Читать книгу EIB Investment Survey 2021 - European Union overview - Группа авторов - Страница 5

Investment dynamics

INVESTMENT DYNAMICS BY INSTITUTIONAL SECTOR

Aggregate investment levels plunged dramatically starting from the second quarter of 2020, coinciding with COVID-19 hitting the economy. The corporations sector contributed the most to this decline. However, investment seems to be recovering, together with the loosening of restrictions to limit the spread of COVID-19.

From a cross-country perspective, investment levels declined or remained stable in many countries comparing 2021 Q2 to 2019 Q4. Some exceptions are for example Denmark and Cyprus, where investment increased by 12%. Other countries, such as Slovakia and Poland, noted decreases in investment of up to 11%.

The graph on the left shows the evolution of total gross fixed capital formation (in nominal terms); by institutional sector. The data has been indexed to equal 0 in 2019 Q4. Source: Eurostat.

The graph on the right shows the year-on-year evolution of total gross fixed capital formation (in nominal terms); by institutional sector. Source: Eurostat.

The growth rates relative to 2019 Q4 have been calculated using a moving sum of each quarter and the three previous quarters to correct for the lack of seasonal adjustment in the data.

INVESTMENT DYNAMICS BY COUNTRY

Total gross fixed capital formation (in real terms) in 2021 Q2 relative to 2019 Q4 (data from 2021 Q1 for Bulgaria, Czech Republic, Luxembourg and Romania).

Source: Eurostat for EU data, Central Statistics Office (CSO) for Ireland, Bureau of Economic Analysis for US data.

The growth rates relative to 2019 Q4 have been calculated using a moving sum of each quarter and the three previous quarters to correct for the lack of seasonal adjustment in the data.

Investment in Estonia increased by 40% in 2021 Q2 with respect to 2019 Q4, due almost entirely to a one-off jump in IPP investment during the period. Due to the lack of a corrected series, we do not report it in the chart.