212 766 232 882 45.2 45.2 44.3
Belgium* 717 779 685 466 - 119.5 117.5 - 563 809 530 982 - 93.9 91.0 -
Canada 2 402 101 2 287 758 2 746 893 119.7 105.8 129.7 1 548 813 1 495 991 1 665 774 77.2 69.2 78.7
Chile 129 891 134 744 137 182 41.0 44.8 39.8 238 534 250 062 267 132 75.3 83.2 77.6
Colombia2 68 701 72 084 73 295 21.6 21.0 20.1 219 677 234 231 254 329 69.0 68.2 69.9
Costa Rica 4 418 4 776 5 065 6.8 6.9 5.9 49 977 53 492 57 614 76.9 77.3 67.3
Czechia 55 472 60 806 69 222 19.7 20.9 20.6 200 468 206 338 216 595 71.1 71.0 64.6
Denmark* 260 813 221 627 257 211 64.3 55.4 61.1 139 057 123 288 138 602 34.3 30.8 32.9
Estonia* 11 729 13 256 14 204 31.5 34.8 34.0 34 588 36 655 40 489 93.0 96.2 96.9
Finland* 141 357 139 070 - 47.7 49.2 - 86 168 82 977 - 29.1 29.4 -
France 1 525 836 1 489 746 - 51.6 53.6 - 944 789 896 766 - 31.9 32.3 -
Germany 2 046 688 2 117 388 2 307 531 47.8 51.9 52.1 1 156 646 1 116 977 1 208 918 27.0 27.4 27.3
Greece 14 869 16 697 - 6.9 7.7 - 43 476 50 576 - 20.3 23.2 -
Hungary* 39 718 40 043 45 496 21.8 22.6 22.3 105 811 107 551 122 455 58.1 60.6 60.1
Iceland* 6 918 5 004 5 422 27.0 17.8 17.7 9 919 9 310 9 146 38.8 33.2 29.9
Ireland 1 452 568 1 184 299 1 336 380 282.9 222.1 226.7 1 378 429 1 408 687 1 410 050 268.5 264.2 239.2
Israel2,5 99 382 99 842 108 680 20.3 19.0 20.8 221 501 229 880 244 471 45.2 43.8 46.9
Italy 561 831 558 601 584 016 26.1 27.3 26.7 454 507 458 895 493 517 21.1 22.4 22.6
Japan 1 935 653 1 948 555 - 38.4 45.8 - 241 125 225 367 - 4.8 5.3 -
Korea* 576 855 - - 31.7 - - 250 814 - - 13.8 - -
Latvia* 5 624 5 738 6 304 14.3 14.0 13.5 23 639 25 417 26 596 59.9 62.1 57.0
Lithuania 11 482 12 090 - 17.2 17.0 - 30 705 34 201 - 46.0 48.2 -
Luxembourg* 1 924 596 1 605 931 1 679 025 2 248.8 1 967.0 1 884.5 1 604 970 1 192 064 1 183 704 1 875.3 1 460.1 1 328.6
Mexico* 192 908 190 122 222 742 14.7 13.0 12.3 592 221 662 718 778 371 45.1 45.3 43.0
Netherlands* 3 626 696 3 395 250 3 386 183 352.2 336.4 309.9 2 840 872 2 775 469 2 678 150 275.9 275.0 245.1
New Zealand 19 138 18 608 17 405 7.6 7.6 7.0 93 002 94 319 98 392 36.7 38.4 39.4
Norway* 210 385 209 589 - 41.8 35.3 - 155 150 148 338 - 30.8 25.0 -
Poland* 28 626 30 100 38 212 4.2 4.4 4.5 273 542 268 600 335 540 40.1 39.0 39.8
Portugal* 61 991 62 897 - 24.3 24.6 - 177 806 177 157 - 69.6 69.4 -
Slovak Republic 5 261 5 428 5 061 4.4 4.7 3.8 59 824 57 369 60 531 50.5 49.7 45.5
Slovenia 8 912 9 161 9 982 14.4 15.3 14.6 21 269 21 544 23 701 34.4 35.9 34.7
Spain* 557 626 567 856 630 173 38.6 40.1 39.8 799 171 812 705 897 245 55.3 57.3 56.7
Sweden* 469 760 483 068 527 177 73.4 81.6 88.3 403 416 384 021 413 135 63.1 64.9 69.2
Switzerland* 1 456 124 1 306 811 1 449 917 179.0 159.7 160.1 1 101 984 1 043 633 1 119 005 135.5 127.5 123.6
Türkiye 51 299 53 800 - 6.3 5.9 - 138 843 202 362 - 16.9 22.3 -
United Kingdom 2 376 838 2 168 629 2 124 210 75.7 70.2 63.8 2 689 894 2 719 016 3 048 960 85.6 88.0 91.5
United States 9 690 555 8 004 757 9 458 496 41.1 31.1 35.1 13 647 690 10 990 488 13 526 285 57.8 42.7 50.2
Total World1,3 42 922 846 34 829 487 - 44.5 34.8 - 47 912 587 45 156 320 - 49.7 45.1 -
European Union (EU)1 14 329 627 13 466 194 14 016 108 82.8 80.4 76.4 12 495 298 11 880 600 11 946 244 72.2 70.9 65.1
G20 countries1 26 180 693 24 178 770 26 505 808 34.3 30.7 32.5 28 475 650 25 859 069 29 098 362 37.3 32.8 35.7
G20-OECD countries1 21 990 908 20 057 143 22 173 777 45.0 40.1 42.1 22 420 504 19 777 435 23 055 174 45.9 39.6 43.8
1
G20 -non OECD countries 4 189 785 4 121 626 4 332 031 15.3 14.3 15.0 6 055 147 6 081 634 6 043 189 22.1 21.0 20.9
Argentina2 43 223 45 781 48 299 8.9 7.3 7.8 100 119 116 698 128 855 20.5 18.5 20.7
Brazil 302 252 299 369 - 18.3 15.6 - 729 577 878 144 - 44.2 45.7 -
China2 2 785 152 2 754 810 2 939 109 15.6 15.4 16.6 3 603 453 3 576 613 3 553 135 20.2 20.0 20.1
2
India 208 096 222 628 236 000 6.6 6.6 6.3 514 112 510 748 536 900 16.3 15.1 14.4
Indonesia 97 948 104 885 115 100 8.3 8.0 8.1 259 697 264 034 291 930 21.9 20.0 20.6
Russia 374 612 299 131 - 20.4 13.3 - 497 690 359 982 278 811 27.1 16.0 15.0
Saudi Arabia2 154 673 187 068 - 17.7 16.9 - 175 715 203 205 - 20.1 18.3 -
South Africa2 223 830 207 955 - 53.3 51.3 - 174 783 172 210 - 41.6 42.5 -

4
*Data excludes SPEs. Corresponding data below including SPE's :
Austria
Belgium 754 942 734 386 - 125.7 125.9 - 600 257 573 157 - 99.9 98.2 -
Denmark 275 481 237 275 273 135 67.9 59.3 64.9 153 726 138 598 154 526 37.9 34.6 36.7
Estonia 12 559 13 792 14 729 33.8 36.2 35.2 35 791 37 784 41 387 96.2 99.2 99.0
Finland 141 357 139 070 - 47.7 49.2 - 86 168 82 977 - 29.1 29.4 -
Hungary 284 469 275 911 271 340 156.2 155.6 133.1 360 668 351 920 347 396 198.1 198.4 170.4
Iceland 7 139 5 211 5 636 27.9 18.6 18.4 10 181 9 550 9 395 39.8 34.0 30.7
Korea 576 972 - - 31.7 - - 251 736 - - 13.8 - -
Latvia 6 028 6 151 6 748 15.3 15.0 14.5 24 007 25 835 27 046 60.9 63.1 58.0
Luxembourg 4 438 807 3 995 739 3 868 495 5 186.5 4 894.2 4 342.0 3 526 995 3 013 700 2 857 080 4 121.1 3 691.4 3 206.8
Netherlands 5 494 523 5 138 916 4 996 725 533.6 509.1 457.3 4 338 725 4 191 160 3 958 661 421.4 415.2 362.3
Norway 212 957 212 312 - 42.3 35.8 - 164 905 156 429 - 32.8 26.4 -
Poland 28 626 30 100 38 212 4.2 4.4 4.5 273 542 268 600 335 540 40.1 39.0 39.8
Portugal 64 202 64 952 - 25.1 25.5 - 183 434 181 109 - 71.8 71.0 -
Spain 607 751 612 681 675 575 42.0 43.2 42.7 853 785 862 283 947 359 59.1 60.8 59.9
Sweden 483 270 493 854 538 534 75.5 83.5 90.2 428 312 400 284 430 047 67.0 67.6 72.0
Switzerland 1 599 039 1 437 134 1 567 481 196.6 175.6 173.1 1 270 059 1 185 317 1 247 242 156.1 144.8 137.7
For notes to this table refer to page 13
Source: OECD and IMF
OECD Directorate for Financial and Enterprise Affairs - Investment Division

10
 Income on outward FDI (receipts) Income on inward FDI (payments)
Table 3
In USD millions 2 017 2 018 2 019 2 020 2 021 2 022 2023p 2 017 2 018 2 019 2 020 2 021 2 022 2023p
OECD 1 1 460 442 1 666 369 1 652 586 1 303 742 2 006 179 2 096 880 2 115 072 993 413 1 165 010 1 085 002 964 689 1 414 020 1 494 206 1 502 203
Australia2 14 578 16 933 16 967 14 716 22 312 28 278 22 373 37 927 44 983 42 994 25 641 49 335 79 937 49 872
Austria* 15 260 15 238 16 984 13 545 24 639 16 512 17 136 15 987 16 220 15 671 7 750 18 295 14 915 15 513
Belgium 28 221 37 564 37 831 26 530 39 943 37 531 33 841 28 057 38 457 39 185 30 883 42 961 40 425 35 424
Canada 54 143 63 033 61 616 56 971 78 242 82 689 86 964 37 274 41 885 40 773 23 809 47 216 55 518 45 424
Chile 4 252 5 009 5 683 231 6 395 9 426 6 371 14 316 16 827 15 994 15 797 22 694 20 377 19 328
Colombia2 3 935 3 986 4 490 2 538 3 891 3 829 4 083 7 346 10 576 9 228 3 257 8 010 15 583 11 689
Costa Rica 74 (A) 107 (A) 135 (A) 93 67 93 101 2 590 (A) 2 771 (A) 3 247 (A) 2 782 3 398 4 054 5 748
Czechia 4 665 4 194 5 619 2 176 4 661 5 904 5 343 19 127 19 260 20 343 15 597 21 512 22 176 22 254
Denmark* 13 256 15 499 15 461 14 571 23 338 21 780 19 254 6 134 6 695 7 414 5 435 8 956 9 231 8 560
Estonia 485 697 716 622 1 139 789 815 1 737 1 944 2 004 1 773 2 467 2 408 2 984
Finland 8 836 10 202 13 653 12 868 16 529 15 542 14 788 8 426 7 765 8 323 6 307 10 281 8 281 7 800
France 77 145 95 033 106 372 59 562 121 647 112 304 133 537 36 341 40 914 31 695 27 995 50 656 45 497 52 509
Germany 94 789 137 233 143 260 85 298 140 723 146 445 152 796 45 912 46 858 38 271 30 717 48 554 46 966 50 279
Greece 1 099 694 935 956 1 585 1 978 1 922 1 452 1 552 1 868 1 696 2 917 3 738 4 051
Hungary* 2 058 1 894 2 185 1 737 2 659 3 142 3 743 10 335 10 576 9 264 8 557 11 065 10 046 12 080
Iceland* 302 364 324 246 282 138 171 40 - 42 - 267 - 360 396 421 - 290
Ireland 17 470 19 828 17 406 16 707 31 220 32 907 64 453 75 987 93 028 94 837 105 624 147 738 167 545 178 870
Israel2,5 7 202 7 740 6 797 4 450 8 940 10 227 10 608 5 586 6 311 7 894 6 654 13 133 11 350 12 333
Italy 24 782 29 994 33 203 21 550 34 799 43 125 38 451 19 621 20 410 22 398 7 258 12 856 19 494 21 790
Japan 120 205 130 295 136 709 116 020 189 517 (A) 209 360 (A) 188 763 (A) 33 302 34 928 33 504 27 582 38 096 (A) 35 400 (A) 39 849 (A)
Korea2 12 566 13 066 16 721 13 827 30 635 30 403 36 294 12 515 13 951 12 483 12 420 20 144 20 933 14 671
Latvia* 213 122 101 116 369 604 995 1 385 1 826 1 602 1 115 2 071 2 077 2 676
Lithuania 166 303 230 319 397 180 670 1 944 2 193 2 318 2 233 3 367 3 171 3 722
Luxembourg* 9 893 23 329 16 761 31 241 41 291 36 145 40 224 10 672 22 552 18 603 33 412 37 922 29 254 31 781
Mexico* 4 724 5 374 6 169 4 932 5 923 9 710 7 281 18 947 23 228 25 207 21 951 21 421 28 005 34 342
Netherlands* 104 301 132 947 107 574 107 705 169 983 187 385 190 240 77 959 98 264 94 114 120 220 138 737 177 998 185 404
New Zealand 523 392 609 735 1 264 1 344 1 193 7 208 6 978 5 810 4 971 8 385 7 921 6 658
Norway2 10 063 13 518 6 109 1 399 4 704 16 376 16 032 11 433 14 088 13 848 5 921 3 777 19 210 14 110
Poland* 2 288 2 205 2 301 1 373 4 012 6 581 1 603 21 419 23 500 23 372 22 381 31 217 28 875 32 281
Portugal* 3 694 4 418 2 786 2 819 4 267 4 090 4 443 6 223 8 397 7 261 5 101 6 578 7 786 9 106
Slovak Republic 391 424 356 334 586 526 541 4 330 4 553 5 029 3 470 6 108 4 140 4 493
Slovenia 220 357 376 282 647 564 495 1 255 1 566 1 618 1 136 2 004 2 098 1 833
Spain 36 232 43 159 42 952 28 664 44 041 42 951 43 936 28 808 32 971 33 370 25 311 34 098 31 225 33 014
Sweden 30 745 34 933 34 681 32 619 48 227 48 601 47 537 22 166 24 955 23 391 22 002 27 513 26 952 26 687
Switzerland* 93 439 103 691 90 732 76 409 105 510 109 405 115 382 89 291 103 640 100 214 78 478 103 467 98 853 111 677
Türkiye 299 958 815 1 103 1 578 2 217 2 277 3 283 3 234 3 495 1 931 4 438 4 295 3 998
United Kingdom 113 394 125 920 129 747 64 064 185 278 191 061 149 525 74 333 100 332 57 851 77 060 98 703 79 296 87 600
United States 544 536 565 717 567 217 484 414 604 937 626 739 650 892 192 748 216 867 210 776 170 825 303 534 308 755 302 086

*Data excludes SPEs. Corresponding data below including SPE's 4:

Austria 11 841 13 381 16 334 13 271 28 279 16 904 17 523 12 346 14 631 15 732 7 941 18 517 15 075 15 729
Chile 4 252 5 009 5 683 231 6 395 9 426 6 371 14 316 16 827 15 994 15 797 22 694 20 377 19 328
Denmark 13 761 15 928 15 689 14 671 23 855 22 498 19 725 6 573 7 121 7 647 5 535 9 473 9 944 9 031
Hungary 7 386 5 948 8 812 3 501 10 094 11 226 10 048 15 598 14 541 15 825 10 128 18 182 17 903 18 199
Iceland 302 366 324 246 282 138 171 39 - 41 - 266 - 359 386 423 - 288
Latvia 218 152 113 117 369 604 996 1 392 1 856 1 610 1 109 2 077 2 081 2 686
Luxembourg 151 674 179 764 155 827 140 415 144 070 111 980 113 388 127 045 149 793 127 480 121 999 130 851 98 498 101 191
Netherlands 234 712 288 845 232 641 169 061 231 308 238 670 240 469 205 029 253 701 213 199 172 519 191 737 223 130 225 327
Portugal 3 845 4 580 3 019 2 879 4 327 4 143 4 636 6 396 8 396 7 314 5 169 6 524 8 013 9 160
Switzerland 102 659 110 039 102 586 79 198 108 904 114 732 124 065 96 532 115 215 107 422 79 132 110 814 107 308 116 045
For notes to this table refer to page 13
Source: OECD and IMF
OECD Directorate for Financial and Enterprise Affairs - Investment Division

11
Notes for Tables 1 to 3
Data are updated as of 15 April 2024. p: preliminary data |: break in series
(A): asset/liability figure used for specific years only
Tables 1, 2 and 3 show FDI statistics at the aggregate level on a directional basis except for selected countries for which the asset/liability series is used (see
note 2). For more information on the two presentations for FDI, see Asset/liability versus directional presentation. FDI terms are defined in the FDI Glossary.
Financial flows consist of three components: equity capital, reinvestment of earnings, and intra-company debt. Equity capital is often associated with new
investments, such as greenfield or M&As, even though it can also reflect extensions of capital or financial restructuring. Nevertheless, equity capital flows are
often taken as a sign of the amount of new investments related to FDI. Reinvestment of earnings is the portion of earnings that the parent decides to reinvest
in the affiliate rather than receive as a dividend and can be an important source of financing for affiliates. This component of financial flows tends to be the
least volatile. Changes in the reinvestment of earnings reflect both changes in the earnings of affiliates and in the amount of earnings that parents choose to
distribute. The reinvestment ratio is the share of earnings that the parent reinvests. It can be an indication of the parent’s perception of investment opportunities
available to the affiliate: if the parent sees the opportunity to make profitable investments in its affiliates, the parent might choose to reinvest more money in
them. However, many other factors can influence the share of earnings reinvested. For example, if the parent is in need of cash, they might pay higher
dividends. The third component of financial flows—intra-company debt–is the most volatile component of financial flows and is often driven by the short term
financing needs within a company rather than larger overall macroeconomic phenomena. As such, intra-company debt is often the most difficult aspect of
financial flows to explain. FDI financial transactions may result in negative flows for three reasons. First, if there is disinvestment in assets—that is, the
direct investor sells its interest in a direct investment enterprise to a third party or back to the direct investment enterprise. Second, if the parent borrowed
money from its affiliate or if the affiliate paid off a loan from its direct investor. Third, if reinvested earnings are negative. Reinvested earnings are negative if
the affiliate loses money or if the dividends paid out to the direct investor are greater than the income recorded in that period.
Direct investment income is part of the return on the direct investment position; that is, the return on equity and debt investment. FDI income payments
measure the total returns within a year on direct investment stocks paid by enterprises in the reporting economy to their foreign investors. FDI income
receipts measure the total returns within a year on direct investment stocks received by investors in the reporting economy from their direct investment
enterprises abroad.
Breaks in series were introduced in Table 1 and Table 3 to provide users with more complete historical series on FDI financial and income flows. These
breaks in series correspond for most countries to the implementation of OECD Benchmark Edition 4th Edition (BMD4).
For data going back to 2005 in Tables 1, 2 and 3 (in Excel format), see www.oecd.org/investment/statistics.htm.
1. OECD, European Union, EU27 (excluding the United Kingdom), World, G20 aggregates:
FDI outward and inward flows (Table 1) were compiled using directional figures when available. Missing quarterly 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; or using
unrevised historical data. When directional figures were not available and could not be approximated, asset liability figures were used.
FDI outward and inward stocks (Table 2) and Income on inward and outward FDI (Table 3) were compiled using directional figures when available.
Missing directional figures were approximated using unrevised historical data. When directional figures were not available and could not be approximated,
asset liability figures were used. FDI positions for 2023 include positions at end-2022 when 2023 data are not available.
Resident SPEs from Austria, Belgium (except FDI income), Chile, Denmark, Hungary, Iceland, Korea (FDI positions only), Latvia, Luxembourg, Mexico,
the Netherlands, Norway (FDI positions only), Portugal, Spain (FDI positions only), Sweden (FDI positions only) and Switzerland are excluded.
The 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, EU28 starting from 2013 and EU27 (excluding the United Kingdom) starting from
2020.
2. Data series on asset/liability basis: The data series is on an asset/liability basis as opposed to directional basis for Australia, Colombia, Israel, Korea,
Norway and for the following non-OECD countries: Argentina, China, India, Saudi Arabia and South Africa.
3. World aggregate: is based on available data at the time of update as reported to the OECD and IMF. Missing data for countries for Q3 and Q4 2023
were estimated using the overall growth rate observed between, respectively, Q2 and Q3 2023 and Q3 and Q4 2023. Growth rates were calculated from
data for OECD countries, for non-OECD G20 countries, and for 50 non-OECD and non-G20 countries in Q3 and 15 non-OECD and non-G20 countries
in Q4. World totals for FDI positions are based on available FDI data at the time of update as reported to OECD and IMF for the year ended or the latest
available year. 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.
4. Special purpose entities (SPEs): Information on resident SPEs for Estonia and Sweden (FDI flows only) is confidential. This information is not yet
available separately for Canada, Costa Rica, Japan and Mexico. The information is available separately for Austria, Chile, Denmark, Finland, Hungary,
Iceland, Ireland, Korea, Latvia, Luxembourg, the Netherlands, Norway, Poland, Portugal, Spain, Sweden, Switzerland, the United Kingdom and the
United States. However, the information is not displayed in the tables for all countries, due to limited availability of historical data or to differences in data
vintages. Resident SPEs are not present or not significant in Australia, the Czech Republic, France, Germany, Greece, Israel, Italy, New Zealand,
Poland, the Slovak Republic, Slovenia, Türkiye, and the United States.
5. 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.
6. Data for 2023 for Saudi Arabia was not available at the time of writing.
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
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