Government consumption expenditure growth remained relatively strong and increased slightly. From a future growth perspective, the promising aspect of the domestic expenditure growth is the increase in domestic capital formation. Gross fixed capital formation increased in successive quarters, reaching 11,5 per cent growth in the fourth quarter and 6,5 per cent for the year in 2002 compared to 3,2 per cent the previous year.
These goals are at the heart of our entire approach to determining the appropriate level of bank capital, both from a microprudential supervision and a macroprudential standpoint. These are also at the heart of ensuring mortgage holders are better equipped to deal with any future shock.