While being dampened by the impact of higher energy and food prices on purchasing power, consumption growth should continue to contribute to economic expansion, in line with real disposable income growth. The uncertainty surrounding this outlook for economic growth remains high, and downside risks prevail.
The risks relate mainly to the financial market turbulence, which could last longer than initially thought and could have a broader than currently expected impact on the  BIS Review 42/2008  1  real economy.