Corporate investments are low compared with earnings, and over the last 18 months private consumption has increased far less than disposable incomes. This means that consumption as a ratio of disposable incomes is low by historical standards.
Real disposable incomes are likely to grow at a much slower pace in the coming years, but nevertheless we expect private consumption to increase somewhat, so that the consumption ratio will approach its normal level. We also expect a certain increase in private investment as firms benefit from rising demand, both at home and abroad.