Growth in real fixed capital formation accelerated mainly on account of higher capital spending by the private sector. 3. With gross domestic expenditure consistently exceeding gross domestic product over the past three years, the current account of the balance of payments has recorded a deficit during ten consecutive quarters.
Since the introduction of the euro, average annual HICP inflation rate has been slightly above 2%, despite a succession of significant shocks (commodity and food prices in particular). Actual inflation may temporarily drift away from the central bank’s medium-term objective, notably due to significant commodity price shocks.