This includes both residential fixed investment and consumption spending on housing services.
Alt indicators at current prices, including changes in inventories and consumption of fixed capital, are valued at average prices of the accounting period.
The terms "gross" and "net" in this case show if this indicator includes or excludes consumption of fixed capital in the process of production.
At the national level the balance of primary incomes makes gross income, i.e. before deduction of consumption of fixed capital, equal to Gross National Income (GNI).
The global economic downturn, declining exports, and low domestic consumption and fixed asset accumulation, dampened by government austerity measures, resulted in an economic contraction of 6.8% in 2009.
Unlike the goods and services prices index, the GDP deflator measures change In compensation of employees, operating surplus (including mixed income), and consumption of fixed assets arisen from changes in prices and nominal net taxes.
Negative drivers were negative contributions from private inventory investment, federal government spending and exports, partially offset by personal consumption expenditures, nonresidential fixed investment and residential fixed investment.
The data did show a return to personal consumption in China and a softening of fixed asset investment at least in the near term across the manufacturing, infrastructure and property sectors.
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Also over this time period, Brazil recorded 2.8% growth in household consumption, 2.5% growth in gross fixed capital formation and 1.2% growth in the public administration sector.
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Although the overall decline was only 0.6%, the smallest of any recent recession, it was unusual nonetheless because it was caused by a slowdown in fixed investment, not by a slump in house-building or consumption.
This is clearly a consumption incentive for those who have cash, youth, secure jobs, future job prospects or fixed incomes.
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