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Investment Climate Statements

Custom Report Excerpts:

Albania, Bosnia and Herzegovina, Croatia, Kosovo, Montenegro, North Macedonia, Serbia, Slovenia

Bureau of Economic and Business Affairs

Albania

13. Foreign Direct Investment and Foreign Portfolio Investment Statistics

Table 2: Key Macroeconomic Data, U.S. FDI in Host Country/Economy 
Host Country Statistical source* USG or international statistical source USG or International Source of Data:  BEA; IMF; Eurostat; UNCTAD, Other
Economic Data Year Amount Year Amount
Host Country Gross Domestic Product (GDP) ($M USD) 2019 $15,279 2019 $15.279 www.worldbank.org/en/country

https://www.imf.org/en/Publications/WEO/weo-database/2021/April
Foreign Direct Investment Host Country Statistical source* USG or international statistical source USG or international Source of data:  BEA; IMF; Eurostat; UNCTAD, Other
U.S. FDI in partner country ($M USD, stock positions) 2018 $82 2018 $35 BEA data available at
https://apps.bea.gov/international/factsheet/
Host country’s FDI in the United States ($M USD, stock positions) 2019 N/A 2019 $0 BEA data available at
https://www.bea.gov/international/
direct-investment-and-multinational-enterprises-comprehensive-data
Total inbound stock of FDI as % host GDP 2019 59.5% 2019 57.6% UNCTAD data available at
https://unctad.org/topic/investment/
world-investment-report 

*Source for Host Country Data: Bank of Albania (http://www.bankofalbania.org/)

Table 3: Sources and Destination of FDI 
Direct Investment from/in Counterpart Economy Data
From Top Five Sources/To Top Five Destinations (US Dollars, Millions)
Inward Direct Investment Outward Direct Investment
Total Inward 8,364 100% Total Outward 680 100%
Switzerland 1,672 20% Kosovo 358 52.6%
The Netherlands 1,358 16.2% Italy 185 27.2%
Canada 1,243 14.9% United States 34 5%
Italy 728 8.7% North Macedonia 34 5%
Bulgaria 599 7.2% Greece 17 2.5%
“0” reflects amounts rounded to +/- USD 500,000.
Table 4: Portfolio Investment
Portfolio Investment Assets
Top Five Partners (Millions, current US Dollars)
Total Equity Securities Total Debt Securities
All Countries $1,388 100% All Countries $43 100% All Countries $1,345 100%
Turkey $243 17% Turkey $18 41.5% Turkey $225 17%
Germany $145 10% Canada $17 40.5% Germany $145 11%
Greece $130 9% Netherlands $8 18% Greece $130 10%
Italy $101 7% N/A France $101 8%
France $83 6% N/A Italy $83 6%

Bosnia and Herzegovina

13. Foreign Direct Investment and Foreign Portfolio Investment Statistics

Table 2: Key Macroeconomic Data, U.S. FDI in Host Country/Economy
Host Country Statistical source USG or international statistical source USG or International Source of Data:  BEA; IMF; Eurostat; UNCTAD, Other
Economic Data Year Amount Year Amount
Host Country Gross Domestic Product (GDP) (USD) 2019 $20.2 billion* 2019 $20.2 billion www.worldbank.org/en/country
Foreign Direct Investment Host Country Statistical source USG or international statistical source USG or international Source of data:  BEA; IMF; Eurostat; UNCTAD, Other
U.S. FDI ($M USD, stock positions)     2020 $250 million (Post estimate) N/A N/A N/A
FDI in the United States ($M USD, stock positions)         N/A N/A N/A N/A N/A
Total inbound stock of FDI as %  GDP ($M USD, stock positions)       N/A N/A N/A N/A N/A

*Source: BiH Statistics Agency

Table 3: Sources of FDI
Direct Investment from/in Counterpart Economy Data
From Top Five Sources/To Top Five Destinations (US Dollars, Millions)
Inward Direct Investment Outward Direct Investment
Total Inward $8,594 100% Total Outward 524 100%
Austria $1,558 18.1% Croatia 130 24.8%
Croatia $1,393 16.2% Germany 97 18.5%
Serbia $1,143 13.3% Montenegro 87 16.6%
Slovenia $620 7.2% Serbia 74 14.1%
Netherlands $469 5.4% Romania 37 7.0%
“0” reflects amounts rounded to +/- USD 500,000.

According to the BiH Central Bank preliminary data for 2020, FDI inflow in Bosnia and Herzegovina decreased by 34% comparing to the same period of 2019 and amounted to USD 299 million. The all-time high for FDI was USD 2.1 billion in 2007.  Most investments in 2014-2020 came from Croatia, Austria, Russia, Serbia, The Netherlands, UAE, and the United Kingdom.

Table 4: Sources of Portfolio Investment
Data not available.

Croatia

13. Foreign Direct Investment and Foreign Portfolio Investment Statistics

Table 2: Key Macroeconomic Data, U.S. FDI in Host Country/Economy
Host Country Statistical source* USG or international statistical source USG or International Source of Data:  BEA; IMF; Eurostat; UNCTAD, Other
Economic Data Year Amount Year Amount
Host Country Gross Domestic Product (GDP) ($M USD) 2020 $58,789 2019 $64,690 www.worldbank.org/en/country
Foreign Direct Investment Host Country Statistical source* USG or international statistical source USG or international Source of data:  BEA; IMF; Eurostat; UNCTAD, Other
U.S. FDI in partner country ($M USD, stock positions) 2020 $120.6 2019 $184 BEA data available at
https://apps.bea.gov/
international/factsheet/
Host country’s FDI in the United States ($M USD, stock positions) 2020 $30.12 2018 $19 BEA data available at
https://www.bea.gov/international/
direct-investment-and-multinational-
enterprises-comprehensive-data
Total inbound stock of FDI as % host GDP 2020 67% 2020 55% UNCTAD data available at
https://unctad.org/webflyer/
world-investment-report-2021

* GDP for 2019  and FDI at www.hnb.hr. Note:  U.S. Bureau of Economic Analysis (BEA) does not have GDP or FDI data available for 2020 at time of publishing. 2018 is the last available date for Host Country FDI in the U.S.

Table 3: Sources and Destination of FDI
Direct Investment from/in Counterpart Economy Data
From Top Five Sources/To Top Five Destinations (US Dollars, Millions)
Inward Direct Investment Outward Direct Investment
Total Inward $39,375 100% Total Outward $$5,546 100%
Austria $5,562 14.12% Bosnia Herzegovina  $1,545 27.8%
The Netherlands  $5,192 13.2% Slovenia $1,232 22.2%
Luxembourg $4,476 11.4% Serbia $1,052 18.9%
Germany $4,159 10.6% Montenegro $315 5.7%
Italy 3,416 10.3% Poland $236 4.2%
“0” reflects amounts rounded to +/- USD 500,000.

*FDI at www.hnb.hr

Table 4: Sources of Portfolio Investment
Data not available.

Kosovo

13. Foreign Direct Investment and Foreign Portfolio Investment Statistics

Table 2: Key Macroeconomic Data, U.S. FDI in Host Country/Economy
  Host Country Statistical source* USG or international statistical source USG or International Source of Data:  BEA; IMF; Eurostat; UNCTAD, Other
Economic Data Year Amount Year Amount  
Host Country Gross Domestic Product (GDP) (USD) 2019 $7.69 billion 2019 $ 8.0 billion https://www.worldbank.org/
en/country/kosovo/overview
Foreign Direct Investment Host Country Statistical source* USG or international statistical source USG or international Source of data:  BEA; IMF; Eurostat; UNCTAD, Other
U.S. FDI in partner country ($M USD, stock positions) 2019 $213 2019 $226  https://data.imf.org/
regular.aspx?key=61227424
Host country’s FDI in the United States ($M USD, stock positions) 2019 17 2019 17  https://data.imf.org/
regular.aspx?key=61227424
Total inbound stock of FDI as % host GDP 2019 56% 2019 55.7% https://data.imf.org/
regular.aspx?key=61227424

* Source for Host Country Data: Central Bank of Kosovo, 2020.  https://bqk-kos.org/

Table 3: Sources and Destination of FDI*
Direct Investment from/in Counterpart Economy Data
From Top Five Sources/To Top Five Destinations (US Dollars, Millions)
Inward Direct Investment Outward Direct Investment
Total Inward 4,459 100% Total Outward 466 100%
Germany 569 13% Albania 136 29%
Switzerland 542 12% Germany 54 12%
Turkey 490 11% Montenegro 31 7%
Austria 264 6% North Macedonia 29 6%
Slovenia 238 5% Switzerland 26 6%
“0” reflects amounts rounded to +/- USD 500,000.

*Data from the CBK is generally consistent with the IMF data.

Table 4: Portfolio Investment
Portfolio Investment Assets
Top Five Partners (Millions, US Dollars)
Total Equity Securities Total Debt Securities
All Countries 2,055 100% All Countries 1,669 100% All Countries 386 100%
Luxembourg 771 38% Luxembourg 724 43% United States 76 20%
Ireland 515 25% Ireland 484 29% Austria 73 19%
France 418 20% France 404 24% Luxembourg 47 12%
United States 133 6% United States 57 3% Germany 32 8%
Austria 73 4% Germany 0.3 0% Ireland 31 8%

Montenegro

13. Foreign Direct Investment and Foreign Portfolio Investment Statistics

Table 2: Key Macroeconomic Data, U.S. FDI in Host Country/Economy 
Host Country Statistical source USG or international statistical source USG or International
Source of Data:  BEA;
IMF; Eurostat; UNCTAD, Other
Economic Data Year Amount Year Amount
Host Country Gross Domestic Product (GDP) (M USD) 2018 USD 5,504 2019 USD 5,543 www.worldbank.org/en/country
Foreign Direct Investment Host Country Statistical source USG or international statistical source USG or International
Source of data:  BEA;
IMF; Eurostat; UNCTAD, Other
U.S. FDI in partner country (M USD, stock positions) 2018 $ 5 million 2019 $5 million BEA data available at
https://apps.bea.gov/
international/factsheet
Host country’s FDI in the United States (M USD, stock positions) 2018 N/A 2019 N/A BEA data available at
http://bea.gov/international/
direct-investment-and-multinational-
enterprises-comprehensive-data
Total inbound stock of FDI as % host GDP 2018 6.1 2019 8.3 UNCTAD data available at
https://stats.unctad.org/
handbook/Economic
Trends/Fdi.html 
Table 3: Sources and Destination of FDI 
Direct Investment from/in Counterpart Economy Data
From Top Five Sources/To Top Five Destinations (US Dollars, Millions)
Inward Direct Investment Outward Direct Investment
Total Inward 5,443 100% Total Outward N/A N/A
Russian Federation 639 11.7%
Italy 324 5.9%
Republic of Serbia 316 5.6
Cyprus 286 5.2%
United Arab Emirates 278 5.1%
“0” reflects amounts rounded to +/- USD  500,000.

Table 4: Sources of Portfolio Investment
Data not available.

North Macedonia

13. Foreign Direct Investment and Foreign Portfolio Investment Statistics

Table 2: Key Macroeconomic Data, U.S. FDI in Host Country/Economy
Host Country Statistical source* USG or international statistical source USG or International Source
of Data: BEA; IMF; Eurostat;
UNCTAD, Other
Economic Data Year Amount Year Amount
Host Country Gross Domestic Product (GDP) ($M USD) 2020 $12,266 2019 $12,547 www.worldbank.org/en/country 
Foreign Direct Investment Host Country Statistical source* USG or international statistical source USG or international Source
of data: BEA; IMF; Eurostat;
UNCTAD, Other
U.S. FDI in partner country ($M USD, stock positions) 2020 $145 2019 $15 BEA data available at
https://apps.bea.gov/
international/factsheet/ 
Host country’s FDI in the United States ($M USD, stock positions) 2019 $0.2 2019 $-1 BEA data available at
https://www.bea.gov/international/
direct-investment-and-
multinational-enterprises-comprehensive-data 
Total inbound stock of FDI as % host GDP 2020 $52 2019 50% UNCTAD data available at https://stats.unctad.org/handbook/
EconomicTrends/Fdi.html 

* Source for Host Country Data: State Statistical Office (SSO) publishes data estimates on GDP; National Bank of the Republic of North Macedonia (NBRNM) publishes data on FDI. Data is publicly available online and is published immediately upon processing with a lag of less than one quarter. End-year data for previous year is usually published in March of current year.

Table 3: Sources and Destination of FDI
Direct Investment from/in Counterpart Economy Data
From Top Five Sources/To Top Five Destinations (US Dollars, Millions)
Inward Direct Investment Outward Direct Investment
Total Inward 6,382 100% Total Outward 68 100%
Austria 864 12.6% Serbia 78 114.7%
United Kingdom 738 11.6% Slovenia 33 48.2%
Greece 580 9.1% Netherlands 32 47.1%
Netherlands 446 7.0% Russia 12 17.6%
Slovenia 445 7.0% Bosnia and Herzegovina 9 13.2%
“0” reflects amounts rounded to +/- USD 500,000.
Table 4: Sources of Portfolio Investment
Portfolio Investment Assets
Top Five Partners (Millions, current US Dollars)
Total Equity Securities Total Debt Securities
All Countries 454 100% All Countries 417 100% All Countries 38 100%
United States 316 69.6% United States 316 75.8% Austria 13 34.2%
Germany 52 11.5% Germany 52 12.4% Turkey 6 15.8%
France 17 3.7% France 17 4.1% Netherlands 3 7.9%
Austria 13 2.9% Switzerland 8 1.9% Spain 3 7.9%
Switzerland 8 1.8% International Organizations 6 1.4% Italy 3 7.9%

The results from the International Monetary Fund (IMF) are consistent with host country data. Sources of portfolio investments are not tax havens.

Serbia

13. Foreign Direct Investment and Foreign Portfolio Investment Statistics

Table 2: Key Macroeconomic Data, U.S. FDI in Host Country/Economy
Host Country Statistical source* USG or international statistical source USG or International
Source of Data:
BEA; IMF; Eurostat;
UNCTAD, Other
Economic Data Year Amount Year Amount
Host Country Gross Domestic Product (GDP) (M USD) 2020 $53,039 2018 $50,597 www.worldbank.org/en/country 
Foreign Direct Investment Host Country Statistical source* USG or international statistical source USG or international
Source of data:
BEA; IMF; Eurostat;
UNCTAD, Other
U.S. FDI in partner country (M USD, stock positions) 2020 $63 2019 $149 BEA data available at
https://apps.bea.gov/
international/factsheet/ 
Host country’s FDI in the United States (M USD, stock positions) 2020 $1.5 2019 $5 BEA data available at
http://bea.gov/international/
direct_investment_
multinational_companies_
comprehensive_data.htm 
Total inbound stock of FDI as % host GDP 2020 5% 2019 7.8% UNCTAD data available at
https://stats.unctad.org/
handbook/Economic
Trends/Fdi.html

*Source of GDP data: Ministry of Finance of the Republic of Serbia at https://www.mfin.gov.rs/wp-content/uploads/2021/01/Tabela-1-Osnovni-makroekonomski-indikatori-2020.xlsx.

*Source of FDI data: National Bank of Serbia (NBS) at https://www.nbs.rs/export/sites/NBS_site/documents/statistika/ino_ekonomski_odnosi/platni_bilans/fdi_po_zemljama_20.xls.

Source for Host Country Data:

NBS data on FDI significantly differ from U.S. data. The NBS calculates FDI according to the country from which the investment arrives, rather than by the ownership of the investing company. Frequently, U.S. investments in Serbia are carried out through subsidiaries of U.S. companies located in another European country. If a U.S. company invests in Serbia through a Dutch subsidiary, for example, the NBS records the investment as coming from the Netherlands rather than from the United States.

Table 3: Sources and Destination of FDI
Direct Investment from/in Counterpart Economy Data
From Top Five Sources/To Top Five Destinations (US Dollars, Millions), 2019
Inward Direct Investment Outward Direct Investment
Total Inward $43,845 100% Total Outward $4,123 100%
The Netherlands $8,183 19% Bosnia and Herzegovina $1,027 25%
Austria $4,574 10% Montenegro $742 18%
Germany $2,919 7% Slovenia $659 16%
Cyprus $2,791 6% Switzerland $244 6%
Russia $2,664 6% Russian Federation $212 5%
“0” reflects amounts rounded to +/- $500,000.

Table 4: Sources of Portfolio Investment

Data not available.

Slovenia

13. Foreign Direct Investment and Foreign Portfolio Investment Statistics

Table 2: Key Macroeconomic Data, U.S. FDI in Host Country/Economy
Host Country Statistical source* USG or international statistical source USG or International Source of Data:  BEA; IMF; Eurostat; UNCTAD, Other
Economic Data Year Amount Year Amount
Host Country Gross Domestic Product (GDP) ($M USD) 2019 $54.152 2019 $54.174 https://data.worldbank.org/country/slovenia
Foreign Direct Investment Host Country Statistical source* USG or international statistical source USG or international Source of data:  BEA; IMF; Eurostat; UNCTAD, Other
U.S. FDI in partner country ($M USD, stock positions) 2019 $206 2019 $286 BEA data available at

https://www.bea.gov/international/di1usdbal 
Host country’s FDI in the United States ($M USD, stock positions) 2019 $61 2019 $5 BEA data available at

https://www.bea.gov/international/di1fdibal 
Total inbound stock of FDI as % host GDP 2019 33% 2019 33% UNCTAD data available at

https://unctadstat.unctad.org/wds/TableViewer/
tableView.aspx   

*Bank of Slovenia; published in November 2020

N.B.: The Bank of Slovenia (BoS), in its official data, lists U.S. FDI at approximately EUR 172 million in 2019, or 1.1 percent of total inward FDI. However, this amount does not reflect significant investments by U.S. firms not listed as U.S. in origin by the BoS, as U.S. funds are often routed through third-country subsidiaries. In 2017, the BoS began reporting FDI according to the ultimate investing country or originating country of capital. It estimated that USD 1.78 billion (EUR 1.48 billion euros) or 9.3 percent of Slovenia’s total FDI originated in the United States in 2019, putting the United States behind Austria, Germany, and Italy as a source of foreign investment in Slovenia.

Table 3: Sources and Destination of FDI
Direct Investment from/in Counterpart Economy Data
From Top Five Sources/To Top Five Destinations (US Dollars, Millions)
Inward Direct Investment Outward Direct Investment
Total Inward 17,931 100% Total Outward 7,132 100%
Austria 4,450 25% Croatia 2,574 36%
Luxembourg 2,342 13% Serbia 1,043 15%
Switzerland 2,051 11% Bosnia-Herzegovina 605 9%
Germany 1,522 8% Russian Federation 509 7%
Italy 1,419 8% North Macedonia 467 6%
“0” reflects amounts rounded to +/- USD 500,000.

Source: IMF’s Coordinated Direct Investment Survey (2019) CDIS Table 1: Direct Investment Positions (Inward and Outward) – IMF Data

Comment: IMF data are consistent with Bank of Slovenia data.

Note: The Bank of Slovenia has made an additional breakdown of inward FDI according to the ultimate source of capital. It shows that Germany, the United States, Japan, the Russian Federation, and Mexico are all much more important investor countries in Slovenia than is suggested by the breakdown by the immediate partner country. The U.S. ranks fourth with 1.48 billion euros (USD 1.78 billion) in 2019.

Table 4: Portfolio Investment
Portfolio Investment Assets
Top Five Partners (Millions, current US Dollars)
Total Equity Securities Total Debt Securities
All Countries 24,911 100% All Countries 6,121 100% All Countries 18,789 100%
United States 2,810 11% United States 1,553 25% France 2,188 12%
France 2,568 10% Ireland 863 14% Netherlands 1,454 8%
Germany 1,743 7% Luxembourg 747 12% Germany 1,382 7%
Netherlands 1,561 6% France 380 6% Spain 1,340 7%
Spain 1,372 6% Germany 361 6% United States 1,257 7%

Source: IMF’s Coordinated Direct Investment Survey   Table 1: Reported Portfolio Investment Assets by Economy of Nonresident Issuer – IMF Data

Investment Climate Statements
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