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 | 1.4 | 2.7 | -0.2 | 3.3 | - |
| Algeria | - | - | 2.1 | - | - |
| Angola | 8.3 | 12.7 | 3.0 | - | - |
| Argentina | 3.6 | -4.4 | 3.5 | -1.4 | - |
| Armenia | 0.9 | 1.0 | -7.8 | 1.0 | - |
| Australia | 1.7 | 2.8 | 2.7 | 2.6 | - |
| Austria | -0.1 | -0.3 | 0.0 | 1.5 | - |
| Bahrain | 9.9 | -0.7 | 1.9 | - | - |
| Belarus | 10.9 | 4.3 | -2.4 | -3.9 | - |
| Belgium | 0.8 | 0.6 | 1.1 | 1.2 | - |
| Bolivia | 6.4 | 5.6 | 5.8 | 3.1 | - |
| Bosnia and Herzegovina | 2.7 | 2.7 | 1.2 | - | - |
| Brazil | 3.5 | 2.3 | -3.9 | -4.2 | - |
| Bulgaria | -2.2 | 2.5 | 3.9 | 2.1 | - |
| Canada | 2.6 | 2.8 | 1.9 | 2.4 | - |
| Chile | 5.5 | 2.7 | 2.0 | 2.4 | - |
| China | 7.3 | 7.7 | 7.5 | 7.3 | - |
| Colombia | 4.6 | 4.4 | 3.6 | 2.0 | - |
| Costa Rica | 2.9 | 3.4 | 4.3 | 4.1 | - |
| Croatia | -1.9 | -1.7 | 1.0 | 3.3 | - |
| Cyprus | -5.9 | 0.7 | 1.9 | 2.9 | - |
| Czech Republic | 0.5 | 1.8 | 3.8 | 3.6 | - |
| Denmark | 0.7 | 0.8 | 2.2 | 2.0 | - |
| Dominican Republic | 1.2 | 4.3 | 5.1 | 5.1 | - |
| Ecuador | 5.1 | 3.8 | 0.0 | -2.1 | - |
| Egypt | 2.8 | 4.1 | 3.1 | 4.6 | - |
| El Salvador | 1.0 | 1.6 | 2.4 | 1.2 | - |
| Estonia | 3.7 | 3.2 | 4.7 | 4.3 | - |
| Eurozone | -0.5 | 0.8 | 1.8 | 2.1 | - |
| Finland | -0.5 | 0.8 | 1.5 | 2.0 | - |
| France | 0.6 | 0.7 | 1.4 | 2.1 | - |
| Germany | 0.7 | 0.9 | 2.0 | 2.1 | - |
| Ghana | 7.4 | 5.3 | 4.3 | 2.6 | - |
| Greece | -2.6 | 0.4 | -0.2 | 1.4 | - |
| Guatemala | 3.9 | 4.2 | 5.1 | 3.5 | - |
| Haiti | 2.7 | 2.4 | 2.3 | 1.2 | - |
| Honduras | 3.7 | 2.1 | 3.1 | 4.1 | - |
| Hong Kong | 4.6 | 3.3 | 4.8 | 1.8 | - |
| Hungary | 0.5 | 2.1 | 3.1 | 4.2 | - |
| Iceland | 1.0 | 2.9 | 4.3 | 6.9 | - |
| India | 7.4 | 6.8 | 6.1 | 8.7 | - |
| Indonesia | 5.4 | 5.1 | 5.0 | 5.0 | - |
| Iran | -1.0 | 3.1 | -3.5 | - | - |
| Ireland | -0.8 | 1.7 | 4.2 | 3.3 | - |
| Israel | 3.7 | 4.1 | 4.0 | 5.4 | - |
| Italy | -2.4 | 0.2 | 1.6 | 1.3 | - |
| Jamaica | -1.0 | -0.8 | -0.8 | - | - |
| Japan | 2.4 | -0.9 | -0.4 | 0.4 | - |
| Kazakhstan | 12.6 | 1.5 | 1.8 | 1.1 | - |
| Kenya | 8.5 | 4.6 | 5.1 | 4.8 | - |
| Korea | 1.9 | 1.8 | 2.2 | 2.5 | - |
| Kuwait | 5.6 | 2.6 | 1.3 | - | - |
| Latvia | 5.0 | 1.3 | 3.5 | 3.4 | - |
| Lithuania | 4.3 | 4.3 | 4.1 | 5.6 | - |
| Luxembourg | 2.2 | 2.8 | 3.3 | 1.0 | - |
| Macedonia | 2.1 | 2.1 | 3.7 | 4.2 | - |
| Malaysia | 7.3 | 7.0 | 6.0 | 6.0 | - |
| Malta | 2.3 | 2.8 | 5.8 | 2.5 | - |
| Mexico | 2.1 | 1.8 | 2.3 | 2.7 | - |
| Morocco | 2.4 | 3.5 | 2.4 | 2.6 | - |
| Mozambique | - | - | - | - | - |
| Netherlands | -1.0 | 0.3 | 2.0 | 1.6 | - |
| New Zealand | 3.3 | 3.1 | 2.9 | 4.3 | - |
| Nicaragua | 4.2 | 4.5 | 5.3 | 5.4 | - |
| Nigeria | 21.1 | 0.6 | 1.5 | - | - |
| Norway | 2.7 | 1.9 | 2.1 | 1.6 | - |
| Oman | 2.5 | 7.4 | 2.0 | - | - |
| Panama | 3.9 | 4.3 | 3.1 | - | - |
| Paraguay | 4.5 | 3.8 | 1.9 | 0.9 | - |
| Peru | 5.9 | 4.2 | 4.4 | 2.8 | - |
| Philippines | 5.6 | 5.6 | 6.3 | 7.0 | - |
| Poland | 0.3 | 2.6 | 3.0 | 3.8 | - |
| Portugal | -1.3 | 2.3 | 2.6 | 2.3 | - |
| Qatar | 8.8 | 8.0 | 7.9 | - | - |
| Romania | 2.6 | 4.2 | 5.8 | 7.5 | - |
| Russia | 4.4 | 2.0 | -9.8 | -4.5 | - |
| Saudi Arabia | 3.2 | 6.1 | 6.8 | 2.3 | - |
| Serbia | -0.4 | -1.3 | 0.4 | 0.8 | - |
| Singapore | 3.4 | 2.4 | 4.6 | 0.6 | - |
| Slovakia | -0.8 | 1.4 | 2.2 | 2.9 | - |
| Slovenia | -4.1 | 1.9 | 0.4 | 2.9 | - |
| South Africa | 2.0 | 0.7 | 1.7 | 0.8 | - |
| Spain | -3.2 | 1.6 | 2.8 | 3.2 | - |
| Sweden | 1.9 | 2.1 | 2.7 | 2.4 | - |
| Switzerland | 2.2 | 1.2 | 1.1 | 1.2 | - |
| Taiwan | 2.3 | 3.4 | 2.7 | 2.2 | - |
| Tanzania | 8.4 | 4.5 | 2.3 | - | - |
| Thailand | 0.9 | 0.9 | 2.2 | 3.1 | - |
| Trinidad and Tobago | 3.7 | 4.0 | 4.5 | - | - |
| Tunisia | 3.0 | 4.0 | 3.2 | - | - |
| Turkey | 7.9 | 3.0 | 5.5 | 2.3 | - |
| USA | 1.5 | 2.9 | 3.2 | 2.7 | - |
| Ukraine | 6.9 | -8.3 | -20.7 | 1.8 | - |
| United Arab Emirates | -1.6 | 25.3 | -13.1 | 11.7 | - |
| United Kingdom | 1.6 | 2.2 | 2.4 | 2.8 | - |
| Uruguay | 5.5 | 3.0 | -0.5 | 0.7 | - |
| Uzbekistan | 11.5 | 11.5 | 6.5 | - | - |
| Vietnam | 5.2 | 6.1 | 9.3 | - | - |
| Zambia | - | - | - | - | - |
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Consumption Economic News
Peru: GDP growth strengthens notably in Q1
May 25, 2018
Economic growth strengthened in the first quarter, coming in at 3.2% in annual terms.
United Kingdom: Comprehensive data confirms weak start to the year
May 25, 2018
The economy started 2018 on weak footing, with comprehensive data released by the Office for National Statistics (ONS) on 25 May putting quarter-on-quarter GDP growth at a mere 0.1% in Q1, unchanged from the preliminary estimate and marking the weakest reading since 2012.
Thailand: Economic activity expands at fastest clip in five years in the first quarter of 2018
May 24, 2018
The Thai economy moved full steam ahead in the first quarter, registering the quickest pace of expansion in five years on the back of a pick-up in private consumption and robust foreign demand.
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