Two quarters without private consumption and construction growth

A glance at the detailed quarterly results reveals a picture that seems to
contradict the overall economic environment. Despite continued strong payroll
gains and higher negotiated wages in 2017, private consumer expenditure in the
second half of the year was nearly unchanged.

The development of construction
investments in the second half of 2017 also gives cause for concern, as they
had already declined by 0.3% qoq in real terms in Q3.