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Prepared by Yuan Xiao.
France, Greece, Italy, Portugal, and Spain (southern euro area five, or SEA-5, henceforth).
Since FDI flows are extremely volatile, the FDI shares in Figure IX.3 are computed by first estimating a linear trend for each category over the sample period. Greece is excluded due to the short sample (2001–04).
However, the high-tech FDI in France could have been rising as France received FDI inflows in the aircraft industry in recent years. But the missing data for earlier years prevent this category to be included in Figure IX.3.
The caveat here is that high productivity firms could increase market shares in slower growing markets.