Image: Volker Weihbold
In 2022, private consumption fell by 0.8 percent compared to 2019, while the EU as a whole recorded an increase of 0.6 percent, according to a calculation by the Momentum Institute. Especially in countries in Central and Eastern Europe, private consumption has increased significantly compared to the pre-corona level. Countries like Bulgaria (plus 13.3 percent), Latvia (plus 11.8 percent) and Slovenia (plus 11.1 percent) lead the statistics. In contrast, large EU countries such as France (plus 1 percent), Germany (minus 1.2 percent) and Italy (minus 1.9 percent) perform significantly worse.
Calculated per capita and taking into account the population growth from 2019 to 2022, private consumption in Austria even fell by 4.0 percent in these three years, according to Momentum. For the EU as a whole, there would be a minus of 2.0 percent.
“People’s shopping carts in Austria are less full than they were three years ago. But they have to pay significantly more for them than they did then,” the institute wrote on Monday. The figures for private consumption speak against the fact that inflation is driven by demand. “High energy prices and a profit-driven share probably play a bigger role,” Momentum said.
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