Investment (annual variation in %)
Investment typically refers to gross fixed investment or, more precisely, gross fixed capital formation (GFCF). Gross fixed capital formation is a macroeconomic aggregate used in national accounting that measures the value of acquisitions of new or existing fixed assets with a life span of more than one year by the business sector (national accounting generally considers personal spending and most government spending as consumption).
Gross fixed capital formation includes spending on factories, machinery, equipment, buildings (including private residential dwellings) and infrastructure. Investment is called “gross” because it does not consider the consumption of fixed assets (depreciation); the term “fixed” is used because inventories (stocks) are not included; and the term “capital formation” is used because financial investments are not included.
The investment component of Gross Domestic Product (GDP) is much more cyclical than consumption. When businesses expect economic growth to be strong, they are more likely to invest. The level of capacity utilization and interest rates also determine investment decisions.
The table below shows the percent changes in gross fixed investment for the last five years.
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Investment Data
| 2015 | 2016 | 2017 | 2018 | 2019 | |
|---|---|---|---|---|---|
| Albania | 3.8 | 2.5 | 6.7 | 2.6 | -3.1 |
| Algeria | 5.7 | 3.5 | 3.4 | 3.1 | 1.0 |
| Angola | -1.9 | -19.5 | 3.0 | -6.2 | - |
| Argentina | 3.5 | -5.8 | 12.2 | -5.7 | -15.9 |
| Armenia | 2.3 | -8.8 | 7.0 | 8.6 | 5.0 |
| Australia | -4.0 | -2.4 | 3.5 | 2.5 | -2.2 |
| Austria | 2.3 | 4.1 | 4.0 | 3.9 | 2.7 |
| Bahrain | -8.5 | 10.8 | 11.0 | 4.7 | - |
| Belarus | -15.5 | -14.5 | 5.5 | 4.4 | 5.6 |
| Belgium | 3.7 | 3.8 | 1.3 | 4.0 | 3.2 |
| Bolivia | 5.0 | 3.4 | 11.8 | 3.2 | -3.5 |
| Bosnia and Herzegovina | -3.5 | 2.5 | 5.8 | 9.2 | - |
| Brazil | -13.9 | -12.1 | -2.6 | 3.9 | 2.2 |
| Bulgaria | 2.7 | -6.6 | 3.2 | 5.4 | 2.2 |
| Canada | -4.3 | -4.0 | 4.0 | 1.8 | -0.4 |
| Chile | -0.3 | -1.3 | -3.1 | 4.8 | 4.2 |
| China | 7.0 | 6.8 | 4.4 | 4.8 | 4.5 |
| Colombia | 2.4 | -2.9 | 1.9 | 1.5 | 4.3 |
| Costa Rica | 3.0 | 4.8 | -2.5 | 3.0 | -6.4 |
| Croatia | 3.8 | 6.5 | 5.1 | 4.1 | 7.1 |
| Cyprus | -0.2 | 48.9 | 24.1 | -6.6 | 0.1 |
| Czech Republic | 10.3 | -3.2 | 4.0 | 7.5 | 2.7 |
| Denmark | 5.5 | 7.9 | 3.0 | 5.4 | 3.4 |
| Dominican Republic | 18.9 | 12.3 | -0.3 | 13.3 | 8.1 |
| Ecuador | -6.2 | -8.9 | 5.3 | 2.0 | -3.4 |
| Egypt | - | - | - | - | - |
| El Salvador | 9.0 | 3.6 | 3.6 | 6.7 | 9.6 |
| Estonia | -3.2 | 0.8 | 12.5 | 1.7 | 13.4 |
| Eurozone | 4.5 | 4.0 | 3.8 | 2.3 | 5.8 |
| Finland | 0.5 | 8.6 | 4.2 | 3.9 | -0.6 |
| France | 0.9 | 2.5 | 5.0 | 3.2 | 4.3 |
| Germany | 1.8 | 3.8 | 2.5 | 3.5 | 2.6 |
| Ghana | -2.7 | 12.2 | 1.0 | 13.2 | -10.0 |
| Greece | 0.6 | 4.6 | 9.4 | -12.0 | 4.5 |
| Guatemala | -1.5 | -1.7 | 4.0 | 4.6 | 7.2 |
| Haiti | 3.6 | 1.1 | 0.9 | 2.3 | - |
| Honduras | 22.4 | -5.2 | 11.8 | 4.3 | -15.4 |
| Hong Kong | -3.2 | -0.1 | 3.1 | 1.7 | -12.3 |
| Hungary | 4.8 | -10.6 | 18.7 | 17.1 | 15.3 |
| Iceland | 21.3 | 17.8 | 10.8 | -1.1 | -6.3 |
| India | 6.5 | 8.5 | 7.2 | 9.8 | - |
| Indonesia | 5.0 | 4.5 | 6.2 | 6.6 | 4.4 |
| Iraq | - | - | - | - | - |
| Ireland | 52.6 | 50.8 | -6.8 | -21.1 | 94.1 |
| Israel | 0.0 | 12.9 | 4.2 | 5.0 | 1.1 |
| Italy | 1.6 | 4.2 | 3.4 | 2.9 | 1.4 |
| Jamaica | -4.8 | 0.1 | 4.6 | 5.7 | - |
| Japan | 1.6 | -0.3 | 3.0 | 0.6 | 1.3 |
| Kazakhstan | 4.2 | 3.0 | 4.5 | 5.4 | 11.9 |
| Kenya | 6.6 | -9.2 | 8.3 | 1.3 | 2.4 |
| Korea | 5.4 | 6.6 | 9.8 | -2.2 | -2.8 |
| Kosovo | 12.1 | 7.3 | 5.7 | 7.4 | 6.5 |
| Kuwait | - | - | - | - | - |
| Latvia | -1.2 | -8.2 | 11.3 | 15.8 | 3.1 |
| Lithuania | 4.9 | 3.4 | 8.2 | 8.4 | 7.4 |
| Luxembourg | -7.7 | 4.6 | 5.6 | -5.9 | 4.0 |
| Malaysia | 3.6 | 2.6 | 6.1 | 1.4 | -2.1 |
| Malta | 55.6 | -0.2 | -7.1 | -1.8 | 6.2 |
| Mexico | 5.0 | 1.0 | -1.6 | 0.9 | -4.9 |
| Morocco | 0.2 | 8.8 | -0.2 | 1.2 | 1.0 |
| Mozambique | -16.8 | -9.4 | -5.8 | 12.4 | - |
| Netherlands | 29.2 | -7.3 | 4.2 | 3.2 | 5.3 |
| New Zealand | 4.0 | 3.4 | 5.0 | 5.3 | 2.7 |
| Nicaragua | 27.7 | -0.3 | 1.2 | -26.4 | -30.6 |
| Nigeria | -1.3 | -4.8 | -3.0 | 9.7 | 8.3 |
| North Macedonia | 8.3 | 12.5 | -2.2 | -7.3 | 6.6 |
| Norway | -4.0 | 3.9 | 2.6 | 2.8 | 6.1 |
| Oman | -1.2 | 16.5 | -4.3 | -5.1 | - |
| Panama | 6.5 | 2.1 | 7.6 | 0.9 | - |
| Paraguay | -2.1 | 2.0 | 5.9 | 6.9 | -6.6 |
| Peru | -4.7 | -4.3 | -0.2 | 4.7 | 2.9 |
| Philippines | 13.8 | 20.9 | 10.6 | 12.9 | 3.9 |
| Poland | 6.1 | -8.2 | 4.0 | 9.4 | 7.2 |
| Portugal | 5.9 | 2.5 | 11.5 | 5.8 | 6.6 |
| Qatar | 1.6 | 22.5 | 1.3 | - | - |
| Romania | 7.2 | 0.0 | 3.5 | -1.0 | 17.9 |
| Russia | -10.6 | 1.3 | 4.7 | 0.1 | 1.5 |
| Saudi Arabia | 3.7 | -14.0 | 0.7 | -2.1 | 4.0 |
| Serbia | 4.9 | 5.4 | 7.3 | 17.8 | 16.4 |
| Singapore | 2.0 | 1.5 | 4.2 | -3.4 | -0.2 |
| Slovakia | 21.6 | -9.3 | 3.9 | 3.7 | 5.2 |
| Slovenia | -1.2 | -3.7 | 10.4 | 9.1 | 3.2 |
| South Africa | 2.5 | -3.5 | 1.0 | -1.4 | -0.9 |
| Spain | 4.9 | 2.4 | 5.9 | 5.3 | 1.8 |
| Sweden | 6.9 | 4.0 | 5.5 | 1.4 | -1.3 |
| Switzerland | 2.3 | 2.5 | 3.4 | 1.1 | 0.8 |
| Taiwan | 2.7 | 3.4 | -0.3 | 3.0 | 9.1 |
| Tajikistan | - | - | - | - | - |
| Tanzania | 7.1 | 16.0 | 15.8 | 15.5 | - |
| Thailand | 4.4 | 2.9 | 1.8 | 3.8 | 2.1 |
| Trinidad and Tobago | -31.5 | - | - | - | - |
| Tunisia | -0.5 | 1.1 | 0.3 | 2.0 | - |
| Turkey | 9.3 | 2.2 | 8.2 | -0.6 | -12.4 |
| USA | 3.4 | 1.9 | 4.2 | 4.6 | 1.3 |
| Ukraine | -9.2 | 20.4 | 16.1 | 16.6 | 14.2 |
| United Arab Emirates | 4.3 | 8.8 | -17.3 | 3.6 | 0.0 |
| United Kingdom | 3.7 | 3.6 | 1.6 | -0.2 | 0.6 |
| Uruguay | -9.2 | -1.6 | -15.7 | -2.7 | 1.4 |
| Uzbekistan | 0.8 | 16.4 | 7.1 | - | - |
| Venezuela | -20.4 | -45.1 | -45.3 | -37.5 | - |
| Vietnam | 9.4 | 9.9 | 10.2 | 8.6 | - |
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Investment Economic News
-
Czech Republic: Year-on-year GDP growth moderates in Q3, but underlying momentum remains robust
December 1, 2021
A second release revealed that the economy grew 3.1% in seasonally-adjusted year-on-year terms in the third quarter (previously reported: +2.8%), slowing from the 8.5% expansion logged in the second quarter, amid a waning base effect. The slowdown was driven by weakening private consumption, fixed investment and exports.
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Hungary: GDP growth moderates in Q3 on less favorable base effect
December 1, 2021
A second release confirmed that GDP growth moderated to 6.1% year-on-year in the third quarter, from 17.8% in the second quarter. The slowdown was driven by weakening private consumption, fixed investment and export growth.
-
France: Second reading confirms robust GDP growth in Q3
November 30, 2021
A second reading of national accounts data confirmed that GDP grew 3.0% on a seasonally-adjusted quarter-on-quarter basis in the third quarter, up from 1.3% in the second quarter and marking the sharpest increase since Q3 2020.
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