This box summarises the findings of a recent ECB survey of leading non-financial companies on the outlook for business investment. The responding firms anticipate more subdued euro area investment growth over the next three years but increasing investment in other advanced economies and emerging markets. The responses suggest that, among major recent developments, technological change is the most important factor influencing investment strategies. Future growth in euro area investment is expected to be focused in particular on intangibles (especially IT, software and databases), while low profitability and a weak demand outlook top the list of constraints on euro area investment. Respondents widely perceived anticipated increased defence spending as a potential catalyst for investment, while fewer perceived Next Generation EU funds as having supported investment.
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