The recovery in private consumption is losing momentum, dropping from an annual 5.9% in the 2021-2022 biennium to 2.0% in 2023-2024. The increase in financing costs counteracts the modest rise in income, net financial wealth, and household expectations.
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Private consumption is mainly responsible for the slowdown in economic growth. The loss of consumer purchasing power, the rise in the cost of financing, the upturn in uncertainty and supply restrictions are conditioning the recovery in household spending, which will barely increase by 1.0% in 2022 and 0.9% in 2023.
Sluggish purchases of durable goods have constrained the recovery of private consumption in 2021. The increase in household income, a more subdued inflation, the unwinding of excess savings and the boost from NGEU funds will push spending up to…
The recovery in private consumption will gain momentum as vaccination progresses, the EU recovery package (NGEU) starts to boost demand and households consolidate the absorption of excess savings. Consumer spending will grow by 6.1% in 2021 and…
A necessary condition for mitigating GHG emissions from road transport is its electrification. To maximise the contribution of the electric vehicle to meeting the decarbonisation targets, its diffusion must be accelerated and the share of fossi…