Consumption (annual variation in %)

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

20132014201520162017
Albania1.82.80.92.62.9
Algeria3.43.23.62.6-  
Angola8.312.73.0-  -  
Argentina3.6-4.43.7-1.03.6
Armenia0.91.0-7.8-1.18.8
Australia-  -  -  -  -  
Austria-0.10.30.51.51.4
Bahrain9.9-0.71.90.5-  
Belarus11.94.3-2.4-3.92.9
Belgium0.80.60.91.71.3
Bolivia6.45.65.83.1-  
Bosnia and Herzegovina0.81.41.82.32.6
Brazil3.52.3-3.2-4.31.0
Bulgaria-2.52.74.33.54.8
Canada2.62.72.12.43.5
Chile5.52.72.12.22.4
China6.87.97.27.8-  
Colombia4.84.63.41.42.2
Costa Rica3.03.94.23.32.7
Croatia-1.9-1.61.03.43.6
Cyprus-5.90.72.63.34.2
Czech Republic0.51.83.83.64.0
Denmark0.30.91.62.11.5
Dominican Republic2.63.85.34.84.7
Ecuador5.13.50.3-3.34.7
Egypt3.34.43.14.64.2
El Salvador3.30.02.11.30.7
Estonia3.33.24.44.32.2
Eurozone-0.60.91.81.91.7
Finland-0.50.81.71.71.7
France0.60.81.41.91.2
Germany0.61.01.72.11.8
Ghana15.9-5.94.32.9-  
Greece-2.60.6-0.50.00.1
Guatemala3.94.15.13.53.4
Haiti2.70.92.31.22.7
Honduras3.71.73.64.34.3
Hong Kong4.63.34.82.05.5
Hungary0.52.43.43.84.1
Iceland0.83.24.77.17.8
India7.36.47.47.3-  
Indonesia5.45.15.05.04.9
Iran-  -  -  -  -  
Ireland-0.72.04.23.31.9
Israel3.74.23.75.53.2
Italy-2.40.21.91.41.4
Jamaica-1.0-0.8-0.5-0.2-  
Japan2.4-0.90.00.11.0
Kazakhstan11.61.11.81.21.5
Kenya8.44.35.24.77.0
Korea1.91.82.22.52.6
Kuwait5.62.61.54.8-  
Latvia5.11.42.53.35.1
Lithuania4.34.04.04.93.8
Luxembourg2.22.33.42.42.3
Macedonia1.92.14.53.12.9
Malaysia7.37.06.06.07.0
Malta2.02.35.12.83.9
Mexico1.82.13.43.73.0
Morocco3.23.12.33.44.2
Mozambique5.94.74.95.1-  
Netherlands-1.00.32.01.61.9
New Zealand3.53.23.85.04.5
Nicaragua3.84.25.25.33.8
Nigeria21.20.5-0.4-3.7-  
Norway2.82.12.61.52.5
Oman6.05.1-0.6-0.6-  
Panama7.26.53.44.8-  
Paraguay4.53.81.90.9-  
Peru5.94.24.92.72.3
Philippines5.65.66.37.15.9
Poland0.32.63.03.94.8
Portugal-1.32.32.12.12.3
Qatar-  -  -  -  -  
Romania2.64.25.88.011.2
Russia5.22.0-9.4-2.83.4
Saudi Arabia3.26.16.82.22.0
Serbia-0.4-1.30.40.81.8
Singapore3.63.45.01.73.1
Slovakia-0.81.42.32.63.7
Slovenia-4.21.92.14.33.2
South Africa2.00.81.80.72.2
Spain-3.21.53.02.92.4
Sweden1.92.13.12.22.2
Switzerland2.61.31.81.51.2
Taiwan2.33.42.62.32.3
Tanzania8.54.51.416.6-  
Thailand0.90.82.33.03.2
Trinidad and Tobago-13.6-0.98.9-  -  
Tunisia3.04.13.23.1-  
Turkey7.93.05.43.76.1
USA1.52.93.62.72.8
Ukraine6.9-8.3-20.72.17.8
United Arab Emirates5.212.3-19.1-11.3-  
United Kingdom1.72.12.62.91.7
Uruguay5.53.0-0.50.14.4
Uzbekistan9.711.911.67.0-  
Vietnam5.26.19.37.3-  
Zambia-  -  -  -  -  

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Consumption Economic News

  • Czech Republic: Economic growth slows to a near-two year low in Q3

    November 14, 2018

    Annual GDP growth moderated from 2.4% in the second quarter to a near-two year low of 2.3% in the third quarter in seasonally- and price-adjusted terms, according to preliminary data released by the Czech Statistical Office (CSO) on 14 November.

    Read more

  • Hungary: Growth remains strong in Q3

    November 14, 2018

    The Hungarian economy continued to expand robustly in the third quarter.

    Read more

  • Romania: The economy gathers momentum in Q3

    November 14, 2018

    According to a preliminary estimate released by the National Institute of Statistics on 14 November, the economy expanded 4.3% in the third quarter over the same period last year, gradually accelerating from the second quarter (Q2: +4.1% year-on-year). Although a breakdown by components is not yet available, tightening labor market conditions and some moderation in inflation suggest household spending expanded at a healthy pace in the quarter.

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