MARCH 2022 41 Investment The Gross Fixed Capital Formation (GFCF) indicator accelerated between October and January, after the negative rates of change registered in August and September. The outcome seen in last month was the result of: • An increase in the positive contributions of the transport material and machinery and equipment components, more significant in the former case; • A reduction of the positive contribution of the construction component. External environment In the 4th quarter of 2021: • GDP in volume registered quarter-on-quarter rates of change of 0.3% in the Euro Area (EA) and 0.4% in the European Union (EU) (2.3% and 2.2% in the 3rd quarter, respectively); This evolution resulted from the growth in investment (4.9% in the EA and 4.2% in the EU) since there was a decrease in private consumption (-0.6% in both areas) and a negative contribution from external demand (-0.6 p.p. in the EA and -0.4 p.p. in the EU); • In year-on-year terms, GDP increased by 4.6% in the EA and 4.8% in the EU, 0.6 p.p. above the rates recorded in the previous quarter. This acceleration was due to the more intense growth of private consumption, with a negative contribution of external demand, contrary to what was registered in the 3rd quarter. For 2021 as a whole, GDP increased by 5.3% in both areas, after the strong declines of 6.4% in the EA and 5.9% in the EU, remaining 1.4% and 0.9% below their respective 2019 levels. In the Euro Area, in February 2022: • The economic sentiment indicator increased, after having declined in the previous three months, mainly reflecting the recovery of the confidence indicator in services and, to a lesser extent, in construction and retail trade; • The industrial confidence indicator remained practically unchanged; • The consumer confidence indicator declined for the fifth consecutive month. More information is available at: Monthly economic survey – February 2022 17 March 2022
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