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
-
New Zealand: The economy sinks in Q1 as Omicron variant spreads
June 17, 2022
GDP decreased 0.2% in seasonally-adjusted quarter-on-quarter terms in Q1 amid the spread of the Omicron variant and border restrictions.
-
Luxembourg: Economy grows at softest pace since Q4 2020 in the first quarter
June 15, 2022
GDP growth moderated to 4.1% year on year in the first quarter, from 4.8% in the fourth quarter of last year.
-
United Kingdom: Economy contracts at sharpest pace since January 2021 in April, although underlying momentum is less downbeat
June 13, 2022
GDP declined 0.3% month-on-month in seasonally-adjusted terms in April (March: -0.1% mom).
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