Spain attracted a total of €28,214 million in foreign investment throughout 2023, with the Community of Madrid emerging as the frontrunner in attracting funds from abroad, securing €15,323 million, which accounts for over 54% of the total. The Canary Islands managed to attract €251 million in foreign investment during the same period, according to the latest data released by the Secretary of State for Trade of the Ministry of Economy, Trade, and Enterprise.
This overall figure for foreign investment in Spain in 2023 marks a decline of 18.5% compared to the previous year. This decline is largely attributed to the underperformance of investment in the second quarter of 2023, during which only €2,300 million were attracted, contrasting sharply with the €10,082 million attracted in the first quarter, €6,282 million in the third quarter, and €9,548 million in the fourth quarter.
Spain’s investment figures in 2023 have drifted away from those of 2022 when gross investment reached €34,178 million, marking the second-highest figure recorded since data collection began in 1993, second only to the historical peak of €55,571 million in 2018.
In terms of regional breakdown, the Community of Madrid led in cumulative investment between January and December, attracting the highest volume of investment with €15,323 million, albeit reflecting a decrease of 12.7% compared to the previous year. Catalonia followed with a total of €4,643 million, experiencing a growth of 17.9% compared to 2022, while Valencia attracted €3,375 million.
Foreign Investment: Sector Distribution and Investor Countries
Looking at specific sectors, the ‘extraction of crude oil and natural gas’ attracted the most foreign investment in 2023, with €3,400 million, followed by ‘wholesale trade and trade intermediaries, except motor vehicles and motorbikes’ with €3,015 million, and ‘telecommunications’ with €2,472 million.
Regarding the countries contributing the most to foreign investment, Luxembourg ranked highest with €10,575 million, followed by the United Kingdom (€3,270 million), Germany (€2,943 million), the Netherlands (€2,287 million), France (€1,929 million), and Mexico (€1,048 million).
