Fixed capital formation subtracted 0.6–1.2 percentage points from GDP growth in each quarter of 2012. This reversal comes after almost 2 years of persistently positive investment growth from Q2 2010...
to Q4 2011. Throughout 2012, changes in inventories continued to weigh down on GDP growth.
Industrial production contracted throughout 2012, at a yearon-year monthly rate of 1.6%–3.8%. The decline continued at 2.1% in January 2013. Based on the latest purchasing managers’ index, manufacturing production in Germany fell in March after growing for 2 consecutive months, while manufacturing remained unchanged in France. Ireland and Spain recorded positive growth in their manufacturing production in February 2013, month on month, benefiting from rising export orders. Rates of contraction accelerated in Italy and the Netherlands (Figure A1.9).
Private consumption imposed a substantial drag on GDP growth, constrained by high unemployment and low consumer
confidence. Retail trade shrank by 1.7% in 2012, falling by 0.8% from November to December 2012, but slightly picked up in January 2013.
Source: Bloomberg (accessed 24 March 2013).
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