But it has made far less progress in boosting private consumption.

Private consumption Government consumption Gross fixed capital formation Exports ( goods and services ) Imports ( goods and services ) 1 )

Private consumption growth is also expected to be subdued in the period ahead .

Private consumption is also expected to be affected by modest income dynamics .

Private consumption Government consumption Gross fixed capital formation Exports ( goods and services ) Imports ( goods and services ) 1 )

Real GDP Private consumption Government consumption Gross fixed capital formation Exports ( goods and services ) Imports ( goods and services )

HICP Real GDP Private consumption Government consumption Gross fixed capital formation Exports ( goods and services ) Imports ( goods and services )

Private consumption should grow broadly in line with expected developments in real disposable income .

Private deleveraging depressed the economy as households cut consumption and businesses cut investment.

Growth in private consumption is expected to be supported by favourable labour market trends .

Moreover , private consumption is likely to evolve in line with the development of real disposable income .

Government consumption is expected to grow moderately over the projection horizon .

2007 HICP Real GDP Private consumption Government consumption Gross fixed capital formation Exports ( goods and services ) Imports ( goods and services ) 2.1 2.7 1.6 2.1 4.7 5.7 5.2

2007 HICP Real GDP Private consumption Government consumption Gross fixed capital formation Exports ( goods and services ) Imports ( goods and services ) 2.1 2.6 1.6 2.3 4.2 5.9 5.4

2006 HICP Real GDP Private consumption Government consumption Gross fixed capital formation Exports ( goods and services ) Imports ( goods and services ) 2.2 2.9 1.9 1.9 5.2 8.2 7.9

2009 HICP Real GDP Private consumption Government consumption Gross fixed capital formation Exports ( goods and services ) Imports ( goods and services ) 0.3 4.1 1.2 2.6 10.8 13.2 12.0

2006 HICP Real GDP Private consumption Government consumption Gross fixed capital formation Exports ( goods and services ) Imports ( goods and services ) 2.2 2.8 2.0 2.3 4.9 8.3 7.9

Private consumption growth is also expected to be subdued in the period ahead , but much less so than growth in other demand components .

Developments in fixed capital formation and private consumption diverged over the course of the year .

Finally , price trends across other relevant price indices ( including the national Consumer Price Index ( CPI ) , the private consumption deflator , the GDP deflator and producer prices ) are taken into account .

The main reason for the gap is the difference in private consumption, which grew in the US, but fell in the eurozone, especially in its periphery.

An additional factor dampening growth prospects , in particular those for growth in private consumption , was the further increase in HICP inflation in the euro area in early 2001 .

Reflecting continued weaknesses in the labour market and the income situation , private consumption spending was relatively sluggish .

Its imbalances have gotten worse as well, with the investment share of GDP approaching 50 and private consumption falling below 35 of GDP.

In other words, price stability reigns in the eurozone. This strengthens purchasing power and ultimately private consumption.

Indeed, private consumption in China has been growing in real terms at an annual rate of around 10 for the last seven years.

Private consumption is expected to be affected by the adverse commodity price developments , which weigh on real disposable income .

Re balancing the economy from gas guzzling to energy saving and from private to public consumption is bound to alter the goal of economic policy.

Fixed investment , particularly in transport and machinery , and public consumption also contributed to growth during the year . Although the contribution of net exports to real GDP growth moderated in 2002 , the continued buoyancy of exports is noteworthy against the background of sluggish world demand .

Lower public spending reduces aggregate demand, while declining transfers and higher taxes reduce disposable income and thus private consumption.

Subdued domestic demand was caused by a significant retrenchment of capital spending , only partially offset by moderate growth in private consumption .

Fourth, private consumption growth in the last few quarters does not reflect growth in real wages (which are actually falling).

As this is clearly not the intention of the regulation, a clear dividing line should therefore be drawn between private final consumption and business promotion.

Private consumption is projected to be dampened by rising unemployment and weak consumer confidence , even though real incomes are supported by low inflation .

The recovery is also expected to become more broadly based over the horizon , with stronger growth in both investment and private consumption .

Real GDP growth was mainly driven by private consumption and net exports , while investments also showed signs of strength in some countries .

On the contrary, private consumption fell to a record low 45 of developing Asia s GDP in 2010 down ten percentage points from 2002.

1999 2000 2001 2000 2001 2001 2001 2001 2000 2001 2001 2001 2001 Q4 Q1 Q2 Q3 Q4 Q4 Q1 Q2 Q3 Q4 Real gross domestic product of which Domestic demand Private consumption Government consumption Gross fixed capital formation Changes in inventories 3 ) , 4 ) Net exports 3 ) Exports 5 ) Imports 5 ) Real gross value added of which Industry excl .

By allowing the private sector to flourish, and encouraging the shift toward a services oriented economy, China s government could bolster employment growth and, in turn, domestic consumption.

Final consumption expenditure Individual consumption expenditure Collective consumption expenditure

Engineer in the competitive sector

Bribery in the private sector

Private consumption growth is expected to rise modestly in 2010 before gradually picking up further the following year .

Stagnant employment , higher commodity prices and adverse effects from equity and house prices are projected to weigh on private consumption .

But whose consumption?