Combined with frequently large revisions of the figures initially published, the substantial quarter-on-quarter fluctuations in the national accounts mean that these figures are of limited value when it comes to determining the exact cyclical position of the economy. But presumably we must accept that and be careful not to overinterpret growth figures for a single quarter.
BIS central bankers’ speeches  1  Private consumption has not recovered yet, although the foundation for increased consumption must be said to be in place. The level of private savings has been high for some years. Interest rates remain historically low, while real wages are set to rise, partly due to low – but nevertheless positive – inflation.