Personal consumption in Serbia is 53% of average consumption in the EU
Real individual consumption in Serbia in 2021 amounted to 53 percent of the average of the European Union, and gross domestic product (GDP) amounted to 44 percent of the average of all EU members, according to the data of the European Statistical Office Eurostat on consumption in the EU, countries in its surrounding area and candidate countries.
Luxembourg had the highest real individual consumption in 2021, with 144 percent of the European average, but also GDP, which amounted to as much as 268 percent of the EU average.
Real personal consumption means all goods and services that a household buys, but also services provided by non-profit institutions or the state, such as education or health care.
Although the level of economic development of a country is most often expressed in GDP, real individual consumption, as a neutral indicator, is useful for comparing the relative well-being of consumers in individual countries.
How high is EU consumption?
According to a Eurostat statement, in which real personal consumption and GDP in the 27 EU member states were designated as 100, individual consumption in 19 members of the eurozone was 104% and GDP 105%, respectively.
Germany and Denmark, with 120% and 119% respectively, had the highest real individual consumption in the EU after Luxembourg. Among the EU countries, Norway had 126% of the average and Switzerland 119%.
In Serbia, real individual consumption increased last year compared to 2020, when it was 51 percent, and GDP amounted to 43 percent of the EU average.