Consumption up in August

In August 2005 consumer expenditure rose for the third month in a row. The volume of domestic consumption was up by 0.8 percent on August 2004. Households spent 1.1 percent more on goods and 0.6 percent more on services. The figures are corrected for price changes and differences in shopping day patterns.

The growth rate in expenditure on goods in August was the highest so far in 2005. Expenditure on durable goods was up by 1.7 percent on August 2004. Clothing, home furnishings and household appliances were especially popular in August 2005. Consumers also spent more on other goods. Consumption of food, beverages and tobacco, however, was down on the year before.

Domestic consumer expenditure went up slightly throughout the first eight months of the year. During the first five months consumers spent less than during the first five months of 2004, but the differences became smaller and smaller. This was followed by three months of increasing growth. Regarding the state of the economy, the development of consumption expenditure provides a ray of hope according to the latest figures.

Domestic household consumption (volume)