Consumption (annual variation in %)

Consumption (annual variation in %)

Private consumption, also referred to as personal consumption, consumer expenditure, or personal consumption expenditures (PCE), measures consumer spending on goods and services. Private consumption includes all purchases made by consumers, such as food, housing (rents), energy, clothing, health, leisure, education, communication, transport as well as hotels and restaurant services. It also includes durable goods (such as cars), but not households’ purchases of dwellings, which are counted as household investment.

Consumer spending accounts for between half and two-thirds of Gross Domestic Product (GDP) in most countries. Generally, the poorer the country the higher the share of consumption, but there are notable exceptions to this rule (i.e. China, with a rather low ratio, and the United States, with a high proportion). Since private consumption accounts for the largest part of GDP, it is the key engine that drives economic growth.

The table below shows the real percent changes (adjusted for inflation) in private consumption for the last five years.

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Consumption Data

20132014201520162017
Albania1.82.80.92.62.9
Algeria3.43.23.62.6-  
Angola8.312.73.0-  -  
Argentina3.6-4.43.7-1.03.6
Armenia0.91.0-7.8-1.18.8
Australia-  -  -  -  -  
Austria-0.10.30.51.51.4
Bahrain9.9-0.71.90.5-  
Belarus10.94.3-2.4-3.92.9
Belgium0.80.60.91.71.3
Bolivia6.45.65.83.1-  
Bosnia and Herzegovina0.81.41.82.32.6
Brazil3.52.3-3.2-4.31.0
Bulgaria-2.52.74.33.54.8
Canada2.62.72.12.43.5
Chile5.52.72.12.22.4
China6.87.97.27.8-  
Colombia4.84.63.41.42.2
Costa Rica3.03.94.23.32.7
Croatia-1.9-1.61.03.43.6
Cyprus-5.90.72.63.34.2
Czech Republic0.51.83.83.64.0
Denmark0.30.91.62.11.5
Dominican Republic2.63.85.34.84.7
Ecuador5.13.50.3-3.34.7
Egypt3.34.43.14.64.2
El Salvador3.30.02.11.30.7
Estonia3.33.24.44.32.2
Eurozone-0.60.91.81.91.7
Finland-0.50.81.71.71.7
France0.60.81.41.91.2
Germany0.61.01.72.11.8
Ghana15.9-5.94.32.9-  
Greece-2.60.6-0.50.00.1
Guatemala3.94.15.13.53.4
Haiti2.70.92.31.22.7
Honduras3.71.73.64.34.3
Hong Kong4.63.34.82.05.5
Hungary0.52.43.43.84.1
Iceland0.83.24.77.17.8
India7.36.47.47.3-  
Indonesia5.45.15.05.04.9
Iran-  -  -  -  -  
Ireland-0.72.04.23.31.9
Israel3.74.23.75.53.2
Italy-2.40.21.91.41.4
Jamaica-1.0-0.8-0.5-0.2-  
Japan2.4-0.90.00.11.0
Kazakhstan10.61.11.81.21.5
Kenya8.44.35.24.77.0
Korea1.91.82.22.52.6
Kuwait5.62.61.54.8-  
Latvia5.11.42.53.35.1
Lithuania4.34.04.04.93.8
Luxembourg2.22.33.42.42.3
Macedonia1.92.14.53.12.9
Malaysia7.37.06.06.07.0
Malta2.02.35.12.83.9
Mexico1.82.13.43.73.0
Morocco3.23.12.33.44.2
Mozambique5.94.74.95.1-  
Netherlands-1.00.32.01.61.9
New Zealand3.53.23.85.04.5
Nicaragua3.84.25.25.33.8
Nigeria21.20.5-0.4-3.7-  
Norway2.82.12.61.52.5
Oman6.05.1-0.6-0.6-  
Panama7.26.53.44.8-  
Paraguay4.53.81.90.9-  
Peru5.94.24.92.72.3
Philippines5.65.66.37.15.9
Poland0.32.63.03.94.8
Portugal-1.32.32.12.12.3
Qatar-  -  -  -  -  
Romania2.64.25.88.010.2
Russia5.22.0-9.4-2.83.4
Saudi Arabia3.26.16.82.22.0
Serbia-0.4-1.30.40.81.8
Singapore3.63.45.01.73.1
Slovakia-0.81.42.32.63.7
Slovenia-4.21.92.14.33.2
South Africa2.00.81.80.72.2
Spain-3.21.53.02.92.4
Sweden1.92.13.12.22.2
Switzerland2.61.31.81.51.2
Taiwan2.33.42.62.32.3
Tanzania8.54.51.416.6-  
Thailand0.90.82.33.03.2
Trinidad and Tobago-13.6-0.98.9-  -  
Tunisia3.04.13.23.1-  
Turkey7.93.05.43.76.1
USA1.52.93.62.72.8
Ukraine6.9-8.3-20.72.17.8
United Arab Emirates5.212.3-19.1-10.3-  
United Kingdom1.72.12.62.91.7
Uruguay5.53.0-0.50.14.4
Uzbekistan9.710.911.67.0-  
Vietnam5.26.19.37.3-  
Zambia-  -  -  -  -  

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Consumption Economic News

  • Argentina: Economic contraction sharpens in Q4 2018

    March 22, 2019

    According to the Statistical Institute (Instituto Nacional de EstadĂ­sticas y Censos, INDEC), economic activity in the fourth quarter plummeted 6.2% in year-on-year terms, the weakest result in over nine years.

    Read more

  • Chile: Growth accelerates in Q4 2018

    March 18, 2019

    According to comprehensive data released by the Central Bank, the economy grew 3.6% year-on-year in the fourth quarter, accelerating from a revised 2.6% increase in the third quarter (previously reported: +2.8% yoy).

    Read more

  • Finland: Economic growth moderates in January

    March 15, 2019

    Economic activity grew a working-day adjusted 1.5% in January compared to the same month a year earlier, down from the revised 2.3% rise in December (previously reported: +2.7% year-on-year).

    Read more

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