Portugal 2016

ACTIVIDADE ECONÓMICA CONTAS NACIONAIS ECONOMIC ACTIVITY NATIONAL ACCOUNTS 89 Resident household expenditure on goods and services, which is the main component of domestic demand, recorded a real growth rate of 2.1%, similarly to 2015. All three major expenditure groups experienced positive developments. The growth of expenditure on food accelerated (1.6%, i.e. 0.2 p.p. more than in the previous year). Durables, although decelerating somewhat vis- à-vis 2015, recorded the highest growth rate (11.7%). Expenditure on current non-food and services grew by 1.0%. i.e. 0.1 p.p. more than in 2015. Household consumer spending made a 1.6 p.p. contribution to the 1.8% rate of change in final consumption expenditure, accounting for around 89.0% of the total, the remainder originating in general government and non-profit institutions serving households, each making a contribution of approximately 0.1 p.p. Gross capital formation increased at a rate of 0.9%, corresponding to a strong contraction of the rate of change recorded in 2015 (-5.5 p.p.). The main positive contributions to the rate of change in gross fixed capital formation were made by investment in other machinery and equipment and weapon systems, and transport equipment (1.1 p.p. and 0.6 p.p. respectively). Construction made a negative contribution of around 0.2 p.p. This sector resumed the downward trend observed since 2002, only countered by a one-off reversal of the trend in 2015. From 2009 to 2016 the average rate of change in gross fixed capital formation was -4.1%, and in 2016 this investment component accounted for around 70.0% in volume of the value recorded in 2008.