02027nam a2200265 a 4500 1/51209 051115s2006 be u pdd 1 a0eng d 1016-8060 (print) 1725-3187 (online) KC-AI-06-252-EN-C 22925 GR-PeUP ΚΕΤ Αλφαβητική σειρά Deroose, Servaas. Assessing the factors of resilience of private consumption in the Euro Area / Servaas Deroose Brussels- Belgium: European Comission: Directorate-General for Economic and Financial Affairs, 2006 159 σ.: πιν. 30 εκ. European Economy. Economic papers ; Economic Papers Understanding the behaviour of private consumption is crucial for the assessment of the economic situation in the short and the medium term. As the largest expenditure component of GDP, household spending plays a central role in the cyclical fluctuations of activity around its long-term growth path. According to consumption theory, households endeavour to smooth their spending over the life-cycle, a behaviour which should contribute to dampen the strength of cyclical downswings. However, recent developments in private consumption in the euro area have been disappointing. Since 2001, growth in private consumption has been persistently sluggish and has been much weaker than in some other EU countries or in the USA. Furthermore, after years of a declining trend, households have responded to deteriorating growth conditions with a rise in their saving rate in 2001-02. Since then their saving rate has remained broadly constant. European Commission : Directorate-General for Economic and Financial Affairs. Economic Papers June 2006, No 252 European Economy. Economic papers ; 252 INST UNIPILB KET 20090310 EEEP 252 EEEP 252 NOLOAN 23 1 http://ec.europa.eu/economy_finance/publications/publication_summary700_en.htm