International uncertainty, the construction sector, as well as the significantly slower course of the RRF disbursements in the first quarter of 2025, are some of the factors that have negatively affected investments. Gross fixed capital formation (GFCF), according to an analysis by the National Bank of Greece, decreased by 6.1% on a quarterly basis and 3.2% annually, a decrease that marks the largest decline in fixed capital since the first lockdown of the pandemic. In its analysis, the NBG focused on the temporary and medium-term factors that negatively affected the GFCF, with the former showing signs of reversal in the coming quarters, while the course of the latter remains unclear. First, the impact of global uncertainty on the investment decisions of the largest and most outward-looking businesses-those that had already made significant capital expenditures in previous years-is highlighted. Second, the Composite Index of...