However, this time the major feature of the recovery is that the nonmanufacturing sector has been leading it on the back of firm domestic demand, such as private consumption and public investment. Therefore, business fixed investment is weak in the manufacturing sector but strong in the nonmanufacturing sector.
The Indices of Tertiary Industry Activity, which show developments in the nonmanufacturing sector, have recovered close to a level prior to the Lehman shock, while the Indices of Industrial Production have remained at about 80 percent of their peak prior to the Lehman shock (Chart 5).