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mpc: 14 Estimated growth in private consumption had dipped to 0.4% in 2004 Q4, but this had been expected following the weak retail sales data and other indicators of household spending. Investment had been stronger than in the previous quarter. Over 2004 as a whole, there had been some rebalancing of growth in private sector demand from consumption to investment, with annual growth in investment exceeding consumption for the first time since 1998. Nonetheless, the recent rate of expansion in business investment continued to look moderate compared with previous periods of investment recovery and given the low cost of finance and ample corporate liquidity. Companies had also been making net returns of cash to investors.