FDI facts and figures for 2019

Overall, 2019 was the best year for foreign dollars invested in Canada since 2013. According to Statistics Canada, total foreign direct investment (FDI) in Canada reached $67.2 billion, a 19.3% increase over the previous year.

This section breaks down the results in greater detail, using reported data from Statistics Canada and FDI activity data. Our FDI activity data provided more detailed insights on foreign investment projects, including mergers and acquisitions, using announced FDI projects and M&A deals reported by investors in external sources, such as press releases, compiled by fDiMarkets and Pitchbook.

For more information, consult our methodology section.

2019 at a glance

  • $67.2

    billion invested

    Source: Statistics Canada
    Retrieved: September 10, 2020

  • 353

    FDI projects
    announced

    Source: fDiMarkets
    Retrieved: September 9, 2020

  • 276

    M&A deals
    announced

    Source: Pitchbook
    Retrieved: September 9, 2020

  • 22,600

    jobs forecasted
    (excluding M&As)

    Source: fDiMarkets
    Retrieved: September 9, 2020

  • Text version

    Numbers that highlight foreign direct investment in Canada in 2019. Source: Statistics Canada, fDiMarkets and Pitchbook


Foreign direct investment activity in Canada in 2019


Foreign investment announcements by province in 2019

Source: fDiMarkets, Pitchbook
(retrieved September 9, 2020)
  • Announced projects and deals
  • Announced investment amount
Map of Canada that depicts the number of foreign investment projects and dollars invested in 2019, broken down by province and territory. Source: fDiMarkets, Pitchbook
  • Text version

    Map of Canada that depicts the number of foreign investment projects and dollars invested in 2019, broken down by province and territory. Source: fDiMarkets, Pitchbook

    British Columbia
    118 announced projects and deals, $20.4 billion announced investment amount
    Alberta
    50 announced projects and deals, $4.2 billion announced investment amount
    Saskatchewan
    6 announced projects and deals, $115.9 million announced investment amount
    Manitoba
    7 announced projects and deals, $118.2 million announced investment amount
    Ontario
    277 announced projects and deals, $30.7 billion announced investment amount
    Quebec
    131 announced projects and deals, $6.3 billion announced investment amount
    New Brunswick
    3 announced projects and deals, $250.3 million announced investment amount
    Nova Scotia
    11 announced projects and deals, $529.9 million announced investment amount
    Prince Edward Island
    1 announced projects and deals
    Location not specified
    25 announced projects and deals, $1.1 billion announced investment amount
    Grand total
    629 announced projects and deals, $68.3 billion announced investment amount

    Provinces and territories

    Announced projects and deals

    Announced investment amount

    British Columbia

    118

    $20.4 billion

    Alberta

    50

    $4.2 billion

    Saskatchewan

    6

    $115.9 million

    Manitoba

    7

    $188.2 million

    Ontario

    277

    $30.7 billion

    Quebec

    131

    $6.3 billion

    New Brunswick

    3

    $250.3 million

    Nova Scotia

    11

    $529.9 million

    Prince Edward Island

    1

    Not available

    Newfoundland and Labrador

    Not available

    Not available

    Yukon

    Not available

    Not available

    Northwest Territories

    Not available

    Not available

    Nunavut

    Not available

    Not available

    Location not specified

    25

    $1.1 billion

    Grand total

    629

    $63.8 billion

Note: The 629 announced projects and deals consisted of 353 announced FDI projects and 276 announced M&A deals.

  • 629

    Total announced
    projects and deals

  • $63.8 billion

    Total announced
    investment amount

Promoting growth through reinvestments, mergers and acquisitions, and new investments

Foreign investments in Canada are made up of reinvestments, mergers and acquisitions, and new investments. TD Economics clarifies each of these investment types even further:

  • Reinvestments represent new investments by global investors who have already settled here and continue to choose Canada for new projects and investments.

  • Through mergers and acquisitions, global investors purchase or partner with Canadian companies to help them survive and grow.

  • New investments include new operations and/or expansion of global firms’ operations, but also include financial transactions such as loans between foreign headquarters and their Canadian affiliates.

Foreign investment
breakdown by type

Source: Statistics Canada
(retrieved September 10, 2020)
Category 2019 breakdown 10-year average
breakdown
Reinvestments 42% $28.2 billion 40.4%
Mergers and acquisitions 31.2% $21 billion 30.9%
New investments 26.8% $18 billion 28.7%

Reinvestments
2019 breakdown: 42%, $28.2 billion
10-year average breakdown: 30.9%

Mergers and acquisitions
2019 breakdown: 31.2%, $21 billion
10-year average breakdown: 30.9%

New investments
2019 breakdown: 26.8%, $18 billion
10-year average breakdown: 28.7%

  • Text version

    Table that depicts foreign direct investment in Canada by type in 2019, as well as the 10-year average breakdown. Source: Statistics Canada

Foreign direct investment by industry

Foreign investment inflows across all industries grew significantly in 2019. Energy and mining made a far larger contribution to foreign investment compared to previous years, exceeding its 10-year average contribution to foreign investment inflows.

Foreign investment in Canada by industry 2019

Source: Statistics Canada,
(retrieved September 10, 2020)
Chart that depicts the dollar value and percentage of foreign investments made in Canada by industry. Source: Statistics Canada.<br><br>Energy and mining: 28.9% and $19.4 billion<br> Manufacturing: 27.2% and $18.2 billion<br> Management of companies and enterprises: 14% and $9.4 billion<br> Finance and insurance: 13.6% and $9.1 billion<br> Trade and transportation: 3.9% and $2.6 billion<br> Other: 12.4% and $8.3 billion
  • Text version

    Chart that depicts the dollar value and percentage of foreign investments made in Canada by industry. Source: Statistics Canada.

    Energy and mining: 28.9% and $19.4 billion
    Manufacturing: 27.2% and $18.2 billion
    Management of companies and enterprises: 14% and $9.4 billion
    Finance and insurance: 13.6% and $9.1 billion
    Trade and transportation: 3.9% and $2.6 billion
    Other: 12.4% and $8.3 billion


10-year average historical growth by industry

Source: Statistics Canada,
(retrieved September 10, 2020)
Industry Annual average growth
Text version
  • Text version

    Chart that depicts the annual average growth rate of Canadian industries from 2009 to 2019. Source: Statistics Canada

    Energy and mining, 58%
    Finance and insurance, 750.5%
    Management of companies and enterprises, 478.3%
    Manufacturing, 86.2%
    Trade and transportation, 120.8%
    Other industries, 48.7%

    Industry

    Annual average growth

    Energy and mining

    58%

    Finance and insurance

    750.5%

    Management of companies and enterprises

    478.3%

    Manufacturing

    86.2%

    Trade and transportation

    120.8%

    Other industries

    48.7%

Canadian foreign investment results 2019

  • 2.9% of Canada’s GDP
  • 1.5% OECD average
  • 1.2% G7 average
Source: UNCTADStat (retrieved September 14, 2020)

FDI inflows per capita (US$)

Source: UNCTADStat
(retrieved September 14, 2020)
Chart that depicts Canada's foreign direct investment inflows in 2019 compared to OECD and other G7 countries. Source: UNCTADStat<br><br> OECD, 629.8<br> United States of America, 741.4<br> United Kingdom, 872.4<br> Japan, 114.7<br> Italy, 438.8<br> Germany, 435.3<br> France, 504<br> Canada, 1345.4<br>
Country 2019 FDI Inflows per Capita (US$)
  • Text version

    Chart that depicts Canada's foreign direct investment inflows in 2019 compared to OECD and other G7 countries. Source: UNCTADStat

    OECD, 629.8
    United States of America, 741.4
    United Kingdom, 872.4
    Japan, 114.7
    Italy, 438.8
    Germany, 435.3
    France, 504
    Canada, 1345.4

  • In 2019, Canada was the largest recipient of FDI inflows per capita among the G7 and the OECD.

Aggregate FDI stock per GDP

Source: UNCTADStat
(retrieved September 14, 2020)
Chart that depicts Canada's foreign direct investment stock to GDP ratio, with comparisons to other G7 countries. Source: UNCTADStat<br><br> Canada, 59.8%<br> France, 32.1%<br> Germany, 25%<br> Italy, 22.3%<br> Japan, 4.4%<br> United Kingdom, 73.6%<br> United States of America, 43.9%<br>
FDI Stock-GDP Ratio Country
  • Text version

    Chart that depicts Canada's foreign direct investment stock to GDP ratio, with comparisons to other G7 countries. Source: UNCTADStat

    Canada, 59.8%
    France, 32.1%
    Germany, 25%
    Italy, 22.3%
    Japan, 4.4%
    United Kingdom, 73.6%
    United States of America, 43.9%

  • For each dollar of GDP that is generated in the Canadian economy, Canada attracts nearly US$0.60 of FDI, second in the G7.

Investment in Canada by source country 2019 - Number of projects and deals

Source: fDiMarkets, Pitchbook
(retrieved September 9, 2020)
  • United States

    346

    United States

  • United Kingdom

    51

    United Kingdom

  • Germany

    33

    Germany

  • France

    28

    France

  • Switzerland

    21

    Switzerland

  • Japan

    19

    Japan

  • Australia

    14

    Australia

  • Sweden

    12

    Sweden

  • India

    10

    India

  • Ireland

    9

    Ireland

  • Netherlands

    9

    Netherlands

  • All other countries

    77

    All other countries

  • Text version

    Chart that depicts foreign direct investment in Canada by source country in 2019. Source: Statistics Canada

10 years of investment in Canada

According to Statistics Canada, foreign investment in Canada is growing at a quicker pace than in previous years. In 2019, foreign investment in Canada exceeded our 10-year average growth rate.

  • 14% 10-year average foreign investment growth
  • 19.3% growth in 2018–2019

Total value of foreign investment in Canada, 2010–2019

Source: Statistics Canada
(retrieved September 10, 2020)
  • $51 billion 2010-2019 average
Value of foreign investment in Canada (billion $) Year
Chart that depicts the total value of foreign investment in Canada from 2010‒2019, broken down by year, as well as the 10-year average. Source: Statistics Canada
  • Text version

    Chart that depicts the total value of foreign investment in Canada from 2010‒2019, broken down by year, as well as the 10-year average. Source: Statistics Canada

    Total value of foreign investment in Canada, 2010–2019
    • 2010: $29.3 billion
    • 2011: $39.3 billion
    • 2012: $43.1 billion
    • 2013: $71.5 billion
    • 2014: $65.2 billion
    • 2015: $56.1 billion
    • 2016: $47.8 billion
    • 2017: $34.4 billion
    • 2018: $56.3 billion
    • 2019: $67.2 billion
    • 2010–2019 average: $51 billion

Canada’s 10-year
FDI growth rate

Source: UNCTADStat
(retrieved June–August 2020)
  • Canada
  • OECD average
Percentage (%) Year
Chart that compares the growth of Canada's foreign direct investments to the OECD average, broken down by year, as well as the ten-year average. Source: UNCTADStat
  • Text version

    Chart that compares the growth of Canada's foreign direct investments to the OECD average, broken down by year, as well as the ten-year average. Source: UNCTADStat

    2009-2010
    Canada: 25.1%
    OECD average: 6.2%
    2010-2011
    Canada: 39.7%
    OECD average: 21.2%
    2011-2012
    Canada: 8.7%
    OECD average: -14.4%
    2012-2013
    Canada: 60.9%
    OECD average: 2.3%
    2013-2014
    Canada: -14.9%
    OECD average: -11.8%
    2014-2015
    Canada: -25.7%
    OECD average: 93.6%
    2015-2016
    Canada: -17.7%
    OECD average: -0.4%
    2016-2017
    Canada: 26.4%
    OECD average: -24.3%
    2017-2018
    Canada: 63.9%
    OECD average: 18.6%
    2018-2019
    Canada: 15.8%
    OECD average: 2.2%
    10-year average
    Canada: 12.9%
    OECD average: 2.6%

    Year

    Canada

    OECD average

    2009–2010

    25.1%

    6.2%

    2010–2011

    39.7%

    21.2%

    2011–2012

    8.7%

    -14.4%

    2012–2013

    60.9%

    2.3%

    2013–2014

    -14.9%

    -11.8%

    2014–2015

    -25.7%

    93.6%

    2015–2016

    -17.7%

    -0.4%

    2016–2017

    -26.4%

    -24.3%

    2017–2018

    63.9%

    18.6%

    2018–2019

    15.8%

    2.2%

    10-year average (2009–2019)

    12.9%

    2.6%

Methodology

The data story on foreign direct investment (FDI) for 2019 includes two components:

  • Actual FDI: Facts and figures of global investment in Canada on actual foreign direct investment that has flowed into Canada, produced by Statistics Canada

  • FDI activity: Information on announced and potential future FDI opportunities sourced from fDiMarkets (FDI projects) and Pitchbook (M&A deals)

Data for foreign investments and projected foreign investment opportunities is organized by calendar year. Furthermore, all dollar figures provided are in Canadian dollars (CAD), converted using the Bank of Canada's annualized exchange rates if not initially in CAD, unless otherwise noted.

Context

Statistics Canada’s balance of payments data for FDI flows provide actual FDI data for Canada (foreign funds that have been confirmed to have flowed into Canada). However, these numbers do not provide information on a company or provincial level.

To address this limitation, fDiMarkets and Pitchbook tools were used to provide more detailed insights on FDI activity in Canada. These tools compile foreign investment announcements, including more information on global companies announcing their intentions to invest in Canada, and the provincial destinations of these foreign direct investment announcements. fDiMarkets provides a database of announced FDI projects (cross-border investments to set up a new physical operation or expand an existing investment), while Pitchbook provides information on announced cross-border mergers and acquisitions (M&A deals).

Actual FDI

Data on foreign investments from Statistics Canada for Invest in Canada’s fiscal year was retrieved on September 10, 2020 from the following three tables, which are updated quarterly:

There are certain limitations to this data. For instance, provincial breakdowns of FDI flows do not exist across the three tables, and the industries table only features six industry categories.

Notably, there are key data limitations in the source countries table. Because information is presented on an immediate investor basis, country figures include foreign investments that occur through intermediary, or flow-through, countries. As “FDI flows capture the last country the investment was in before entering Canada,” this FDI measure does not present a full picture of which countries ultimately control the investments into Canada.

FDI statistics on an ultimate investor country (UIC) basis exist for FDI stock, or the total accumulated value of FDI during a given period of time, but not for FDI flows. Statistics Canada’s presentation of 2018 FDI stock on a UIC basis presents the source countries that have directly invested into Canada and therefore ultimately own the investments going into Canada as of the end of 2018, which is the latest data available. As of the end of 2018, the top five source countries for FDI stock were:

  • U.S. (52.3%)
  • U.K. (5.4%)
  • Japan (4.9%)
  • Switzerland (3.5%)
  • Germany (3%)

Therefore, due to the limitations in Statistics Canada’s presentation of FDI flows data by source country, FDI activity data (see below) was used instead in the source country analysis for 2019. Announced projects and M&A deals were broken down by their source country and number of projects and deals.

FDI activity

FDI activity data for 2019, which represents announcements from global companies investing in Canada, was retrieved on September 9, 2020. This data is composed of two parts:

  • FDI projects, which are announced cross-border investments to set up a new physical operation or expand an existing investment
  • Announced cross-border M&A deals

FDI projects data is sourced from fDiMarkets and M&A deals data is sourced from Pitchbook. The original source for the majority of the FDI projects and M&A deals, amalgamated by both tools, are company press releases.

This data is further segmented by source country and destination province or territory (including an urban and rural breakdown), project or deal category, and industry. The data provides details on projected investment amounts to varying degrees, depending on whether the FDI announcement is for an FDI project or an M&A deal. Specifically, for announced FDI projects, fDiMarkets provides projected investment amounts, referred to as capital expenditures (CAPEX). For announced M&A deals, investment amounts are provided when they are disclosed publicly by the acquiring company.

One key limitation of this data is that projected FDI opportunities come from external announcements, which are not necessarily confirmed projects and deals. An announced FDI project could take several years to materialize into a confirmed FDI project, assuming it moves forward. Similarly, an announced M&A deal may take a few years to materialize and the investment announcement may be split over different reporting periods.

This data is intended to provide a pipeline of potential and future opportunities of global investment in Canada from province to province, rather than a complete picture of job and dollar amounts.

Footnotes

Footnote 1

In Statistics Canada’s balance of payments data for FDI flows, this is referred to as “Other flows.” Return to footnote 1 referrer↩

Return to footnote 1 referrer

Footnote 2

UNCTAD FDI Stock data at market value, measured in US$. Return to footnote 2 referrer↩

Return to footnote 2 referrer

Footnote 3 Footnote 4 Footnote 5 Footnote 6 Footnote 7

fDiMarkets’ FDI projects data does not include M&A and other equity investments. Return to footnote 7 referrer↩

Return to footnote 7 referrer

Footnote 8

In our FDI activity data, IIC classifies a destination (i.e. city, town or community) as rural if its population is less than 20,000 people. Otherwise, the community is considered urban. Return to footnote 8 referrer↩

Return to footnote 8 referrer

Footnote 9

Within the fDiMarkets database, estimates are typically provided when jobs created figures and investment amounts are not initially provided in the external announcements. Out of 353 FDI projects on fDiMarkets, only 19 projects provided an investment amount in the original media announcement. The remaining projects’ investment amounts were estimates based on fDiMarkets’ algorithm. Return to footnote 9 referrer↩

Return to footnote 9 referrer

Footnote 10

From the total announced M&A deals for 2019, investment amounts (i.e. disclosed deal size) were only provided in 102 out of a total 276 M&A deals on Pitchbook. Return to footnote 10 referrer↩

Return to footnote 10 referrer