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
-
Indonesia: GDP records first contraction since Asian financial crisis in Q2
August 5, 2020
The economy worsened in the second quarter, with GDP contracting 5.3% on an annual basis (Q1: +3.0% year-on-year) due to Covid-19 containment measures. The downturn was broad-based, with private consumption, public spending, fixed investment and exports all contracting.
-
Sweden: Preliminary data shows economy slumped at record pace in Q2
August 5, 2020
The economy contracted 8.6% in the second quarter of 2020 from the previous quarter in seasonally-adjusted terms, contrasting the 0.1% increase in the first quarter but broadly in line with market analyst expectations, according to preliminary figures from Statistics Sweden. In calendar-adjusted annual terms, the economy shrank 8.2% in Q2 2020, contrasting the 0.4% expansion in Q1 2020.
-
Dominican Republic: Economy plunges in Q2 overall, although contraction eases in May and June
August 4, 2020
The economy contracted 16.8% in the second quarter according to monthly economic activity (IMAE) data as domestic lockdown measures and the border closure crushed activity (Q1: +0.2% year-on-year).
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