Foreign investment in production assets1 in Catalonia was 1,959.2 M € in the first half of 20152, which represents an inter-annual increase of 280.3%, the highest value3 in this period of the data series since it began in 1993. This sharp increase in FDI into Catalonia is also seen in a more moderate fashion across the whole of Spain, where this indicator recorded an increase of 73.4% over the same period in 2014.

1. Report on
Foreign Investment in
Catalonia and Catalan
Investments Abroad
1st semester, 2015
Barcelona, November, 2015

2. Report on Foreign Investment in Catalonia and Catalan Investments Abroad. 1
st
semester, 2015 2
REPORT ON FOREIGN INVESTMENT IN CATALONIA AND
CATALAN INVESTMENTS ABROAD. 1ST SEMESTER,
2015
FOREIGN INVESTMENT IN CATALONIA
Foreign investment in production assets1 in Catalonia was 1,959.2 M € in the first half
of 20152, which represents an inter-annual increase of 280.3%, the highest value3 in
this period of the data series since it began in 1993. This sharp increase in FDI into
Catalonia is also seen in a more moderate fashion across the whole of Spain, where this
indicator recorded an increase of 73.4% over the same period in 2014.
*Inv. Gross without holding companies (M Euros)
Source: Department of Employment , Business and Tourism Studies at Barcelona City Council from Datainvex,
Ministry of Economy and Competitiveness.
__________________________
1
Investment is considered productive when it is not from a holding company, which are companies
established in Spain, and whose objective is to hold shares in foreign companies. The operations of
these types of companies basically mean a transfer within the same corporate group. The existence
of holding companies is for tax optimization strategies within the same group.
2
Note that the statistics on foreign investment are generated gradually over the year and these are
calculated as new projects come into being, meaning quarterly figures may change. Therefore, the
statistics included in this report -in particular for the second quarter- are provisional.
3
In nominal terms.
1.100,8
1.562,7
1.230,9
668,8
698,5
1.000,2
1.003,0
1.100,0
1.104,8
599,4
848,7
1.408,0
1.157,0
1.253,0
515,2
1.959,2
0
500
1.000
1.500
2.000
2.500
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Foreign investment in productive assets*
in Catalonia
I sem. 2000 - I sem. 2015 (M€)

3. Report on Foreign Investment in Catalonia and Catalan Investments Abroad. 1
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semester, 2015 3
Foreign investment in holding companies fell in Catalonia (- 43.6%) and Spain (-2.5%).
Overall, the total gross foreign investment in Catalonia rose by 226.2% in inter-annual
terms, a higher rate than in Spain, which was also favourable (65.0%).
FOREIGN INVESTMENT IN CATALONIA
I SEM. 2014 I SEM. 2015 Variation
2015/14
(%)
Weight Cat/Spain
Million
Euros
Million
Euros
I SEM. 2015
TOTAL GROSS INVESTMENT 618,4 2.017,4 226,2 22,1%
-Inv. Gross without holding
companies 515,2 1.959,2 280,3 23,0%
-Inv. Gross in holding companies 103,2 58,2 -43,6 9,8%
Source: Department of Employment , Business and Tourism Studies at Barcelona City Council from Datainvex, Ministry of
Economy and Competitiveness.
FOREIGN INVESTMENT IN SPAIN
I SEM. 2014 I SEM. 2015 Variation
2015/14
(%)Million Euros Million Euros
TOTAL GROSS INVESTMENT 5.532,7 9.129,6 65,01
-Inv. Gross without holding companies 4.921,3 8.533,4 73,40
-Inv. Gross in holding companies 611,4 596,2 -2,48
Source: Department of Employment , Business and Tourism Studies at Barcelona City Council from Datainvex, Ministry of
Economy and Competitiveness.
According to these results, the first half of 2015 saw gross foreign investment in productive
assets in Catalonia standing at 23% of the total carried out in Spain, 12.5 percentage
points above last year’s level for the same period (10.5%), which is the highest level
reached since the first half of 2007. In the case of total gross investment, the relative weight
of Catalonia stood at 22.1%.
FDI BY ORIGIN
The first half of 2015 saw the European Union countries again generating the bulk of FDI in
production assets in Catalonia (65.1% of the total, 1,276 million Euros), and this amount is
still way above that generated by Latin America, which accounts for 13.5% of the total,
while the rest of Europe and Asia and Oceania each account for around 8%, and North
America represents 4.5%.
Compared to 2014, the levels of investment from all the main geographical areas rose with
the exception of the rest of America4
(-56.7%). Note that there was a significant increase in

4. Report on Foreign Investment in Catalonia and Catalan Investments Abroad. 1
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semester, 2015 4
investment from Latin America, non EU European countries, Asia and Oceania (inter-
annual changes of + 3,774.7%, 490.7% and + 389.7%, respectively) which helped reduce
the weighting of EU investments in the total amount of FDI into Catalonia by 11.4
percentage points compared to the first half of 2014.
*Gross investment without holding companies
Source: Department of Employment , Business and Tourism Studies at Barcelona City Council from Datainvex, Ministry of
Economy and Competitiveness.
By last country of origin, investment into Catalonia mainly came from Luxemburg (18.7% of
the total), Germany (14.8%) and Mexico (9.9%). As well, we can see there are countries
where this indicator increased by more than its volume in absolute terms, while it is worth
highlighting the percentage increases in FDI from countries like the United Arab Emirates,
Brazil, the United Kingdom and especially Ireland, a country that had not invested in
Catalonia during the first half of 2014. However, there was a significant reduction -in
absolute and percentage terms- of FDI coming from France.
______________________________________
4
The Americas excluding Latin America and North America.
65,1%
8,7%
0,2%
4,5%
7,9%
13,5%
0,2%
European Union (28
countries)
Rest of Europe
Rest of America
North America
Asia and Oceania
Foreign Investment in Catalonia* by last region (% s/total), I
sem. 2015

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FOREIGN INVESTMENT IN PRODUCTIVE ASSETS INTO CATALONIA
BY LAST COUNTRY. I SEMESTER 2015
Million Euros I SEM. 15 % s/ total
Inter-annual variation
Absolute %
Luxembourg 365,4 18,7 255,8 233,3
Germany 290,2 14,8 209,4 259,0
Mexico 193,6 9,9 190,9 7.190,7
Ireland 178,6 9,1 178,4 67.303,0
United Kingdom 177,5 9,1 171,2 2.720,0
Netherlands 135,3 6,9 106,2 364,2
Switzerland 117,6 6,0 109,0 1.265,6
UAE 111,7 5,7 111,3 26.119,2
United States 87,9 4,5 40,8 86,4
Brazil 52,7 2,7 52,3 13.876,6
France 38,5 2,0 -32,4 -45,7
Malta 38,3 2,0 38,3 -
Norway 24,7 1,3 24,5 9.586,3
Japan 20,5 1,0 18,5 933,5
Andorra 18,6 0,9 7,7 71,1
other 107,9 5,5 -37,8 -26,0
TOTAL 1.959,2 100,0 1.444,0 280,3
Source: Department of Employment , Business and Tourism Studies at Barcelona City Council from Datainvex, Ministry of
Economy and Competitiveness.
FDI BY ECONOMIC SECTOR
As regards makeup by sector, productive assets foreign investment in Catalonia during the
first half of 2015 was particularly strong in the construction sector, which accounts for about
26.6% of the total volume and amounted to 520.7 million Euros, followed by manufacturing
(18.1%), wholesale and retail (14.1%), real estate activities (13.2%) and transportation and
warehousing (9.3%). The largest relative increases compared to the previous year came
from transport and warehousing, real estate activities, construction, financial activities and
insurance and manufacturing industries; in absolute terms there were particularly big
increases in construction and manufacturing industries (of 468.5 and 263.2 M €,
respectively)

6. Report on Foreign Investment in Catalonia and Catalan Investments Abroad. 1
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FOREIGN INVESTMENT IN PRODUCTIVE ASSETS INTO CATALONIA BY
ECONOMIC SECTORS. I SEMESTER 2015
Million Euros I SEM. 15
%
s/total
Inter-annual variation
Absolute %
Total 1.959,2 100 1.444,0 280,3
Financial and insurance 121,7 6,2 103,8 580,7
Manufacturing industries 354,6 18,1 263,2 288,1
Business Services 50,1 2,6 -1,7 -3,2
Wholesale and retail 276,0 14,1 154,3 126,8
Construction 520,7 26,6 468,5 898,2
Real estate activities 259,4 13,2 244,8 1.682,6
Transport and warehousing 182,8 9,3 179,7 5.854,1
Information and communication 46,7 2,4 -10,0 -17,6
Health and social services 112,4 5,7 62,3 124,6
Hospitality 25,8 1,3 -26,0 -50,2
Water, cleaning and waste 0,1 0,0 0,0 25,0
Agriculture & Livestock 1,5 0,1 -0,1 -8,3
Mining industries 0,0 0,0 0,0 0,0
Arts, entertainment and recreation 1,7 0,1 1,1 156,7
Electricity, gas, steam and air conditioning 0,1 0,0 -0,2 -67,7
Education 5,5 0,3 4,2 301,4
Other services 0,1 0,0 0,1 100,0
Source: Department of Employment , Business and Tourism Studies at Barcelona City Council from Datainvex, Ministry of
Economy and Competitiveness.
Among planned foreign investments, we can highlight the announcement of an alliance
between Renault-Nissan and the German multinational Daimler whereby the Nissan
factory in Zona Franca will be responsible for the assembly of a new pickup truck for
Mercedes.
INTERNATIONAL POSITIONING
In recent years, the Barcelona area has had a solid track record with regard to its
positioning as an attractive region for international investment, as shown by the fact
that the European 2015 Attractiveness Survey Report by Ernst and Young ranked
Barcelona eighth most attractive European city for foreign investment, ahead of cities like
Prague and Madrid.
Moreover, according to information published in FDI Markets (Financial Times), provided by
Acció10, the first half of 2015 saw Catalonia in third place in Europe in terms of the
number of international investment projects carried out, only behind the South East region
of the UK and Ireland. Catalonia also ranked third in terms of the number of jobs created by
these investments, with more than 4,000 workers.

7. Report on Foreign Investment in Catalonia and Catalan Investments Abroad. 1
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In addition, the Global Cities Investment Monitor Report 2015 by KPMG continues to place
Barcelona in the top ten urban areas in the world in terms of attracting foreign investment
projects for the period 2010-14.
CATALAN INVESTMENT ABROAD
Gross Catalan investment abroad -not including holding companies- was 945.7 million
Euros in the first half of 2015, representing a decrease of 3.1% compared to the same
period during the previous year. Gross investment totalled 948.3 million, a reduction of
9.4%, with a sharp decline in investments in holding companies (-96.3%).
CATALAN FOREIGN INVESTMENT ABROAD
I SEM. 14 I SEM. 15 Variation
2014/13(%)
Weight Cat/Esp
I SEM. 2015
Million Euros Million Euros
TOTAL GROSS INVESTMENT 1.046,6 948,3 -9,4 6,3%
-Inv. Gross without holding companies 975,8 945,7 -3,1 6,4%
-Inv. Gross in holding companies 70,8 2,6 -96,3 1,3%
Source: Department of Employment , Business and Tourism Studies at Barcelona City Council from Datainvex, Ministry of
Economy and Competitiveness.
Spanish total gross investment abroad increased sharply during the first half of 2015 (with
an inter-annual variation of + 51.5%) as a result of the strong increase in productive asset
investment (+74.9%) and despite a decrease in investments in holding companies (-
86.4%).
Thanks to this development, gross productive5
asset investment by Catalan companies
overseas accounts for 6.4% of the Spanish total, lower than the same period
in 2014 (11.5%). In the of case of gross total investment, Catalonia's participation stands at
a very similar rate (6.3%).

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SPANISH FOREIGN INVESTMENT ABRAOD
I SEM. 14 I SEM. 15 Variation
2015/14(%)
Million Euros Million Euros
TOTAL GROSS INVESTMENT 9.925,2 15.040,8 51,5
-Inv. Gross without holding companies 8.489,7 14.844,9 74,9
-Inv. Gross in holding companies 1.435,6 195,9 -86,4
Source: Department of Employment , Business and Tourism Studies at Barcelona City Council from Datainvex, Ministry
of Economy and Competitiveness.
The first half of 2015 saw the EU recover its role as the main recipient of Catalan
investment abroad, which in the first half of 2014 had been North America, with 79.4% of
the total. There was a notable increase (+410.6 million) in the volume of productive
investment from companies in Catalonia. This indicator is also growing very significantly in
Africa (502.0%), while it is decreasing significantly in Asia and Oceania, North America and
Latin America.
*Gross investment without holding companies
Source: Department of Employment , Business and Tourism Studies at Barcelona City Council from Datainvex, Ministry of
Economy and Competitiveness.
_______________________
5
without holding companies.
79,5%
0,0% 4,8%
13,9%
0,6% 1,1%
Catalan investment abroad by destination
zone (% / total) and SEM. 15
European Union (28 countries)
Rest of Europe
North America
Latin America
Asia and Oceania
Africa
Rest of America

9. Report on Foreign Investment in Catalonia and Catalan Investments Abroad. 1
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In terms of countries, more than 70% of Catalan investment abroad is concentrated in Italy
(73.5%), while Brazil and the United States together account for 10% of the total.
Source: Department of Employment , Business and Tourism Studies at Barcelona City Council from Datainvex, Ministry of
Economy and Competitiveness.
In terms of economic sectors, during the first six months of 2015 the Information and
Communication sector accounted for nearly 80% of gross Catalan investment abroad.
Also there were significant percentage increases in activities related to the arts,
entertainment and recreation, energy and manufacturing industries electricity, gas, steam
and air conditioning, given a context in which the majority of sectors are reducing the
volume of investments made by companies in Catalonia compared to the first half of 2014.
0,1
0,1
0,1
0,2
0,2
0,5
1,0
2,0
2,3
3,0
3,1
3,5
4,8
5,2
73,5
0 10 20 30 40 50 60 70 80
Singapore
Colombia
Cameroon
Greece
Finland
China
Tunisia
Costa Rica
France
Mexico
Luxembourg
Chile
United States
Brazil
Italy
DESTINATION OF FOREIGN INVESTMENT FROM
CATALONIA
Main destination countries, 1SEM. 15 (% / total)

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CATALAN INVESTMENT ABROAD IN PRODUCTIVE ASSETS
BY ECONOMIC SECTORS. I SEMESTER 2015
(Gross). Million Euros
I SEM. 15 % s/ total
Inter-annual
variation
Absolute %
Total 945,7 100 -30,1 -3,1
Financial and insurance 34,6 3,7 -200,3 -85,3
Construction 0,7 0,1 -32,3 -98,0
Manufacturing industries 80,7 8,5 11,7 17,0
Information and communication 748,9 79,2 643,1 608,0
Wholesale and retail 6,6 0,7 -358,8 -98,2
Real estate activities 50,5 5,3 -18,3 -26,6
Electricity, gas, steam and air conditioning 0,3 0,0 0,0 13,0
Transport and warehousing 1,6 0,2 -60,3 -97,4
Agriculture & Livestock 0,0 0,0 -2,2 -100,0
Business Services 2,9 0,3 -7,0 -70,8
Hospitality 0,3 0,0 -10,1 -96,7
Health and social services 0,0 0,0 0,0 -71,6
Mining 0,0 0,0 0,0 -100,0
Water, sanitation and waste 0,0 0,0 0,0 -
Education 0,0 0,0 0,0 -
Arts, entertainment and recreation 18,7 2,0 4,3 29,5
Other services 0,0 0,0 0,0 -
Source: Department of Employment , Business and Tourism Studies at Barcelona City Council from Datainvex, Ministry of Economy
and Competitiveness.
This data shows that during the first half of 2015, Catalonia was a net importer of capital,
continuing a trend observed in the 2009-2013 period, and after 2014 when Catalan
companies' investments abroad exceeded FDI productive assets received in Catalonia.
Barcelona, November 2015