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
| 2014 | 2015 | 2016 | 2017 | 2018 | |
|---|---|---|---|---|---|
| Albania | 2.8 | 1.1 | 1.9 | 2.3 | 3.2 |
| Algeria | 3.2 | 3.6 | 2.6 | 2.2 | 2.7 |
| Angola | - | - | - | - | - |
| Argentina | -4.4 | 3.7 | -0.8 | 4.0 | -2.4 |
| Armenia | 1.0 | -7.8 | -1.1 | 12.4 | 4.8 |
| Australia | - | - | - | - | - |
| Austria | - | - | - | - | - |
| Bahrain | - | - | - | - | - |
| Belarus | 4.3 | -2.4 | -3.2 | 4.8 | 8.0 |
| Belgium | 0.7 | 1.6 | 1.9 | 1.8 | 1.5 |
| Bolivia | 5.6 | 5.8 | 3.1 | - | - |
| Bosnia and Herzegovina | 1.9 | 1.8 | 2.2 | 0.8 | 2.5 |
| Brazil | 2.3 | -3.2 | -3.8 | 2.0 | 2.1 |
| Bulgaria | 2.7 | 3.6 | 3.5 | 3.8 | 4.3 |
| Canada | 2.7 | 2.3 | 1.9 | 3.7 | 2.2 |
| Chile | 2.7 | 2.1 | 2.6 | 3.0 | 4.0 |
| China | 8.0 | 7.4 | 8.6 | 6.4 | 9.1 |
| Colombia | 4.6 | 3.4 | 1.6 | 2.4 | 4.0 |
| Costa Rica | 3.9 | 4.2 | 3.6 | 3.5 | 1.7 |
| Croatia | -1.6 | 0.2 | 3.1 | 3.2 | 3.2 |
| Cyprus | 1.0 | 2.8 | 4.4 | 4.5 | 3.3 |
| Czech Republic | 1.8 | 3.8 | 3.5 | 4.4 | 3.1 |
| Denmark | 0.9 | 2.3 | 2.4 | 1.6 | 2.6 |
| Dominican Republic | 5.1 | 6.5 | 5.5 | 3.9 | 5.2 |
| Ecuador | 3.5 | 0.3 | -2.0 | 3.6 | 2.4 |
| Egypt | - | - | - | - | - |
| El Salvador | -0.3 | 2.8 | 1.5 | 2.1 | 2.4 |
| Estonia | 3.0 | 4.9 | 4.5 | 2.7 | 4.2 |
| Eurozone | 0.9 | 1.8 | 1.9 | 1.8 | 1.4 |
| Finland | 0.8 | 1.6 | 2.4 | 1.0 | 1.8 |
| France | 0.8 | 1.4 | 1.6 | 1.6 | 0.9 |
| Germany | 1.0 | 1.9 | 2.3 | 1.3 | 1.3 |
| Ghana | 6.8 | -1.6 | -5.3 | 5.8 | 4.9 |
| Greece | 0.8 | -0.3 | 0.1 | 0.9 | 1.0 |
| Guatemala | 4.1 | 4.7 | 3.3 | 3.1 | 4.0 |
| Haiti | 0.9 | 2.3 | 1.2 | 2.7 | 1.2 |
| Honduras | 1.7 | 3.6 | 4.1 | 4.3 | 4.0 |
| Hong Kong | 3.3 | 4.8 | 2.0 | 5.5 | 5.3 |
| Hungary | 2.4 | 3.7 | 4.2 | 4.2 | 4.0 |
| Iceland | 3.2 | 4.5 | 7.2 | 8.1 | 4.7 |
| India | 6.4 | 7.9 | 8.1 | 7.0 | 7.2 |
| Indonesia | 5.1 | 5.0 | 5.0 | 4.9 | 5.1 |
| Iran | - | - | - | - | - |
| Ireland | 2.4 | 3.2 | 5.2 | 3.0 | 3.4 |
| Israel | 4.1 | 3.7 | 5.7 | 3.4 | 3.8 |
| Italy | 0.2 | 1.9 | 1.2 | 1.5 | 0.8 |
| Jamaica | -0.8 | -0.1 | 0.1 | 1.1 | 0.7 |
| Japan | -0.9 | -0.2 | -0.3 | 1.3 | 0.0 |
| Kazakhstan | 1.1 | 1.8 | 1.2 | 1.5 | 5.3 |
| Kenya | - | - | - | - | - |
| Korea | 2.0 | 2.2 | 2.6 | 2.8 | 2.8 |
| Kuwait | 2.6 | 1.5 | 1.0 | 3.0 | 5.7 |
| Latvia | 1.2 | 2.5 | 1.5 | 3.1 | 4.2 |
| Lithuania | 4.0 | 4.1 | 4.0 | 3.5 | 3.7 |
| Luxembourg | 4.1 | 1.8 | 3.4 | 2.1 | 3.3 |
| Malaysia | 7.0 | 6.0 | 5.9 | 6.9 | 8.0 |
| Malta | 2.5 | 4.9 | 2.5 | 3.6 | 7.3 |
| Mexico | 2.1 | 2.7 | 3.8 | 3.2 | 2.3 |
| Morocco | - | - | - | - | - |
| Mozambique | - | - | - | - | - |
| Netherlands | 0.4 | 2.0 | 1.1 | 2.1 | 2.3 |
| New Zealand | 3.1 | 3.6 | 5.6 | 5.2 | 3.2 |
| Nicaragua | 4.2 | 5.2 | 5.7 | 5.8 | -4.8 |
| Nigeria | - | - | - | - | - |
| North Macedonia | 2.2 | 4.4 | 3.9 | 2.1 | 3.7 |
| Norway | 2.1 | 2.7 | 1.1 | 2.2 | 1.9 |
| Oman | 5.9 | 0.7 | -0.5 | 5.9 | 0.6 |
| Panama | 6.5 | 3.6 | 7.6 | 3.7 | 3.2 |
| Paraguay | 6.2 | 3.8 | 3.2 | 4.2 | 4.1 |
| Peru | 4.2 | 4.9 | 3.0 | 2.3 | 3.4 |
| Philippines | 5.6 | 6.3 | 7.1 | 5.9 | 5.6 |
| Poland | 2.6 | 3.0 | 3.9 | 4.5 | 4.3 |
| Portugal | 2.4 | 1.9 | 2.6 | 2.1 | 3.1 |
| Qatar | - | - | - | - | - |
| Romania | 4.2 | 5.8 | 8.4 | 10.0 | 7.2 |
| Russia | 2.0 | -9.4 | -1.9 | 3.3 | 3.3 |
| Saudi Arabia | - | - | - | - | - |
| Serbia | -0.1 | -0.5 | 1.3 | 2.0 | 3.0 |
| Singapore | 3.6 | 5.2 | 3.2 | 3.0 | 4.2 |
| Slovakia | 1.4 | 2.8 | 3.9 | 4.4 | 3.9 |
| Slovenia | 1.9 | 2.1 | 4.5 | 2.3 | 3.4 |
| South Africa | 0.8 | 1.9 | 0.6 | 2.1 | 1.8 |
| Spain | 1.5 | 2.9 | 2.6 | 3.0 | 1.8 |
| Sweden | 2.1 | 3.5 | 2.0 | 2.1 | 1.7 |
| Switzerland | 1.3 | 1.7 | 1.4 | 1.2 | 1.0 |
| Taiwan | 3.4 | 2.9 | 2.6 | 2.7 | 2.0 |
| Tanzania | 5.3 | 6.3 | 1.1 | 4.8 | 6.3 |
| Thailand | 0.8 | 2.6 | 2.9 | 3.1 | 4.6 |
| Trinidad and Tobago | -0.9 | 8.9 | - | - | - |
| Tunisia | 4.1 | 3.2 | 3.1 | 2.4 | 2.1 |
| Turkey | 3.0 | 5.4 | 3.7 | 6.2 | 0.0 |
| USA | 2.9 | 3.7 | 2.7 | 2.6 | 3.0 |
| Ukraine | -8.3 | -19.8 | 2.7 | 9.5 | 8.9 |
| United Arab Emirates | - | - | - | - | - |
| United Kingdom | 2.0 | 3.0 | 3.6 | 2.2 | 1.6 |
| Uruguay | 3.0 | -0.5 | 0.1 | 4.6 | 1.5 |
| Uzbekistan | 10.9 | 11.6 | 7.0 | - | - |
| Vietnam | 6.1 | 9.3 | 7.3 | 7.4 | 7.3 |
| Zambia | - | - | - | - | - |
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Consumption Economic News
-
United States: 2nd GDP release confirms stable growth in Q4 2019
February 27, 2020
Economic growth was stable in the fourth quarter from the third, with GDP growth again clocking in at 2.1% in seasonally-adjusted annualized terms (SAAR), according to a second GDP estimate released by the Bureau of Economic Analysis.
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Hong Kong: Second release confirms GDP contracted at sharpest rate in a decade in Q4
February 26, 2020
The revised GDP reading confirmed the economy contracted at the sharpest pace since June 2009 in the fourth quarter, as political turmoil continued to extinguish economic activity.
-
Germany: Detailed breakdown confirms flatlining economy in Q4
February 25, 2020
A detailed breakdown of fourth-quarter national accounts data confirmed that the German economy flatlined over the prior quarter, contrasting the 0.2% expansion in the third quarter, on the back of notably weaker domestic demand and a drag from the external sector.
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