Modest growth for household spending

According to figures just released by Statistics Netherlands, the volume of consumption by households was 1.1 percent higher in the third quarter of 2002 than in the same period last year. This growth is 0.1 of a percent point lower than the first estimate of consumption in the quarterly national accounts. This moderate growth continues the trend in recent quarters.

Relatively large increase for spending on food
The consumption of food, drink and tobacco rose by 1.8 percent in the third quarter of this year, the largest volume increase since the first quarter of 2001.

In the first nine months of 2002 growth was in the same order of magnitude as before 2001, when it stagnated. After correction for price changes, consumers spent 1.1 percent more on durable goods in the third quarter of 2002 than in the same period last year. This increase was caused mainly by increased spending on household appliances and transport equipment.

For other articles including home furnishings, clothes, leatherwear and shoes, the volume of spending in the third quarter was lower than twelve months previously.

Households spent 1.2 percent more on goods in the third quarter. The volume increase in spending on services was slightly lower at 0.9 percent. The shares of goods and services in the value of domestic consumption are just about equal.

Hardly any consumption growth in September After correction for price changes, domestic consumption was 0.1 percent higher in September than twelve months previously. Partly because of the less favourable pattern of shopping days in September this year than last year, households spent 0.7 percent less on food, drink and tobacco. They also spent less on durables (-0.6 percent). Spending on services is less sensitive to changes in the shopping day pattern. Households spent 0.9 percent more on services in September than in the same month last year.

(source: CBS)

Related News