The main driver of growth in recent years has been the consumption expenditure by households. However, the contribution to growth in 2014 declined by one percentage point to 0,8 percentage points. While we would prefer to have investment-driven growth, even consumption has been relatively subdued for some time, declining to 1,4 per cent in 2014 compared with 2,9 per cent in 2013.
Second, even as the early signs of recovery were visible, inflationary tendencies had also begun to show. All this was happening in a global environment which was still quite turbulent and uncertain in late 2009 and early 2010.