REGIONAL COOPERATION AND ECONOMIC INTEGRATION

PART V:
Figure 3: EU FDI outward flows to EU - candidate countries per capita
for 2003-2007 (in EUR)
1200,00
1000,00
1.065,91
800,00
600,00
400,00
200,00
0,00
358,78
348,65
215,85
134,46
254,05
144,73
177,46
16,68
61,79
67,82
124,98
21,07 16,27
20,03
2003 2004 2005 2006 2007
Macedonia
Croatia
Turkey
Source: Eurostat , Pocketbook on candidate and potential candidate countries 2009 edition,
p. 6-7 and NBRM
Concerning the EU FDI stocks in the three EU candidate countries, EU FDI outward stocks
in those three countries, although low in absolute values, have shown steady growth during
the period 2000 to 2007 (see Figure 4).
Figure 4: EU FDI outward stocks in the EU - candidate countries and
their annual growth rate, 1999-2007 (in million EUR)
55000
50000
139.87%
45000
40000
35000
142.03%
30000
25000
20000
15000
10000
5000
0
169.37%
139.87%
119.61%
143.57%
135.69%
126.90%
141.18% -87.77%
142.46%
129.54% 109.29%
145.24%
-34.79% 140.89%
251.89% 124.34% 126.20% 110.50% 261.77% 109.65% 121.85% 127.24%
1999 2000 2001 2002 2003 2004 2005 2006 2007
Macedonia Cro atia Turkey
278
Source: Eurostat, Statistics in focus 68/2008 and NBRM and author’s own calculations
EU FDI outward stocks held in Macedonia increased nineteen times during the period 1999
to 2007, from 106 million EUR in 1999 to reaching 2,06 billion EUR in 2007.
In the same period EU FDI outward stocks in Croatia expanded from 2,8 billion EUR in
2001 to 16,4 billion EUR in 2007. The period 2005-2007 saw the biggest growth since
Croatia started negotiations with the EU (i.e. 201% from 2005 to 2007).
Turkey recorded also a substantial increase in the level of EU FDI outward stocks from 1999
to 2007. In the period 1999-2001, EU-15 FDI outward stocks in Turkey almost doubled. In
2001, direct investors from the EU-25 held EUR 10.2 bn worth of FDI outward stocks in
Turkey. After falling by 17% in 2002, EU-27 FDI stocks to Turkey increased considerably
(by four times) over the period 2003-2007, peaking at EUR 48 bn in 2007.
Concerning the EU FDI outward stocks per capita, a big difference can be observed among
the EU candidate countries. In the period 1999-2007 Croatia has by far been the major
recipient of FDI outward stocks per capita among the three EU candidate countries with
EUR 562.03 in 1999 and EUR 3739.32 in 2007 (three to more than five times higher than in
Macedonia and Turkey, respectively). In the same period the EU FDI stocks per capita held
in Macedonia varied between EUR 52.74 in 1999 to EUR 1030.00 in 2007. The smallest FDI