Overview

• Central bank data show $1.465 billion in reinvested earnings and $510 million in capital contributions were offset by $1.182 billion in net M&A outflows and $182 million in debt repayments.
• Fresh capital contributions fell 26% year on year to about $510 million, with mining contributions dropping 45% to $249 million after last year’s $452 million.
• Manufacturing recorded a net FDI outflow of about $340 million, driven largely by commercial debt repayments in autos and a negative $105 million in reinvested earnings.
• Net M&A outflows were the worst in six years, with reporting linking transactions to departures by multinationals, including four exits in the first half of 2025 after a dozen in 2024.
• The quarter’s result improved from $90 million in Q4 2024 yet ranked as the second-weakest since the pandemic, only above Q2 2020’s negative $23 million.