ABSTRACT
Investment During the first half of the 1950s investment subsidies and a backlog demand for goods led to investment growth rates averaging 12.8 per cent, a figure which has not been reached since and which surpassed the annual growth rate of GNP (9.4 per cent).1 In spite of this, large increases in production were possible with relatively small investment and expansion was largely due to increased employment. After about 1954, however, expansion became possible only through heavy investment.2 Between 1955 and 1965 annual investment growth rates slowed down to 6.9 per cent. Still, the investment rate was high enough to achieve satisfactory economic growth rates in the period 1950-65, although investment dropped markedly in the years 1953, 1958 and 1963 during the downturn of the business cycle and weakening consumer demand.
