The UK remains second in EY’s annual ranking of European countries for its ability to attract Foreign Direct Investment (FDI) projects and was the only country in the top three to see the number of projects increase year on year. France ranked first in Europe for the fifth year in a row, while Germany followed in third place, according to the EY 2024 UK Attractiveness Survey. The UK hosted 985 FDI projects in 2023, which represented a 6% increase compared to 2022.
Total UK FDI project grows as Europe sees overall decline
Europe as a whole recorded a 4% annual decline, with a total of 5,694 projects registered in 2023. This was the continent’s lowest FDI total since 2020 and was 11% lower than its pre-pandemic level (6,412) and 14% lower than 2017 (6,653). 2017 represented Europe’s highest peak in terms of projects in the last decade.
France was the largest recipient of foreign investment in Europe, registering 1,194 FDI projects in 2023, however, this represented a 5% decrease in total 2022 projects. Germany registered 733 projects in 2023, which represented a decline 12% compared to the previous year.
The UK’s share of all European FDI projects grew to 17.3% in 2023, an increase from the 15.6% seen in 2022. However, the broader trend in UK FDI mirrors that of Europe , registering a lower level of projects in the last four years compared to the previous ones. -pandemic levels. The number of projects in the UK has remained below 1,000 since 2019 and there were 220 fewer projects registered in 2023 than at the high point of the decade in the UK in 2017, when 1,205 projects were registered.
Greater London was one of the main beneficiaries of the growth in investment in technology and financial services throughout 2023, becoming the leading European region in terms of investment. Greater London registered 359 FDI projects in 2023, which represented a 20% increase compared to 2022 and placed the region in a leading position, replacing Île-de-France, which registered 300 projects.
“Foreign direct investment: UK project total rises as Europe falls” was originally created and published by The accountanta brand owned by GlobalData.
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