From an average of 1.6 per cent during the 1990s, the GDP growth rate rose to an average of 3.7 per cent between 2000 and 2014. This period has been marked by a significant catch-up in infrastructure construction. Capital expenditure increased from 20 per cent of government expenditure in the late 1990s to 40 per cent between 2006 and 2014. Over this period of prosperity driven by high oil prices, public spending rose sharply. Personnel and social expenditure, consisting mainly of subsidies (food, energy, housing), has been an important factor behind the rise in public spending, in particular from 2011 onwards, reaching its highest level in 2015, at 45.8 per cent of GDP.
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