33 … as the government has adjusted the pace of fiscal consolidation to the private sector spending behavior Sources: Thomson Datastream, Dexia-AM Financial surplus (+) or deficit (-) by sector (% of GDP) Private sector Government -15 -10 -5 0 5 10 808386899295980104071013 8 10 12 14 16 00020406081012 Business sectors saving and investment (% of GDP) Saving Investment Financial surplus (+) or deficit (-) (2 quarters moving average, % of GDP) -6 -4 -2 0 2 4 6 8 00020406081012 Households Business sector Rest of the World (-)
{}