I’ve just been playing around on the OECD stats site to keep abreast of relevant global economic data. While I was there I decided to have a look at some ratios of consumption to gdp around the world, especially after realising how little my view on this and rebalancing in New Zealand has not changed in the past two and a half years.
So here are some graphs comparing us to some of our Anglo-Saxon relatives:
Nominal consumption to GDP
Real consumption to GDP (so doesn’t account for relative price changes)
That really puts the idea that we have been spending “too much on too many consumable goods” in perspective … actually, I find it hard to believe how stable private spending out of current income has been in NZ.