FDI in the CEECs Hit Hard by the Global Crisis


Gabor Hunya and Monika Schwarzhappel

wiiw FDI Report No. 2010-05, May 2010
107 pages including 86 Tables

free download


  • The first part of the publication contains an analysis of the latest FDI trends complemented by detailed methodological explanations.
    The analysis highlights the impacts of the recession on FDI in 2009.
  • The second part of the publication contains two sets of tables:
    • Tables I: total flow and stock data, FDI flow by form and FDI income, FDI per capita and other FDI reference parameter (2001-2009)
    • Tables II: detailed FDI data by economic activity and by country (last four years)

The main sources of data are the central banks of the individual Central, East and Southeast European countries.

General Description



After a year of stagnation in 2008, FDI inflows to the CEECs halved in 2009.
The decline in the NMS was even more severe while less so in the SEE countries.
Still, FDI was more resilient to the crisis than other forms of foreign investment.
In 2010 FDI may increase moderately in the region as a whole, with uneven development in the individual countries.
Growing FDI inflows are expected in Poland and Russia, the largest countries in the region where also economic growth is bound to pick up.
Declines are expected in countries with a drawn out recession such as Bulgaria and Romania as well as in several Southeast European countries.
Foreign investors' income earned from FDI in the past is high but declining due to the crisis, and repatriated to a large extent.
The income outflow may surpass the amount of new capital inflow, but this negative direct effect of FDI on the balance of payments can was offset by the foreign trade surplus generated by foreign affiliates.
In 2009 the current accounts of several CEECs turned positive or ran smaller deficits than before which could be financed by FDI to a higher extent than earlier.





Press Release





Related Publication

The CD-ROM version contains:

  • Excel, CSV, HTML data (time series from 1990 onwards)
  • PDF version of the hardcopy
  • Available time series (XLS)

wiiw Database on Foreign Direct Investment 2010 CD-ROM



Reference to wiiw databases: wiiw FDI Database

Keywords: foreign direct investment, balance of payments, income repatriation, statistics, new EU member states, Southeast Europe, CIS

JEL classification: C82, F21, O57, P23

Countries covered: Albania, Belarus, Bosnia and Herzegovina, Bulgaria, Croatia, Czechia, Estonia, Hungary, Latvia, Lithuania, North Macedonia, Moldova, Poland, Romania, Russia, Serbia, Slovakia, Slovenia, Ukraine, Montenegro

Research Areas: International Trade, Competitiveness and FDI