Canadian direct investment abroad rose 21.8%
At the same time, the level of foreign direct investment in Canada was up 6.8% to $768.5 billion. As a result, Canada's net direct investment position with the rest of the world more than doubled to $236.8 billion in 2015.
The increase in the stock of Canadian direct investment abroad in 2015 largely reflected the impact of a weaker Canadian dollar, which added $115.8 billion to the value of these assets.
The Canadian dollar continued to lose ground against the U.S. dollar (-19%) in 2015 and depreciated against the British pound (-13%) and the euro (-7%).
The growth in the value of foreign direct investment in Canada was more subdued and mainly reflected investment flows over the year.
The United States accounted for almost two-thirds of the increase in Canadian direct investment abroad in 2015, as the investment position in that country rose 31.0% to $448.5 billion. As a result, the United States' share of total Canadian direct investment abroad increased from 41.5% in 2014 to 44.6% in 2015.
Other countries with significant gains in Canadian direct investment abroad during the year included the United Kingdom, up 32.6% to $92.9 billion; Barbados, up 13.6% to $79.9 billion; and the Cayman Islands, up 36.7% to $48.7 billion.
Direct investment in Chile posted the only significant decline, down 27.1% to $15.1 billion.
The United States was the major contributor to the overall growth in the stock of foreign direct investment in Canada in 2015, as that country's investment position rose 10.5% to $387.7 billion.
Other notable gains were recorded for the Netherlands, up 18.7% to $89.1 billion, and Spain, up 362.8% to $10.2 billion.
These increases were moderated by declines in the investment position for Switzerland, down 47.4% to $12.3 billion, and the United Kingdom, down 16.8% to $34.3 billion. ■