Company Sector

摘要

The business investment data has been exceptionally volatile in recent quarters, largely because of a change in the VAT treatment of aircraft. This came into force in January and was the cause of the 10% quarterly decline in business investment in 2011Q1, but this effect appears to have unwound with an increase of 11.6% in Q2. Nevertheless, the level of capital spending was still only 3.8% higher than a year earlier, which represents a significant loss of momentum compared with the earlier stages of the recovery.