A few weeks ago the Statistical Service Cystat produced the latest national accounts data for 2014, showing gross domestic product (GDP) both by sector and by expenditure. The sectoral accounts show manufacturing, construction etc, while what is called the expenditure approach lists consumption by households and the government, then ‘fixed capital formation’ (investment), then exports and imports and a couple of other items. A developed economy cannot compete with Asia on price, therefore it has to compete on the basis of productivity. And that requires investment. Read full article here.
