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Private consumption is in line with the previous forecast—its growth rate is decelerating, but only slightly. In the middle of the last year, with the household income rising more modestly and confidence deteriorating, private consumption growth decreased significantly, and at the end of the year remained almost unchanged. The impact on such developments, apparently, was due to a change in household sentiment—their assessment of economic prospects improved significantly. Although it is difficult to estimate how much the volatility of expectations is reasonable, favourable expectations may positively affect private consumption in the near future as well. Therefore, in 2013 private consumption is expected to grow at a similar pace as in the end of 2012, i.e. the growth should not slow down. It is projected that private consumption will rise more in later years, when external and internal demand becomes more active and household income rises as well.
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