Newmont's Goldcorp takeover props up Canada's second-quarter FDI inflow
OTTAWA – Canada recorded its largest inflow of foreign direct investment (FDI) in four years, another sign growing global trade tensions haven’t reduced the appetite for the northern nation’s assets.
Direct investment from abroad rose to C$18.7-billion in the second quarter, Statistics Canada reported Thursday from Ottawa. That’s the strongest net inflow of FDI since the beginning of 2015, probably reflecting Newmont Mining’s mega takeover of Goldcorp earlier this year.
Yet, even though the large inflow was driven by one major transaction, there’s evidence foreign investment into Canada has been picking for more than a year, since a dismal performance in 2017 amid an exodus of capital from the nation’s oil patch.
FDI is an important source of capital to Canada because it is a stable source of capital for what have been the economy’s relatively large funding needs over the past decade.
The second quarter actually saw Canada’s economy require less international funding than has been the case recently, owing to an improving trade picture.
Canada’s current account deficit narrowed to C$6.4-billion, the lowest since 2008, the agency said. That was largely the result of stronger goods exports, driven by a rebound in energy shipments.
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