From 1996 to 2004 the contribution to growth from capital deepening in the euro area was 0.9 percentage point, while it was 1.3 between 1980 and 1995.
When assessing the long-term slowdown, we have to take into account the fact that the reduction in the growth rate of capital deepening can probably be seen as the flip side of the employment-rich growth which we experienced over recent years.