For the year as a whole, the rate of growth was 0.9 per cent, just under half that of 2017. Negative contributions came from the slowdown in output in Germany and greater uncertainty, which in turn was affected by the heightened tensions surrounding government securities. This led to a sharp downsizing of firms’ investment plans.
Household spending also slowed, reflecting the deterioration of the economic outlook and sluggish employment rates since the summer. Permanent employment contracts in the private sector turned upward again, boosted by the conversion of fixed-term contracts.