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
| 2015 | 2016 | 2017 | 2018 | 2019 | |
|---|---|---|---|---|---|
| Albania | 1.1 | 1.9 | 2.6 | 3.2 | 3.3 |
| Algeria | 3.6 | 2.6 | 2.2 | 2.7 | 1.9 |
| Angola | - | - | - | - | - |
| Argentina | 3.7 | -0.8 | 4.0 | -2.4 | -6.4 |
| Armenia | -7.1 | -1.3 | 12.1 | 7.6 | 10.4 |
| Australia | - | - | - | - | - |
| Austria | - | - | - | - | - |
| Bahrain | - | - | - | - | - |
| Belarus | -2.4 | -3.2 | 4.8 | 8.0 | 4.7 |
| Belgium | 1.6 | 1.9 | 1.8 | 1.5 | 1.1 |
| Bolivia | 5.8 | 3.1 | - | - | - |
| Bosnia and Herzegovina | 1.8 | 2.2 | 1.1 | 2.3 | 2.4 |
| Brazil | -3.2 | -3.8 | 2.0 | 2.1 | 1.8 |
| Bulgaria | 3.6 | 3.5 | 3.8 | 4.3 | 5.8 |
| Canada | 2.3 | 1.9 | 3.7 | 2.2 | 1.6 |
| Chile | 2.1 | 2.7 | 3.4 | 3.7 | 1.1 |
| China | 7.4 | 8.6 | 6.8 | 9.5 | 6.8 |
| Colombia | 3.4 | 1.6 | 2.3 | 3.7 | 4.4 |
| Costa Rica | 4.2 | 3.6 | 3.5 | 1.7 | 2.2 |
| Croatia | 0.2 | 3.1 | 3.2 | 3.2 | 3.6 |
| Cyprus | 2.8 | 4.4 | 4.5 | 3.3 | 3.0 |
| Czech Republic | 3.8 | 3.5 | 4.4 | 3.1 | 3.0 |
| Denmark | 2.3 | 2.4 | 1.6 | 2.7 | 2.2 |
| Dominican Republic | 6.5 | 5.5 | 3.9 | 5.2 | 4.8 |
| Ecuador | 0.3 | -2.0 | 3.6 | 2.4 | 0.7 |
| Egypt | - | - | - | - | - |
| El Salvador | 2.8 | 1.5 | 2.1 | 2.4 | - |
| Estonia | 4.9 | 4.5 | 2.7 | 4.2 | 3.2 |
| Eurozone | 1.8 | 1.9 | 1.9 | 1.4 | 1.3 |
| Finland | 1.6 | 2.4 | 1.0 | 1.8 | 1.0 |
| France | 1.5 | 1.6 | 1.7 | 0.8 | 1.5 |
| Germany | 1.9 | 2.3 | 1.3 | 1.3 | 1.6 |
| Ghana | 1.1 | 0.2 | 0.1 | 8.5 | 4.3 |
| Greece | -0.3 | 0.1 | 0.9 | 0.9 | 0.7 |
| Guatemala | 4.7 | 3.2 | 3.1 | 3.8 | 4.2 |
| Haiti | 2.3 | 1.2 | 2.7 | 1.2 | - |
| Honduras | 3.6 | 4.1 | 4.1 | 4.3 | 3.6 |
| Hong Kong | 4.8 | 2.0 | 5.5 | 5.3 | -1.1 |
| Hungary | 3.8 | 4.9 | 4.4 | 4.9 | 5.0 |
| Iceland | 4.5 | 7.2 | 8.1 | 4.7 | 1.6 |
| India | 7.9 | 8.1 | 7.0 | 7.2 | - |
| Indonesia | 5.0 | 5.0 | 4.9 | 5.1 | 5.0 |
| Iran | - | - | - | - | - |
| Ireland | 3.2 | 5.2 | 3.0 | 3.4 | 2.8 |
| Israel | 3.8 | 5.7 | 3.3 | 3.8 | 3.8 |
| Italy | 1.9 | 1.2 | 1.5 | 0.9 | 0.4 |
| Jamaica | -0.1 | 0.1 | 1.1 | 0.7 | - |
| Japan | -0.2 | -0.3 | 1.3 | 0.0 | 0.1 |
| Kazakhstan | 1.8 | 1.2 | 1.5 | 6.1 | 5.8 |
| Kenya | - | - | - | - | - |
| Korea | 2.2 | 2.6 | 2.8 | 3.2 | 1.7 |
| Kuwait | 1.5 | 1.0 | 3.0 | 5.7 | - |
| Latvia | 2.5 | 1.5 | 3.1 | 4.2 | 2.9 |
| Lithuania | 4.1 | 4.0 | 3.5 | 3.7 | 3.2 |
| Luxembourg | 1.8 | 3.4 | 2.1 | 3.3 | 2.8 |
| Malaysia | 6.0 | 5.9 | 6.9 | 8.0 | 7.6 |
| Malta | 5.0 | 2.6 | 3.3 | 7.8 | 2.9 |
| Mexico | 2.7 | 3.8 | 3.2 | 2.3 | 0.6 |
| Morocco | - | - | - | - | - |
| Mozambique | - | - | - | - | - |
| Netherlands | 2.0 | 1.1 | 2.1 | 2.3 | 1.4 |
| New Zealand | 3.6 | 5.6 | 5.2 | 3.2 | 2.7 |
| Nicaragua | 5.4 | 6.0 | 2.6 | -3.9 | -2.2 |
| Nigeria | - | - | - | - | - |
| North Macedonia | 4.4 | 3.9 | 2.1 | 3.7 | 3.5 |
| Norway | 2.7 | 1.1 | 2.2 | 1.9 | 1.5 |
| Oman | 0.7 | -0.5 | 5.9 | 0.6 | - |
| Panama | 3.6 | 7.6 | 3.7 | 3.2 | - |
| Paraguay | 3.8 | 3.2 | 4.2 | 4.1 | 1.9 |
| Peru | 4.9 | 3.0 | 2.3 | 3.3 | 2.8 |
| Philippines | 6.4 | 7.2 | 6.0 | 5.8 | 5.9 |
| Poland | 3.0 | 3.9 | 4.5 | 4.2 | 3.9 |
| Portugal | 1.9 | 2.6 | 2.1 | 2.9 | 2.3 |
| Qatar | - | - | - | - | - |
| Romania | 5.8 | 8.4 | 10.0 | 7.2 | 6.0 |
| Russia | -9.5 | -2.6 | 3.7 | 3.3 | 2.5 |
| Saudi Arabia | - | - | - | - | - |
| Serbia | -0.5 | 1.3 | 2.0 | 3.0 | 3.2 |
| Singapore | 5.2 | 3.2 | 3.1 | 4.2 | 3.7 |
| Slovakia | 2.8 | 3.9 | 4.4 | 3.9 | 2.5 |
| Slovenia | 2.1 | 4.5 | 2.0 | 2.8 | 2.6 |
| South Africa | 1.9 | 0.6 | 2.1 | 1.8 | 1.1 |
| Spain | 2.9 | 2.6 | 3.0 | 1.8 | 1.1 |
| Sweden | 3.9 | 2.3 | 2.6 | 1.8 | 1.2 |
| Switzerland | 1.7 | 1.4 | 1.2 | 1.0 | 1.2 |
| Taiwan | 2.9 | 2.6 | 2.7 | 2.0 | 2.2 |
| Tanzania | 6.3 | 1.1 | 4.8 | 6.3 | - |
| Thailand | 2.6 | 2.9 | 3.1 | 4.6 | 4.5 |
| Trinidad and Tobago | 8.9 | - | - | - | - |
| Tunisia | 3.2 | 3.1 | 2.4 | 2.1 | - |
| Turkey | 5.4 | 3.7 | 6.2 | 0.0 | 0.7 |
| USA | 3.7 | 2.7 | 2.6 | 3.0 | 2.6 |
| Ukraine | 19.8 | 2.7 | 9.5 | 9.3 | 11.9 |
| United Arab Emirates | - | - | - | - | - |
| United Kingdom | 3.0 | 3.6 | 2.2 | 1.6 | 1.1 |
| Uruguay | -0.5 | 0.1 | 4.6 | 1.5 | 0.5 |
| Uzbekistan | 11.6 | 7.0 | - | - | - |
| Vietnam | 9.3 | 7.3 | 7.4 | 7.3 | - |
| Zambia | - | - | - | - | - |
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Consumption Economic News
-
United Kingdom: Economic activity deteriorates in November as fresh restrictions bite
January 15, 2021
GDP decreased 2.6% in November (October: +0.6% mom).
-
Russia: Third estimate confirms softer GDP contraction in Q3
December 30, 2020
A third national accounts estimate, released by Rosstat on 30 December, confirmed that GDP contracted 3.4% year-on-year in the third quarter.
-
Belarus: GDP contraction eases significantly in Q3
December 30, 2020
A second estimate revealed the economy shrank 0.2% year-on-year in the third quarter of 2020, easing from the second quarter’s 3.3% decrease.
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