ECONOMY

Greece’s 2007 FDI slumps

BRUSSELS – Direct foreign investment (FDI) in Greece continued its decline in 2007, according to data published by the European Commission yesterday, ranking the country among the laggards in the EU, along with Cyprus, Malta and Slovenia. While FDI totaled 1.4 billion euros, down from 4.3 billion in 2006, Greek enterprises invested about three times that sum abroad. Of the 1.4 billion euros, 1.2 billion came from other European Union member states, and 100 million from the United States. Greek enterprises sent 3.9 billion for investment abroad, of which 1.4 billion went to other EU member states. Of the remainder 2.5 billion euros, 100 million euros was sent to Switzerland, which had contributed an about equal reverse flow the previous year. Foreign direct investments are those made with long-term prospects and usually entail the acquisition of at least 10 percent of voting rights in the enterprise in which the money is invested.