Third-placed Germany saw its fifth successive decline in projects, registering 832 in 2021, down 1.1% from 841 in 2022. Across Europe, project numbers increased by just 1.4%, from 5,877 in 2021 to 5,962 in 2022 – still 7% below 2019’s pre-pandemic total of 6,412. Meanwhile, France consolidated its position as Europe’s FDI leader, with total projects increasing by 3.0% from 1,222 to 1,259, breaking the European project record for a second consecutive year. Political uncertainty and the ongoing impact of Brexit on trade and investment will likely have played a part in the UK’s performance – but Europe-wide factors, such as high energy prices and high inflation, will have had an impact on the UK’s attractiveness too. ![]() Despite its fall in market share, the UK still led Europe for tech FDI. Tech projects declined by almost a quarter (23.3%), from 305 in 2021 to 234 in 2022, with the UK’s share of Europe’s digital projects falling from 29.2% in 2021 to 19.8% last year as Europe played catch-up to recent UK growth in this sector. The UK’s 15.6% share of all European FDI projects in 2022 was down from 16.9% in 2021 and a peak of 21% in 2015.Ī key factor in the UK’s overall decline in project numbers was a significant fall in digital technology, its leading sector for FDI. ![]() UK project numbers reached their record high in 2017 (1,205 projects). The UK hosted 929 FDI-backed projects in 2022, down 6.4% from 2021 (993) and 4.7% down from the pandemic-affected 2020 (975). France held onto top spot for total project numbers for a fourth consecutive year, although the UK once again ranked highest in Europe for new projects and continued to deliver more total jobs and jobs per project than Germany and France – trends consistent with the UK’s pivot in strategy to focus on value over volume when attracting FDI. ![]() The UK remains second in EY’s annual ranking of European countries by their ability to attract Foreign Direct Investment (FDI) projects, according to the EY 2023 UK Attractiveness Survey, despite activity falling in 2022.
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