"Figure 3: Growth of business investment: Including and excluding oil and gas, quarter on quarter, chained volume measure, seasonally adjusted","" "","" "","" "Notes","1. Indicative estimates of business investment excluding oil & gas were estimated from the current price investment in this industry by asset, not seasonally adjusted, from the Quarterly Survey of Capital Expenditure (Capex). These estimates were deflated by Capex asset using the headline asset implied deflators (buildings & transfer costs, other machinery & equipment, transport equipment and intellectual property products), and subtracted from the total estimate of business investment chained volume measure, seasonally adjusted. This approach includes two approximations. First, no adjustment for seasonality has been made to investment in the oil and gas industry. Secondly, no adjustment was made to the headline implied deflators to account for the differences in the weights of Capex assets relative to the headline assets. As a result, the estimates presented may differ from the ‘true’ picture to the extent that the implied deflators are sensitive to movements in the Capex asset mix, and to the extent that the seasonal patterns of oil and gas investment have not been accounted for in the subtraction. Consequently, they should be regarded as indicative and treated appropriately. ONS will publish a breakdown of investment by asset and industry in the Business Investment Q4 2014 Revised release alongside the Quarterly National Accounts on 31 March 2015. " "Unit","%" "","" "","Excluding oil & gas","Total" "2012Q2","-1.3","-0.8" "2012Q3","2.6","3.1" "2012Q4","0.2","0.9" "2013Q1","2.4","1.0" "2013Q2","-1.0","-0.4" "2013Q3","3.7","3.8" "2013Q4","3.4","2.7" "2014Q1","2.0","1.3" "2014Q2","2.5","3.4" "2014Q3","-0.9","-1.2" "2014Q4","-0.3","-1.4"