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
-
Singapore: Economy returns to growth for first time since start of pandemic in Q1
April 14, 2021
The economy expanded 0.2% year-on-year in the first quarter according to an advanced estimate, marking a return to growth after three consecutive quarters of falling activity (Q4 2020: -2.4% yoy).
-
United Kingdom: Economic activity returns to expansion in February
April 13, 2021
GDP expanded 0.4% in month-on-month seasonally-adjusted terms in February, which contrasted January's 2.2% decrease.
-
Guatemala: Economy returns to growth in the fourth quarter of 2020
April 8, 2021
The economy emerged from recession in the fourth quarter of last year as GDP grew 3.0% year-on-year (Q3: - 1.4% yoy), which marked the best result since the same quarter a year prior.
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