The main feature of the recent economic recovery is that it is driven by consumption and nonmanufacturing activities, and this trend can still be observed (Chart 5). The typical pattern of past recovery phases, driven by exports, can be clearly observed in the expansionary phase of 2002 to 2008, but exports have subsequently been more or less flat in the longer run.
Business fixed investment has been increasing moderately, albeit with fluctuations, but 2  BIS central bankers’ speeches  the pace has been gradual in comparison with the expansionary phase in the mid-2000s. In contrast, consumption has consistently followed an increasing trend, albeit with various effects, and has posted even higher growth since the start of 2012.