Eurozone recovery monitor GTM –UK | 20 Contribution to eurozone GDP growth Eurozone government expenditure % change year on year % change year on year 6 Change in inventories 3 5 Exports 2 y Investment 4 Consumption 1 Imports 0 3 GDP 2 -1 Global econom '99 '01 '03 '05 '07 '09 '11 '13 '15 1 Gross fixed capital formation 0 % of GDP, non-residential 17 15 -1 US 14 16 13 -2 15 12 -3 11 Eurozone -4 14 10 '12 '13 '14 '15 '16 '99 '01 '03 '05 '07 '09 '11 '13 '15 Source: (Left) Eurostat, Haver Analytics, J.P. Morgan Asset Management. (Top right) OECD, Thomson Reuters Datastream, J.P. Morgan Asset Management. (Bottom right) BEA, Eurostat, Haver Analytics, J.P. Morgan Asset Management. Guide to the Markets - UK. Data as of 31 December 2016. 20