SHANGHAI, Jan. 21 -- Shanghai Municipality received 18.5 billion U.S. dollars of foreign investment in 2016, up 0.3 percent, official data showed on Saturday.

The figure has risen for 17 consecutive years, with European countries' investment a major factor in 2016, according to the Shanghai Municipal Commission of Commerce.

Investment from European countries including France, Britain and Germanyreached 1.86 billion U.S. dollars, up 42.4 percent from 2015.

About 16.3 billion U.S. dollars, more than 88 percent of the total, went into the service sector, up 2.5 percent, said an official with the commission on Saturday.

More foreign investment in services will help the city's industrial transformation and upgrades, the official said.