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Business investment is expected to increase by 5.1% this year, up from the initial forecast of 3.7%, but slowing down compared to growth of 7.3% in the first quarter. last year, the National Institute of Statistics (INE)
"In accordance with the intentions expressed by companies in the investment survey of April 2018 (with the period of investigation between April 1 and June 28, 2018), business investment in nominal terms increase by 5.1% in 2018, revising the expectation of 3.7% change indicated by the l & # 39; According to the report, the results of this survey "still indicate a nominal growth of 7.3% of the investment in 2017, also revising the result of the survey of October 2017," reports the INE. the October survey (5.5%) "
. investment (the percentage of companies reporting investment or int Intentions to invest) maintained a "downward profile" in 2016, 2017 and 2018, setting at 88.9%, 81.2% and 79.1%, respectively. but at "higher levels" than those in the October survey (88.5%, 80.2% and 77.2%, in the same order).
Considering the size of firms by staffing level, L & # 39; INE points out that in 2017 "all levels contributed positively", with the third largest companies (between 250 and 499 employees), with a growth of 14.8%, the most significant positive contribution (2.2 percentage points) for the change in investment in 2017. "
(500 or more people employed) made a positive contribution of 6.3 percentage points to the growth of gross fixed capital formation (GFCF) in 2018, due to an increase of 16.5%, (19659002) In the opposite direction, companies in the first stage ( less than 50 employees) and the second level (between 50 and 249 people), who made negative contributions (0.7 and 1.5 percentage points, respectively), following the 2.8% reduction in investment and 6.9%, in the same order.
The INE attributes the deceleration of the Business investment between 2017 (7.3%) and 2018 (5.1%), especially in the evolution of enterprises in the second level of employee staff, which goes from a 1.7 point contribution from 2017 to -1.5 percentage points in 2018, reflecting the rates of change In the most exporting firms of the manufacturing industry, it is estimated that investment has increased by 10.2% in 2017, growth less intense than for all companies in this section (10.8% change) and more intense than that recorded for all businesses (7.3%).
By 2018, the INE expects for exporting companies a 6, 7% increase in investment, more intense than the 4.7% forecast increase for all companies in the manufacturing sector.
In an analysis by economic activity, we can see that in 2017 the increase in the company's GFCF (7, 3%) was due to the positive contribution of seven of the 13 sections of economic activity studied, highlighting the "most positive contributions" of the manufacturing and wholesale and retail sectors (3.2 percentage points) and repair of motor vehicles and motorcycles (2.2 s percentages) , due to growth of 10.8% and 15.9%, respectively. The electricity, gas, steam, hot and cold water and cold air sectors stand out with the largest negative contribution to the change in investments in 2017 (contribution -1.4 percentage points and down -16.8%
In 2018, the year for which a 5.1% growth in investment is expected, the results point out that seven of the 13 sections show positive rates of change in the company's GFCF
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