08:58 AM EDT, 08/30/2024 (MT Newswires) -- Canada saw a relatively rare net inflow on its foreign direct investment (FDI) account in Q2, noted Bank of Montreal (BMO).

Inflows from foreign investors rose to a sturdy C$38 billion in the quarter, the highest since 2007, driven by heavy takeover activity, said the bank citing data released Thursday.

However, when considered over the past four quarters combined, the

cumulative inflow of just under C$67 billion doesn't stand out, pointed out BMO.

On the flip side, Canadian investment abroad cooled in Q2 to a "mild" C$20 billion. But, again, that's different from the trend over the past

year, which has seen total investments abroad of just over C$101 billion, pointed out the bank.

Netting these two flows leaves a net FDI outflow of C$35 billion in the past four quarters, or just a little more than 1% of gross domestic prodcut (GDP), added BMO.

It may not sound like a lot, but such a sum does represent more than 10% of non-residential business investment, according to the bank.