Global economic growth tapered from 2.5 per cent in 2015 to 2.3 per cent in 2016, reflecting a slight decline in gross fixed capital formation (investment) growth and in households’ final consumption growth. Growth slipped a little in the United States (US) (from 2.4 per cent in 2015 to 2.2 per cent in 2016), was unchanged in the euro area (1.7 per cent) and continued its deceleration in China (from 6.9 percent to 6.4 per cent). The contractions in Brazil (3.8 percent in 2015 and 3.4 per cent in 2016) and the Russian Federation (from 3.7 per cent to 1.9 percent), were less deep (box 1.1).