Spain and the United States - Real Instituto Elcano

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THE US PLAYERS IN SPAIN 51 Exhibit 2.6 Total Stock of Foreign Direct Investment in Spain by Ultimate Investing Country The value added of majority-owned US affiliates in Spain represented an average of 1.7% of Spanish GDP annually between 1994 and 2002 (latest data available). 3 This is roughly the same as Italy but well below other large EU economies (see Exhibit 2.7). The share of value added remained virtually unchanged between 1994 and 2002, while in most other countries it increased, most spectacularly in Ireland (from 12.1% to 19.4%) as a result of the huge impact of massive US investment on a tiny economy and, in particular, the increased production of pharmaceuticals. The total sales of non-bank US 3. This and other information based on figures from the US Bureau of Economic Analysis comes from The Impact of US Foreign Direct Investment in Spain, by Gayle Allard and Rafael Pampillón (Elcano Royal Institute, WP 19/2005, see www.realinstitutoelcano.org/documentos/192.asp).
52 SPAIN AND THE UNITED STATES affiliates in Spain amounted to $56.8 billion in 2002, compared with $242.2 billion in Germany, $139.4 billion in France, $87.3 billion in Italy and $86.4 billion in Ireland. Exhibit 2.7. Value Added of Majority-Owned Foreign Affiliates as a Percentage of GDP of Selected Host Countries If the value added of all US companies in Spain’s industrial sector is taken as a percentage of the country’s industrial sector, the figure is much more significant: between 1999 and 2002 US companies represented an average of 8.2% of Spanish value added. Industry accounts for 68% of total American gross added value in Spain (see Exhibit 2.8). Exhibit 2.8. Gross Added Value (GAV) of US Companies in Spain, by Sector*
Page 1 and 2: Spain and the United States The Que
Page 3 and 4: Published by the Real Instituto Elc
Page 5 and 6: ACKNOWLEDGEMENTS This is the third
Page 7 and 8: CONTENTS Preface ..................
Page 9 and 10: PREFACE Once again, our long-time c
Page 11 and 12: CHAPTER 1 OVERVIEW Had it not been
Page 13 and 14: OVERVIEW 13 French of more than two
Page 15 and 16: OVERVIEW 15 committed Protestant, a
Page 17 and 18: OVERVIEW 17 money was used to purch
Page 19 and 20: OVERVIEW 19 Later, the runway at Ro
Page 21 and 22: OVERVIEW 21 a much more balanced re
Page 23 and 24: OVERVIEW 23 The position of the Eis
Page 25 and 26: OVERVIEW 25 The first such school i
Page 27 and 28: OVERVIEW 27 significant proportion.
Page 29 and 30: OVERVIEW 29 3,631 in 2003 (the four
Page 31 and 32: OVERVIEW 31 forces were not happy a
Page 33 and 34: OVERVIEW 33 It is fair to say that,
Page 35 and 36: OVERVIEW 35 sovereign Basque state)
Page 37 and 38: OVERVIEW 37 by those countries for
Page 39 and 40: OVERVIEW 39 was the main instigator
Page 41 and 42: OVERVIEW 41 magnitude needed in a
Page 43 and 44: OVERVIEW 43 The Spanish decision in
Page 45 and 46: OVERVIEW 45 There was a flurry of v
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THE HISPANIC COMMUNITY 103 Exhibit
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APPENDIX 1 CLASSIFICATION OF US COM
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Keith Walking Floor Europe Jeld-Wen
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Valeant Pharmaceuticals Intl. Wyeth
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Packaging Equipment & Materials Alc
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Inc. FedEx Corporation Logfret Inc.
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150 Candela Hermanos Colomer Group
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152 Security & Safety Equipment BTV
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156 APPENDIX 6 FOREIGN DIRECT INVES
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Spain and the United States - Real Instituto Elcano

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