FDI IN FIGURES OECD

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a few very large deals during a specific quarter Looking at half year values FDI flows dropped. throughout 2017 and reached their lowest level in the first half of 2018 before recovering in the second. half of 2018 Overall however flows in 2017 and 2018 are still lower than previously. Figure 1 Global FDI flows 1999 2018,2 500 As a share of GDP USD billions 4 5. Quarterly trends Half year trends,4 0 USD billions. 2 000 3 5 1 000, Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4. 0 0 0 2014 2015 2016 2017 2018 p, Source OECD International Direct Investment Statistics database. By region FDI flows to the OECD area decreased by 23 in 2018 to USD 625 billion Figure 2 FDI. inflows to the OECD area accounted for 48 of global FDI inflows down from 53 in 2017 and 64. in 2016 but comparable to the average 47 recorded between 2012 and 2014 The decrease was. mostly driven by large disinvestments in Ireland and Switzerland and less investment in the United. Kingdom the United States and Germany Figure 3 The disinvestments in Ireland and Switzerland. can probably be attributed to US parent companies repatriating past earnings held by affiliates in these. countries Thirteen other OECD countries also recorded decreased inflows In contrast FDI flows. increased in Spain Belgium Australia the Netherlands excluding resident SPEs and Canada. FDI flows into EU countries decreased by 20 due to the large disinvestments in Ireland and. Switzerland FDI flows into EU countries accounted for 22 of global inflows comparable to 2017. Figure 2 FDI inflows of selected areas 2005 2018 USD billion. 2005 2018 2018 2017,World OECD G20 EU Inflows OECD 381.
2 500 1301,in SPEs Total World,Luxembourg 309 170,2 000 625 1554. Netherlands 286,EU 625 815,Outflows OECD 350,1 000 955 451. from SPEs G20 309971,Luxembourg 170,G20 OECD 636 227. 0 Netherlands,G20 non OECD, Source OECD International Direct Investment Statistics database. FDI inflows to the G20 as a whole decreased by 2 While FDI flows to OECD G20 economies. decreased by 7 FDI inflows to non OECD G20 economies increased by 8 The increased inflows. went largely to China and India with Russia and Brazil recording decreased inflows. In 2018 the major FDI recipients worldwide were the United States followed by China the Netherlands. excluding resident SPEs the United Kingdom and Brazil 3. Figure 3 FDI inflows of selected countries 2017 2018 USD billion. Top 10 major FDI recipients in 20183 Other selected countries see notes. Inflows OECD 381,270 292 in SPEs,203166 Luxembourg 309 170.
7058 64 61,58 46 56Netherlands,50 44 40 40 286 33,8 42 625 25 5 12 13 26 39. Outflows OECD 1 6,from SPEs 6 20,Luxembourg 309 66. Netherlands 227, Notes Other selected countries recorded increases or decreases of more than USD 10 billion in their FDI inflows between 2017. and 2018 Data exclude resident SPEs Asset liability basis 2018 only for Australia and Norway. Source OECD International Direct Investment Statistics database. By region FDI outflows from the OECD area declined by 41 in 2018 Figure 4 to USD 599 billion. their lowest levels since 2005 OECD FDI outflows accounted for 67 of global FDI outflows in 2018. compared to an average of 73 in 2015 2017 The decrease was largely driven by the United States. usually the major source of FDI worldwide the United States recorded negative outflows for the first. time since 2005 There were also widespread decreases from twenty one other OECD countries and. in particular from the United Kingdom Luxembourg Canada Germany Belgium Japan Korea. Denmark and Austria Figure 5 Partly offsetting were increases from France and the Netherlands as. well as shifts to increases from Switzerland and Ireland from the negative levels recorded in 2017. Figure 4 FDI outflows of selected areas 2005 2018 USD billion. 2005 2018 2018 2017,Inflows OECD 381,World OECD G20 EU. 2 500 in SPEs 894,Total World,Luxembourg 309,2 000 599 227.
Netherlands 286,1 500 357 625 1008,Outflows EU OECD421 451. 1 000 from SPEs 585,Luxembourg 309 1127,Netherlands 227. 0 G20 non OECD, Source OECD International Direct Investment Statistics database. EU outflows decreased by 15 driven by decreases from the United Kingdom Luxembourg and. Germany FDI outflows from the EU accounted for 41 of global FDI outflows. FDI outflows from the G20 decreased by 48 they decreased by 53 from G20 OECD economies. and by 26 from non OECD G20 economies The decrease in the non OECD G20 was largely driven. 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 and from other economies, by China which declined for a second consecutive year and by Brazil In contrast FDI outflows from. Saudi Arabia for the first three quarters of 2018 were higher than for the full year 2017. In 2018 major sources of FDI worldwide were Japan China France Germany and the Netherlands. excluding resident SPEs 3 The United States recorded negative outflows in the first half of 2018 but. returned to its position as the major source of FDI worldwide in the second half of the year. Figure 5 FDI outflows of selected countries 2017 2018 USD billion. Top 10 major FDI investors in 2018 Other selected countries see notes. Inflows OECD 381,160 Luxembourg 309 170,143 138 227.
96 88 118Netherlands,93 80 51 286,58 63 59 28 50 34 625 27 11 24 9. 50 39 36 32 17 35 27,Outflows OECD 7,451 13 1 17 7. from SPEs 309,Luxembourg 1 170 13 4,Netherlands 227. Notes Other selected countries displayed in this chart recorded more than USD 10 billion increases or decreases in their FDI. outflows between 2017 and 2018 Data exclude resident SPEs Asset liability basis 2018 only for Korea Data for Saudi. Arabia is on asset liability basis and data for 2018 corresponds to the first three quarters of 2018. Source OECD International Direct Investment Statistics database. OECD Equity Capital FDI flows, Financial flows consist of three components equity capital reinvestment of earnings and intracompany. debt 4 Equity capital is of interest because it drives much of the volatility in FDI flows figure 6 and. because it is often associated with new investments such as greenfield or M As 5. In 2018 FDI equity inflows dropped by 28 and represented 0 6 of OECD GDP compared to 0 8. in 2017 The drop was due to decreases in Ireland the United Kingdom and Switzerland There were. equity disinvestments in Ireland and Switzerland for the second consecutive year and FDI equity flows. in the United Kingdom were halved as compared to 2017 figure 7 Nevertheless the United Kingdom. remained among the major OECD recipients of FDI equity flows in 2018 after the United States and. France In contrast equity flows increased in Canada Italy and France. FDI equity outflows from the OECD increased by 20 driven by increases from Germany France. the United States Italy and Belgium Declines in negative equity outflows from Ireland and Switzerland. also contributed In contrast FDI equity outflows dropped from the United Kingdom Canada Japan. Austria and Sweden Overall major OECD sources of outward FDI equity flows in 2018 were Germany. France the United States Japan Korea and the United Kingdom. Figure 6 OECD FDI flows by instruments 2005 2018, FDI inflows as a share of GDP FDI outflows as a share of GDP.
See notes on page 12 for a description of each component of FDI flows 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. Reinvested earnings which correspond to undistributed branch earnings will be analysed in more detail in Section 4 Recent. trends in FDI income Intra company debt flows which are very volatile and difficult to interpret will not be analysed. Notes p preliminary estimates OECD FDI equity reinvestment of earnings and debt flows are estimated using FDI instruments. reported by OECD countries on directional basis or asset liability basis in accordance with FDI flows shown in Table 1 For. countries that did not report FDI aggregates by instrument on directional basis they were estimated using equity and reinvestment. of earnings reported on asset liability For countries who did not report FDI instruments to the OECD instruments were estimated. using data on instruments available from the IMF BOP database or by using instrument shares observed in non revised data for. historical years Missing instruments for 2018 were estimated by allocating total FDI equally across instruments. Source OECD International Direct Investment statistics database. Figure 7 FDI equity flows of selected OECD countries 2017 2018. Inflows USD billion 665 Outflows USD billion,Inflows OECD 381. Luxembourg 309 Austria,30 Netherlands Belgium,Australia 30 625 12. Outflows OECD Canada 51,Canada 12 Luxembourg 309 France. France 33 Netherlands 227 Germany,Ireland 40 74 19. 16 Italy 2,Italy 3 64,Netherlands 28,84 35 Korea,Switzerland Luxembourg 1.
United Kingdom 80 Sweden,195 Switzerland 1,United States 17. United Kingdom 106,United States 83, Notes Countries displayed in this chart either recorded more than USD 20 billion equity inflows and outflows in 2018 or they. recorded more than USD 10 billion increase or decrease in FDI equity inflows and outflows between 2017 and 2018 Countries. for which equity flows for 2018 were not available could not be displayed Data exclude resident SPEs Asset liability basis. 2018 only for Australia and Korea, Source OECD International Direct Investment Statistics database. FDI in resident special purpose entities SPEs, SPEs have little or no physical presence or employment but provide important services to the MNE in the. form of financing or of holding assets and liabilities MNEs often channel investments through SPEs on. the way to their final destination in another country By excluding FDI to resident SPEs countries have a. better measure of inward FDI that is likely to have a real impact on their economy FDI flows to and from. SPEs are volatile due to the role SPEs play in the internal financing of MNEs Figure 8 shows annual. trends in inflows and outflows to and from SPEs of the 17 OECD countries that reported the information. FDI flows in and from SPEs in 2018 dropped to negative levels in 2018 due to equity disinvestments in. and by SPEs in Luxembourg and the Netherlands the two major hosts of SPEs in the OECD There. were also large equity disinvestments in and from Hungarian SPEs leading to a drop in the share of. SPEs in Hungary s inward position from 63 at the end of 2017 to 45 at the end of 2018. Figure 8 FDI inflows and outflows to and from OECD area SPEs USD billion. 2005 2018 2018 2017, Outflows from SPEs Inflows in SPEs Inflows OECD 381.
in SPEs 669 309,1 200 Luxembourg,1 000 Inflows,800 Luxembourg. Netherlands 309 227 148 286,600 in SPEs,400 Outflows Netherlands. 200 625 451,from SPEs OECD 309,0 Outflows Luxembourg 451. from Luxembourg 309,Netherlands 227 170,600 SPEs 227 286. 800 Netherlands, Notes Includes data for Austria Belgium Chile Denmark Estonia Hungary Iceland Korea Luxembourg the Netherlands.
Norway Poland Portugal Spain Sweden Switzerland and the United Kingdom FDI flows in and from SPEs are not available. for selected countries and years but it was assumed that it would not have a major impact on the overall totals given that data. for Luxembourg and the Netherlands the major SPE hosts are available for the full period 2005 2018. Source OECD International Direct Investment statistics database. 4 Recent trends in FDI income of OECD countries, FDI income data consist of the 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 This section examines trends in income. for OECD countries and provides detail on dividends and reinvested earnings for selected countries 6. Despite concerns about slowing economic growth FDI income for OECD countries continued to rise in. 2018 OECD FDI income payments increased by 17 continuing their rise from 2013 figure 9. They reached 2 of OECD GDP a level comparable to the peak observed in 2007 OECD FDI income. receipts also increased by 10 equal to 2 8 of OECD GDP their highest level since 2005. In 2018 earnings on inward FDI increased by 10 more of these earnings were reinvested than. in 2017 This was largely driven by the United States where earnings increased and more of the. earnings were reinvested Figure 10 Earnings on inward FDI also increased in Ireland Australia and. OECD FDI income and its components are estimated using FDI income and its components reported by OECD countries. See notes to Figure 9 for more detail Interest is not discussed separately since it tends to be a small share of total income. Figure 9 OECD FDI income by components 2005 2018, FDI income payments inward as a share of GDP FDI income receipts outward as a share of GDP. Dividends Reinvested earnings Interests,3 0 2017p 3 0. 1 0 2006 1 0,0 0 1 0 2 0 3 0,Notes p preliminary estimates . 1 FDI IN FIGURES April 2019 Global FDI drops 27 in 2018 following the US tax reform Global FDI flows decreased by 27 in 2018 to USD 1 097 billion largely due to the US tax reform This continues the 2017 trend where FDI flows decreased by 16 Inflows to the OECD area decreased by 23 largely driven by disinvestments from Ireland and

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