In 2013, the contribution of consumption expenditure to GDP growth had declined to 1,7 percentage point, compared with 2,3 in the 2012, while the contribution of gross fixed capital formation was unchanged at 0,9 percentage points.
Our investment policy anticipates a periodic review of the SAA and risk-return decisions may be re-assessed in future. Future developments The Bank is continually seeking ways to enhance its financial management. In recent years, we have improved our economic capital modelling, reviewed and simplified our portfolio management and strategic asset allocation, increased transparency, and strengthened our performance reporting. There is scope to improve further.