The goal of this study is to understand what these effects are at the country and industry levels. Using the growth of gross domestic product per capita as a proxy, historical data for both FDI inflows and outflows are used to determine what the relationship is between FDI activity and productivity in the United States, the United Kingdom, and Japan. The country-level results suggest that FDI inflows have a negative effect on GDP per capita growth, while FDI outflows exhibit a positive effect. Japan is also seen to react significantly stronger to changes in FDI flows than the other two countries.