CHANGES IN HOUSEHOLD AND GENERAL GOVERNMENT CONSUMPTION AND SAVINGS DURING THE COVID-19 PANDEMIC IN THE EUROPEAN UNION
In March 2020, the COVID-19 pandemic caused a significant economic shock in countries worldwide, negatively affecting every aspect of the world economy. Due to the situation with the COVID-19 pandemic, governments imposed a lockdown on households to slow the spread of the pandemic. It was unknown h...
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| Format: | Article |
| Language: | English |
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Faculty of Economics, University of Tuzla
2022-05-01
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| Series: | Economic Review |
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| Online Access: | https://www.er.ef.untz.ba/index.php/er/article/view/36 |
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| author | Boris Crnković Juraj Rašić Sofija Turjak |
| author_facet | Boris Crnković Juraj Rašić Sofija Turjak |
| author_sort | Boris Crnković |
| collection | DOAJ |
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In March 2020, the COVID-19 pandemic caused a significant economic shock in countries worldwide, negatively affecting every aspect of the world economy. Due to the situation with the COVID-19 pandemic, governments imposed a lockdown on households to slow the spread of the pandemic. It was unknown how long the lockdown could last and how much impact it would have on households and the general government. Household consumption is a specific component of final GDP consumption and generally represents about 60% of GDP. Crises most often affect the individual and manifest in unplanned and unnecessary costs that affect household consumption and savings, and consequently growth and development. Eurostat states that the household savings rate of the European Union (EU) decreased in the third quarter of 2020 but was 4.5% higher than in 2019. This paper aims to analyze the differences in household consumption expenditure and net savings across the EU from 2018 until 2021 and general government consumption expenditure and net savings. In addition, it will compare the differences in household and general government consumption and savings in 2019 and 2020. This paper uses univariate statistical methods to define the differences between the EU member states and their private and public consumption expenditure and net savings. The authors will suggest further research on the topic mentioned above and provide evidence on how households should react to future pandemic situations.
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| format | Article |
| id | doaj-art-d81186d8a45d4f60bd602d5748dbcd75 |
| institution | Kabale University |
| issn | 1512-8962 2303-680X |
| language | English |
| publishDate | 2022-05-01 |
| publisher | Faculty of Economics, University of Tuzla |
| record_format | Article |
| series | Economic Review |
| spelling | doaj-art-d81186d8a45d4f60bd602d5748dbcd752025-02-11T00:32:51ZengFaculty of Economics, University of TuzlaEconomic Review1512-89622303-680X2022-05-01201 CHANGES IN HOUSEHOLD AND GENERAL GOVERNMENT CONSUMPTION AND SAVINGS DURING THE COVID-19 PANDEMIC IN THE EUROPEAN UNIONBoris Crnković0Juraj Rašić1Sofija Turjak2Faculty of Economics in Osijek, J.J. Strossmayer University of Osijek, CroatiaFaculty of Economics in Osijek, J.J. Strossmayer University of Osijek, CroatiaFaculty of Economics in Osijek, J.J. Strossmayer University of Osijek, Croatia, In March 2020, the COVID-19 pandemic caused a significant economic shock in countries worldwide, negatively affecting every aspect of the world economy. Due to the situation with the COVID-19 pandemic, governments imposed a lockdown on households to slow the spread of the pandemic. It was unknown how long the lockdown could last and how much impact it would have on households and the general government. Household consumption is a specific component of final GDP consumption and generally represents about 60% of GDP. Crises most often affect the individual and manifest in unplanned and unnecessary costs that affect household consumption and savings, and consequently growth and development. Eurostat states that the household savings rate of the European Union (EU) decreased in the third quarter of 2020 but was 4.5% higher than in 2019. This paper aims to analyze the differences in household consumption expenditure and net savings across the EU from 2018 until 2021 and general government consumption expenditure and net savings. In addition, it will compare the differences in household and general government consumption and savings in 2019 and 2020. This paper uses univariate statistical methods to define the differences between the EU member states and their private and public consumption expenditure and net savings. The authors will suggest further research on the topic mentioned above and provide evidence on how households should react to future pandemic situations. https://www.er.ef.untz.ba/index.php/er/article/view/36COVID-19household consumptionhousehold savingsgeneral governmentthe European Union |
| spellingShingle | Boris Crnković Juraj Rašić Sofija Turjak CHANGES IN HOUSEHOLD AND GENERAL GOVERNMENT CONSUMPTION AND SAVINGS DURING THE COVID-19 PANDEMIC IN THE EUROPEAN UNION Economic Review COVID-19 household consumption household savings general government the European Union |
| title | CHANGES IN HOUSEHOLD AND GENERAL GOVERNMENT CONSUMPTION AND SAVINGS DURING THE COVID-19 PANDEMIC IN THE EUROPEAN UNION |
| title_full | CHANGES IN HOUSEHOLD AND GENERAL GOVERNMENT CONSUMPTION AND SAVINGS DURING THE COVID-19 PANDEMIC IN THE EUROPEAN UNION |
| title_fullStr | CHANGES IN HOUSEHOLD AND GENERAL GOVERNMENT CONSUMPTION AND SAVINGS DURING THE COVID-19 PANDEMIC IN THE EUROPEAN UNION |
| title_full_unstemmed | CHANGES IN HOUSEHOLD AND GENERAL GOVERNMENT CONSUMPTION AND SAVINGS DURING THE COVID-19 PANDEMIC IN THE EUROPEAN UNION |
| title_short | CHANGES IN HOUSEHOLD AND GENERAL GOVERNMENT CONSUMPTION AND SAVINGS DURING THE COVID-19 PANDEMIC IN THE EUROPEAN UNION |
| title_sort | changes in household and general government consumption and savings during the covid 19 pandemic in the european union |
| topic | COVID-19 household consumption household savings general government the European Union |
| url | https://www.er.ef.untz.ba/index.php/er/article/view/36 |
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