The European Union’s foreign direct investment flows more than doubled last year after a “significant” drop in 2010 as money between the U.S. and the 27-nation bloc surged, the EU’s statistics office said.
The EU invested more money in all major partners except for Russia, where FDI declined by 2 billion euros ($2.5 billion) Luxembourg-based Eurostat said in a statement today. Outflows rose to 370 billion euros in 2011 after falling by more than half to 146 billion euros in 2010, while FDI into the bloc climbed to 225 billion euros from 104 billion euros.
Half of the investments into the EU came from the U.S., which provided 115 billion euros, followed by Switzerland at 34 billion euros. The EU invested 111 billion euros in the U.S., 59 billion euros in the “offshore financial centers” such as Liechtenstein, Gibraltar and Bermuda, 32 billion euros in Switzerland, 28 billion euros in Brazil and 18 billion euros in China, according to Eurostat.
Luxembourg was the largest EU investor and the main recipient last year, with outgoing investments of 110 billion euros and flows into the country of 86 billion euros. The U.K. invested 89 billion euros and received 14 billion euros while Germany invested 34 billion euros and got 11 billion euros.
Eurostat didn’t elaborate about the reasons behind the recovery of FDI.