Spain and the United States - Real Instituto Elcano

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SPAIN AND THE UNITED STATES
US direct investment in Spain has averaged around 2% of the US’s total
annual investment abroad since 1999 (see Appendix 5). In terms of annual
flows, Spain has ranked between fourth and eighth in the European Union,
always behind the United Kingdom and the Netherlands, but usually ahead of
France. At the world level, Spain ranks lower, generally between 14 th and 20 th
(ahead of China every year except 2001). On a historical cost basis, US
investment in Spain stood at $45.2 billion in 2004, well ahead of US
investment in Italy but much lower than in Ireland according to the US Bureau
of Economic analysis (see Exhibit 2.5). Of the $45.2 billion, $11.3 billion was
in manufacturing ($3.6 billion in chemicals), $22.7 billion in other industries
and $6.4 billion in depository institutions, finance and insurance. The stock of
US direct investment in Spain at the end of 2003 (latest year available)
amounted to 19.8 billion, 16.7% of the total and the third highest after the
United Kingdom and France, according to Spain’s Foreign Investments
Registry (see Exhibit 2.6).
Exhibit 2.5. US Direct Investment Abroad on a Historical Cost Basis
(US$ millions)*