It hovered around that level until 2019 and even turned negative between 2014 and 2017 (Chart 1). [2] Euro area governments invested around € billion less in the 2011-19 period compared with the 2000-09 pre-crisis period. Net public investment in the euro area during the 2011-19 period was the lowest of the advanced economies, with the exception of Japan.
Chart 1 Public investment in the euro area  Public investment in the euro area and projected contribution of the NGEU Recovery and Resilience Facility (percentage of GDP, four-quarter moving sum)  Sources: Eurostat, Bańkowski et al.[3]. Notes: RRF stands for “Recovery and Resilience Facility”.