Real gross fixed capital outlays by private business enterprises increased by 1.5% in the fourth quarter of 2022, contributing 1.1 percentage points to growth in total gross fixed capital formation. Increased investment in research and development as well as in residential buildings more than offset the lower capital outlays on computer equipment and construction works in the fourth quarter. On an annual basis, real capital spending by private business enterprises increased by a significant 7.3% in 2022 following an increase of only 0.1% in 2021. However, the level of real gross fixed capital investment by private business enterprises in 2022 was still 9.1% lower than in 2019. The private sector’s share of total nominal gross fixed capital formation increased from 70.6% in 2021 to 72.6% in 2022.
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