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
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Mexico: Economy shrinks at fastest pace in over a decade in Q1 on initial coronavirus impact
May 26, 2020
The economy contracted at the steepest rate since the 2009 global financial crisis in the first quarter as the Covid-19 pandemic started to bite, with GDP falling 1.4% on an annual basis (Q4 2019: -0.7% year-on-year).
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Germany: Economy contracts in Q1 at sharpest pace since 2009
May 25, 2020
The economy shrank 2.2% quarter-on-quarter in the first quarter, thus entering a technical recession for the first time in seven years and marking the sharpest contraction since the global financial crisis as lockdown measures at home and abroad weighed heavily on both domestic and foreign demand.
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Peru: GDP falls at sharpest rate in 19 years in Q1
May 21, 2020
Economic activity shrank 3.4% year-on-year in the first quarter of the year, the fastest contraction since Q1 2001, after expanding 1.8% in Q4 2019. Hampered by Covid-19 fallout, the downturn was spearheaded by a severe contraction in the external sector, which subtracted 2.2 percentage points from the overall outturn (Q4: 0.0% year-on-year).
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