The share of productive expenditure in total primary expenditure – which in addition to infrastructure includes R&D and education – has also dropped in nearly all euro area economies since the crisis.
[48]  As an illustration of the effects of higher investment, ECB model-based analysis finds that, in an economy like Germany, raising productive public investment by 1% for 5 years could ultimately yield GDP up to 2% higher and private investment up to 2% higher.