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
| 2013 | 2014 | 2015 | 2016 | 2017 | |
|---|---|---|---|---|---|
| Albania | 1.8 | 2.8 | 1.1 | 1.9 | 2.3 |
| Algeria | 3.4 | 3.2 | 3.6 | 2.6 | 1.7 |
| Angola | - | - | - | - | - |
| Argentina | 3.6 | -4.4 | 3.7 | -0.8 | 4.0 |
| Armenia | 0.9 | 1.0 | -7.8 | -1.1 | 12.4 |
| Australia | - | - | - | - | - |
| Austria | - | - | - | - | - |
| Bahrain | - | - | - | - | - |
| Belarus | 10.9 | 4.3 | -2.4 | -3.2 | 4.8 |
| Belgium | 0.8 | 0.7 | 0.9 | 1.7 | 1.1 |
| Bolivia | 6.4 | 5.6 | 5.8 | 3.1 | - |
| Bosnia and Herzegovina | 0.1 | 1.9 | 1.8 | 2.3 | 1.6 |
| Brazil | 3.5 | 2.3 | -3.2 | -3.9 | 1.4 |
| Bulgaria | -2.5 | 2.7 | 4.3 | 3.5 | 4.5 |
| Canada | 2.6 | 2.7 | 2.2 | 2.1 | 3.6 |
| Chile | 5.5 | 2.7 | 2.1 | 2.6 | 3.0 |
| China | 7.8 | 8.0 | 7.4 | 8.6 | 6.4 |
| Colombia | 4.8 | 4.6 | 3.4 | 1.6 | 2.4 |
| Costa Rica | 3.0 | 3.9 | 4.2 | 3.6 | 2.8 |
| Croatia | -1.9 | -1.6 | 1.0 | 3.4 | 3.6 |
| Cyprus | -5.7 | 1.0 | 2.4 | 4.5 | 4.1 |
| Czech Republic | 0.5 | 1.8 | 3.8 | 3.5 | 4.4 |
| Denmark | 0.3 | 0.9 | 2.3 | 2.1 | 2.1 |
| Dominican Republic | 2.6 | 5.1 | 6.5 | 5.5 | 3.9 |
| Ecuador | 5.1 | 3.5 | 0.3 | -2.0 | 3.6 |
| Egypt | - | - | - | - | - |
| El Salvador | 3.3 | -0.3 | 2.8 | 1.5 | 2.1 |
| Estonia | 3.3 | 3.0 | 4.3 | 4.3 | 2.5 |
| Eurozone | -0.6 | 0.9 | 1.8 | 1.8 | 1.9 |
| Finland | -0.5 | 0.8 | 1.5 | 2.2 | 1.2 |
| France | 0.6 | 0.8 | 1.4 | 1.6 | 1.6 |
| Germany | 0.6 | 1.0 | 1.7 | 2.1 | 1.8 |
| Ghana | 15.9 | 6.8 | -1.6 | -5.3 | 5.8 |
| Greece | -2.7 | 0.8 | -0.3 | 0.1 | 0.9 |
| Guatemala | 3.9 | 4.1 | 5.1 | 3.5 | 3.4 |
| Haiti | 2.7 | 0.9 | 2.3 | 1.2 | 2.7 |
| Honduras | 3.7 | 1.7 | 3.6 | 4.1 | 4.3 |
| Hong Kong | 4.6 | 3.3 | 4.8 | 2.0 | 5.6 |
| Hungary | 0.5 | 2.4 | 3.7 | 3.4 | 4.1 |
| Iceland | 0.9 | 3.2 | 4.5 | 7.2 | 8.1 |
| India | 7.3 | 6.4 | 7.9 | 8.2 | 7.4 |
| Indonesia | 5.4 | 5.1 | 5.0 | 5.0 | 4.9 |
| Iran | - | - | - | - | - |
| Ireland | -0.1 | 2.4 | 3.2 | 5.2 | 3.0 |
| Israel | 3.8 | 4.1 | 3.9 | 5.8 | 3.3 |
| Italy | -2.4 | 0.2 | 1.9 | 1.3 | 1.5 |
| Jamaica | -1.0 | -0.8 | -0.1 | -0.1 | 1.1 |
| Japan | 2.4 | -0.9 | -0.2 | -0.1 | 1.1 |
| Kazakhstan | 10.6 | 1.1 | 1.8 | 1.2 | 1.2 |
| Kenya | - | - | - | - | - |
| Korea | 1.7 | 2.0 | 2.2 | 2.6 | 2.8 |
| Kuwait | 5.6 | 2.6 | 1.5 | 1.0 | 3.4 |
| Latvia | 5.3 | 1.2 | 2.7 | 1.4 | 4.2 |
| Lithuania | 4.3 | 4.0 | 4.0 | 5.0 | 3.3 |
| Luxembourg | 2.0 | 4.1 | 3.2 | 1.7 | 2.9 |
| Malaysia | 7.2 | 7.0 | 6.0 | 5.9 | 6.9 |
| Malta | 2.0 | 2.5 | 5.1 | 2.4 | 3.5 |
| Mexico | 1.8 | 2.1 | 2.7 | 3.8 | 3.2 |
| Morocco | - | - | - | - | - |
| Mozambique | - | - | - | - | - |
| Netherlands | -1.0 | 0.4 | 2.0 | 1.1 | 2.1 |
| New Zealand | 3.5 | 3.1 | 3.6 | 5.3 | 4.8 |
| Nicaragua | 3.8 | 4.2 | 5.2 | 5.7 | 5.8 |
| Nigeria | - | - | - | - | - |
| North Macedonia | 1.9 | 2.2 | 4.4 | 3.9 | 0.7 |
| Norway | 2.8 | 2.1 | 2.6 | 1.3 | 2.2 |
| Oman | 6.1 | 5.9 | -0.2 | -0.7 | 0.3 |
| Panama | 7.2 | 6.5 | 3.6 | 6.9 | 3.6 |
| Paraguay | 4.0 | 6.2 | 3.8 | 3.2 | 4.2 |
| Peru | 5.9 | 4.2 | 4.9 | 3.2 | 2.3 |
| Philippines | 5.6 | 5.6 | 6.3 | 7.1 | 5.9 |
| Poland | 0.3 | 2.6 | 3.0 | 3.9 | 4.5 |
| Portugal | -1.3 | 2.4 | 2.2 | 2.5 | 2.4 |
| Qatar | - | - | - | - | - |
| Romania | 1.9 | 4.2 | 5.8 | 8.4 | 10.0 |
| Russia | 5.2 | 2.0 | -9.4 | -1.9 | 3.3 |
| Saudi Arabia | - | - | - | - | - |
| Serbia | -1.6 | -0.1 | -0.5 | 1.3 | 2.0 |
| Singapore | 2.8 | 3.6 | 5.2 | 2.7 | 3.4 |
| Slovakia | -0.8 | 1.4 | 2.3 | 2.9 | 3.5 |
| Slovenia | -4.2 | 1.9 | 2.3 | 4.0 | 1.9 |
| South Africa | 2.0 | 0.8 | 1.9 | 0.6 | 2.1 |
| Spain | -3.2 | 1.5 | 3.0 | 2.8 | 2.5 |
| Sweden | 1.9 | 2.1 | 3.1 | 2.9 | 2.2 |
| Switzerland | 2.6 | 1.3 | 1.7 | 1.5 | 1.1 |
| Taiwan | 2.3 | 3.4 | 2.6 | 2.4 | 2.5 |
| Tanzania | 4.4 | 5.3 | 6.3 | 1.1 | 4.8 |
| Thailand | 0.9 | 0.8 | 2.3 | 2.9 | 3.0 |
| Trinidad and Tobago | -13.6 | -0.9 | 8.9 | - | - |
| Tunisia | 3.0 | 4.1 | 3.2 | 3.1 | 2.4 |
| Turkey | 7.9 | 3.0 | 5.4 | 3.7 | 6.1 |
| USA | 1.5 | 2.9 | 3.7 | 2.7 | 2.5 |
| Ukraine | 6.9 | -8.3 | -19.8 | 2.7 | 9.5 |
| United Arab Emirates | - | - | - | - | - |
| United Kingdom | 1.8 | 2.0 | 2.6 | 3.1 | 2.1 |
| Uruguay | 5.5 | 3.0 | -0.5 | 0.1 | 4.6 |
| Uzbekistan | 9.7 | 10.9 | 11.6 | 7.0 | - |
| Vietnam | 5.2 | 6.1 | 9.3 | 7.3 | 7.4 |
| Zambia | - | - | - | - | - |
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Consumption Economic News
Angola: Economy contracts again in Q2
October 15, 2019
The economy contracted 0.1% on an annual basis in the second quarter, following the previous quarter’s revised 0.3% dip (previously reported: -0.4% year-on-year), according to national accounts data released by Angola’s Statistical Institute (INE) on 15 October. The all-important Angolan oil sector, which accounts for around one-third of GDP, once again drove the overall contraction amid sliding domestic oil production.
United Kingdom: Economy contracts in August, but still set to avoid recession in Q3
October 10, 2019
According to monthly GDP data released by the Office for National Statistics (ONS), economic activity shrank 0.1% in August over the previous month in seasonally-adjusted terms.
Romania: Second release confirms economic growth moderated in Q2
October 10, 2019
GDP grew 4.4% year-on-year in the second quarter (Q1: +5.0% year-on-year), according to a second release published by Romania’s Statistical Institute on 10 October.
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