natgillin/translations-raw huggingface dataset:
The subsequent decline in industrial raw materials prices on world markets , together with the appreciation of the euro , dampened price developments in many parts of the intermediate goods sector . Manufacturers of food-related items experienced strong price increases in the third quarter of the year in the wake of surging prices for some agricultural commodities in world markets ( see Box 5 ) .
Proizvajalci prehrambnih izdelkov so v tretjem četrtletju leta doživeli visoko rast cen ob zvišanju cen nekaterih kmetijskih surovin na svetovnih trgih ( glej okvir 5 ) .
The annual growth in capital goods prices reversed its upward movement in June 2007 and declined to 1.5% in the fourth quarter of 2007 , reflecting the favourable effects of the appreciation of the euro .
Medletna rast cen proizvodov za investicije se je junija 2007 nehala zviševati in se je v četrtem četrtletju leta 2007 znižala na 1,5% kot posledica ugodnih učinkov apreciacije eura .
Further down the production chain , consumer goods prices continued on the upward path observed since mid-2005 . The annual rate of change in overall consumer goods prices rose ECB Annual Report 2007
Nižje v proizvodni verigi je cena proizvodov za široko porabo še naprej sledila trendu naraščanja , ki se je začel sredi leta 2005 .
61 to 3.9% in December 2007 , the highest rate of increase since the beginning of Monetary Union in 1999 .
Medletna stopnja rasti skupnih cen proizvodov za široko porabo se je decembra 2007 zvišala na 3,9% , kar je najvišja stopnja od začetka ekonomske in monetarne unije leta 1999 .
This development was mainly driven by non-durable consumer goods prices , which accelerated from July onwards , reflecting global food price pressures which pushed up food consumer goods prices .
To gibanje je bilo predvsem posledica cen netrajnih proizvodov za široko porabo , ki so se julija začele pospešeno dvigati zaradi pritiskov svetovnih cen hrane , zaradi katerih so se dvignile cene prehrambnih izdelkov za široko porabo .
Excluding tobacco and food prices , however , the annual rate of change in consumer goods prices remained stable throughout the year , hovering around 1.3% .
Brez upoštevanja cen tobaka in hrane pa je medletna stopnja rasti cen proizvodov za široko porabo ostala celo leto stabilna in se je gibala okrog 1,3% .
LABOUR COSTS REMAINED MODERATE The annual growth rate of compensation per employee remained moderate in 2007 .
STROŠKI DELA SO OSTALI ZMERNI Medletna stopnja rasti sredstev za zaposlene je leta 2007 ostala zmerna .
The average annual growth rate in the first three quarters of the year was 2.0% , slightly lower than the average growth rate recorded in 2006 ( see Table 2 ) .
Povprečna medletna stopnja rasti je v prvih treh četrtletjih znašala 2,0% , kar je nekoliko manj od povprečne stopnje rasti leta 2006 ( glej tabelo 2 ) .
Sectoral data indicate that , as in the previous year , growth rates in compensation per employee in 2007 were higher in the industrial sector than in the services sector , in line with sectoral productivity developments ( see Chart 27 ) .
Podatki po dejavnostih kažejo , da so bile stopnje rasti sredstev za zaposlene leta 2007 podobno kot prejšnje leto višje v industriji kot v storitvah , kar je v skladu z gibanji produktivnosti po sektorjih ( glej graf 27 ) .
In the industrial sector , the average growth rate in the first three quarters of 2007 was broadly in line with developments since the beginning of 2006 .
V industriji je povprečna medletna stopnja rasti v prvih treh četrtletjih leta 2007 v glavnem sledila gibanjem od začetka leta 2006 .
The annual rate of growth of compensation per employee in the construction sector , although slightly higher than in the industrial sector , moderated in the course of the year amid the first signs of a slowdown in employment in this sector .
Medletna stopnja rasti sredstev za zaposlene v gradbeništvu , ki je bila nekoliko višja kot v industriji , se je med letom umirila ob prvih ECB Letno poročilo 2007 Vir : Eurostat .
The annual growth rate of compensation per employee in services in the first three quarters of 2007 was lower than in the previous two years .
Opomba : Podatki se nanašajo na euroobmočje vključno s Ciprom in Malto . 59
Chart 27 Sectoral compensation per employee ( annual percentage changes ;
Graf 27 Sredstva za zaposlene po dejavnostih ( medletne spremembe v odstotkih ;
quarterly data ) industry excluding construction construction services 5.0 5.0 4.0
četrtletni podatki ) industrija brez gradbeništva gradbeništvo storitve 5,0 5,0
0.0 2003 2004 2005 2006 2007 Sources : Eurostat and ECB calculations .
zmerna .
The average growth in total hourly labour costs in the first three quarters of 2007 was lower than the growth rate recorded in 2006 . The moderation of annual growth rates of compensation per employee and total hourly labour costs was partially due to the dampening effects of cuts in social security contributions which were implemented in some euro area economies in 2007 .
Rast dogovorjenih plač je leta 2007 v euroobmočju znašala povprečno 2,1% , kar je nekoliko manj od stopnje rasti v letu 2006 , čeprav so med državami obstajale velike razlike . Kaže , da je nižja brezposelnost še naprej razmeroma malo vplivala na dogovore o plačah .
Other available labour cost indicators confirm that wage developments remained moderate in 2007 . In particular , negotiated wage growth stood at 2.1% on average in the euro area in 2007 , slightly below the rate in 2006 , although wage developments varied considerably from country
Videti je tudi , da so strukturne reforme na trgih dela in proizvodov , spremenjena struktura ponudbe delovne sile in zaposlenosti ter mednarodna konkurenca prispevali k nadaljevanju zmernih stroškov dela v euroobmočju .
Table 2 Labour cost indicators ( annual percentage changes ) 2005 Negotiated wages Total hourly labour costs Compensation per employee Memo items Labour productivity Unit labour costs 2.1 2.7 1.8 0.7 1.0 2006 2.3 2.6 2.2 1.3 0.9 2007 2.1 .
Kljub zmernim gibanjem plač se je medletna stopnja rasti stroškov dela na enoto proizvoda med letom nekoliko povečala , predvsem zaradi znižanja rasti produktivnosti dela .
. 2006 Q4 2.5 2.3 1.8 1.6 0.2 2007 Q1 2.0 2.3 2.2 1.3 0.9 2007 Q2 2.3 2.4 1.9 0.7 1.2 2007 Q3 2.1 2.5 2.0 0.7 1.2 2007 Q4 2.1 .
Stroški dela na enoto proizvoda so se v prvih treh četrtletjih leta 2007 zvišali povprečno za 1,1% , v primerjavi s stopnjo rasti v višini 0,9% in 1,0% v preteklih dveh letih .
Sources : Eurostat , national data and ECB calculations . Note : Data on compensation per employee , labour productivity and unit labour costs refer to the euro area including Cyprus and Malta .
Zvišanje stroškov dela na enoto proizvoda je povzročilo določeno upočasnitev rasti dobička v letu 2007 .
The impact of lower unemployment on wage agreements appears to have remained relatively moderate . It appears that structural reforms in labour and product markets , changes in the composition of the labour supply and employment , and international competition have contributed to the continuation of moderate labour cost developments in the euro area .
Kazalnik skupne profitne marže ( merjen kot razlika med deflatorjem BDP in stroški dela na enoto proizvoda ) je do tretjega četrtletja leta 2007 še naprej kazal dinamično rast dobičkov , vendar počasnejšo kot leta 2006 .
Despite moderate wage developments , the annual growth rate of unit labour costs rose slightly in the course of the year , mainly reflecting declining labour productivity growth .
Povprečna rast profitne marže je v prvih treh četrtletjih leta 2007 znašala 0,6% , medtem ko je leta 2006 znašala 0,8% .
Unit labour costs grew by an average of 1.1% in the first three quarters of 2007 , compared with average growth rates of 0.9% and 1.0% in the previous two years .
RAST CEN STANOVANJSKIH NEPREMIČNIN SE JE ŠE BOLJ UMIRILA Cene stanovanjskih nepremičnin , ki niso vključene v izračun indeksa HICP , so se v prvi polovici leta 2007 upočasnile in nadaljevale trend
The increase in unit labour costs brought about some slowdown in profit developments in the course of 2007 .
1,0 0,0 2003 2004 2005 2006 2007 Vira : Eurostat in izračuni ECB .
The indicator of overall profit mark-up , measured as the difference in the rates of growth of the GDP deflator and of unit labour costs , still signalled dynamic growth in profits up to the third quarter of 2007 , but at a lower rate than in 2006 .
znamenjih upočasnitve zaposlenosti v tem sektorju . Medletna stopnja rasti sredstev za zaposlene v storitvah je bila v prvih treh četrtletjih leta 2007 nižja kot v preteklih dveh letih .
Average profit mark-up growth in the first three quarters of 2007 was 0.6% , whereas it had been 0.8% in 2006 .
Povprečna rast skupnih stroškov dela na uro je bila v prvih treh četrtletjih leta 2007 nižja od stopnje rasti leta 2006 .
RESIDENTIAL PROPERTY PRICE INCREASES SLOWED DOWN FURTHER Residential property prices , which are not included in the measurement of the HICP , decelerated in Chart 28 Residential property price developments in the euro area ( annual percentage changes ;
Umiritev medletnih stopenj rasti sredstev za zaposlene in skupnih stroškov dela na uro je bila delno posledica znižanja prispevkov za socialno varnost , ki so jih nekatera gospodarstva euroobmočja uvedla leta 2007 .
the first half of 2007 , continuing the slowing trend observed in the second half of 2005 and in 2006 ( see Chart 28 ) . According to the latest estimates , the annual growth rate of residential property prices for the euro area as a whole declined to 5.0% in the first half of 2007 , from 6.1% in the second half of 2006 .
Drugi razpoložljivi kazalniki stroškov dela potrjujejo , da so gibanja plač v letu 2007 ostala Tabela 2 Kazalniki stroškov dela ( medletne spremembe v odstotkih ) 2005 Dogovorjene plače Skupni stroški dela na uro Sredstva za zaposlene Zaznamki Produktivnost dela Stroški dela na enoto proizvoda 2,1 2,7 1,8 0,7 1,0 2006 2,3 2,6 2,2 1,3 0,9 2007 2,1 .
Available country data suggest that the moderation in euro area house price inflation was particularly marked in those countries that have recorded relatively high residential property price rises in recent years , such as Belgium , Ireland , Spain , France and Malta .
2007 III 2,1 2,5 2,0 0,7 1,2 2007 IV 2,1 .
By contrast , in the case of Italy , the Netherlands and Austria , available data suggest that house price increases in 2007 were roughly unchanged compared with those recorded in 2006 . As regards Germany , house prices recorded a further small increase in 2007 , following a period of subdued developments until 2005 .
Viri : Eurostat , nacionalni podatki in izračuni ECB . Opomba : Podatki o sredstvih za zaposlene , produktivnosti dela in stroških in dela na enoto proizvoda se nanašajo na euroobmočje vključno s Ciprom in Malto .
DEVELOPMENTS IN INFLATION PERCEPTIONS AND EXPECTATIONS In view of the rise in headline inflation towards the end of 2007 , inflation perceptions and expectations became a key issue in the assessment of future inflation developments .
ECB Letno poročilo 2007 Graf 28 Gibanja cen stanovanjskih nepremičnin v euroobmočju ( medletne spremembe v odstotkih ;
The European Commission 's measure of consumers » qualitative perceptions of inflation over the previous 12 months increased significantly in the second half of Chart 29 Euro area consumers » qualitative inflation perceptions and expectations ( percentage balance ;
letni podatki ) Graf 29 Kvalitativne ocene o zaznani inflaciji in inflacijskih pričakovanjih potrošnikov ( ravnotežja v odstotkih ;
seasonally adjusted ) inflation expectations inflation perceptions
desezonirano ) inflacijska pričakovanja zaznana inflacija
70 60 50 40 30 20 10 0 - 10 1995 1997 1999 2001 2003 2005 2007 Jan. 2002 : euro cash changeover
70 60 50 40 30 20 10 0 - 10 1995 1997 1999 2001 2003 2005 2007 januar 2002 prehod na eurogotovino
Source : ECB calculations , based on non-harmonised national data .
Vir : Izračuni ECB na podlagi neharmoniziranih nacionalnih podatkov .
Note : Data for 2007 refer to the first half of the year .
Opomba : Podatki za leto 2007 se nanašajo na prvo polovico leta .
Source : European Commission Business and Consumer Surveys .
Vir : Ankete Evropske komisije o poslovnih tendencah in mnenju potrošnikov . Opomba : Podatki se nanašajo na euroobmočje vključno s Ciprom in Malto .
Note : Data refer to the euro area including Cyprus and Malta . ECB Annual Report 2007
Po zadnjih ocenah se je medletna rast cen stanovanjskih nepremičnin v celotnem euroobmočju v prvi polovici leta 2007 znižala na 5,0% v primerjavi s 6,1% v drugi polovici leta 2006 . Razpoložljivi podatki po državah kažejo , da je bilo umirjanje inflacije cen stanovanj posebno izrazito v državah , ki so v preteklih letih dosegale razmeroma visoko rast cen nepremičnin , kot so Belgija , Irska , Španija , Francija in Malta .
2007 following the rise in actual inflation , reaching levels last seen in the wake of the euro cash changeover in January 2002 ( see Chart 29 ) .
GIBANJA ZAZNANE INFLACIJE IN INFLACIJSKIH PRIČAKOVANJ Glede na dvig skupne inflacije proti koncu leta 2007 so postali zaznana inflacija in inflacijska pričakovanja ključni dejavnik pri ocenjevanju prihodnjih inflacijskih gibanj . Merilo Evropske komisije , ki meri kvalitativno zaznavo inflacije v preteklih dvanajstih mesecih , se je v drugi polovici leta 2007 po dvigu dejanske inflacije občutno zvišalo in je doseglo stopnje , ki so bile nazadnje dosežene ob uvedbi eura januarja 2002 ( glej graf 29 ) .
6 In contrast to 2002 , consumers » inflation expectations for the next 12 months increased -- although by a smaller amount -- in the second half of 2007 .
6 Nasprotno kot leta 2002 pa so se inflacijska pričakovanja potrošnikov za nasle - dnjih 12 mesecev v drugi polovici leta 2007 povečala , čeprav nekoliko manj .
Similarly , information derived from professional forecasters indicated that survey-based long-term inflation expectations remained at 1.9% according to the October 2007 Consensus Economics forecasts and increased to 2.0% according to the January 2008 Euro Zone Barometer and the ECB Survey of Professional Forecasters for the first quarter of 2008 .
Podobno razkrivajo informacije iz napovedi drugih strokovnjakov , po katerih so dolgoročna inflacijska pričakovanja na podlagi anket ostala pri 1,9% , kot kažejo napovedi Consensus Economics iz oktobra 2007 , oziroma so se zvišala na 2,0% , kot kaže anketa Euro Zone Barometer iz januarja 2008 in anketa ECB o napovedih drugih strokovnjakov za prvo četrtletje 2008 .
Furthermore , break-even inflation rates derived from inflation-linked bonds and swaps in the euro area increased after September 2007 , suggesting a rise in inflation expectations or inflation risk premia in financial markets ( see also Section 2.2 of this chapter ) .
Poleg tega so se izvedene stopnje inflacije na podlagi obveznic , vezanih na inflacijo , in zamenjav po septembru 2007 v euroobmočju zvišale , kar kaže , da so se inflacijska pričakovanja ali premije za tveganje inflacije na finančnih trgih zvišale ( glej tudi razdelek 2.2 v tem poglavju ) .
Chart 30 Contributions to quarterly real GDP growth ( quarterly percentage point contributions ;
Graf 30 Prispevki k četrtletni rasti realnega BDP ( četrtletni prispevki v odstotnih točkah ;
seasonally adjusted ) real GDP 1 ) final domestic demand 2 ) net exports 1.5 1.5
desezonirano ) realni BDP končno domače povpraševanje 2 ) neto izvoz 1,5 1,5 1 )
2.4 OUTPUT , DEMAND AND LABOUR MARKET DEVELOPMENTS ECONOMIC GROWTH DEVELOPED FAVOURABLY IN 2007 Economic developments in 2007 were favourable overall , although growth slowed somewhat in the course of the year .
Vir : Ankete Evropske komisije o poslovnih tendencah in mnenju potrošnikov . Opomba : Prikazani podatki so izračunani kot odkloni od povprečja v obdobju od januarja 1985 za zaupanje potrošnikov in zaupanje v industriji ter od aprila 1995 za zaupanje v storitvenih dejavnostih .
On average , real GDP growth in the euro area was 2.6% in 2007 , which is slightly below the 2.8% recorded in 2006 and above the growth rates recorded in previous years ( see Chart 30 ) .
Podatki se nanašajo na euroobmočje vključno s Ciprom in Malto . nekoliko manj kot leta 2006 ( 2,8% ) in več kot v prejšnjih letih ( glej graf 30 ) .
The slower GDP growth in 2007 was mainly due to developments in private consumption and residential investment .
Počasnejša rast BDP v letu 2007 je bila predvsem posledica gibanja zasebne potrošnje in stanovanjskih naložb .
The contribution of net exports to GDP growth was 0.4 percentage point , twice the contribution in 2006 ( see Table 3 ) .
Neto izvoz je k rasti BDP prispeval 0,4 odstotne točke , kar je dvakrat več kot v letu 2006 ( glej tabelo 3 ) .
Among the factors underlying this slower growth -- besides the one-off impact on consumption of a VAT increase in Germany -- of particular significance was the negative impact of higher food and energy prices on the real disposable income of households and on consumer and business confidence . These inflation developments and , subsequently ,
Med dejavniki , ki so upočasnili rast , je bil poleg enkratnega vpliva na potrošnjo zaradi povečanja DDV v Nemčiji še posebno pomemben negativni vpliv višjih cen nafte in energentov na realni razpoložljivi dohodek gospodinjstev ter na zaupanje potrošnikov in podjetij .
2 ) Defined as domestic demand excluding changes in inventories . the financial turmoil which commenced in August and was closely linked to the sub-prime mortgage crisis in the United States contributed to a deterioration in consumer and business expectations in the second half of 2007 .
Inflacijska gibanja in pozneje finančni pretresi , ki so se začeli avgusta in so bili tesno povezani s krizo na trgu drugorazrednih hipotek v ZDA , so prispevali k poslabšanju pričakovanj potrošnikov in podjetij v drugi polovici leta 2007 . Poleg tega je slabšanje razmer na stanovanjskem trgu
In addition , weakening conditions in the housing markets of several euro area countries contributed to a moderation in economic activity .
v več državah euroobmočja prispevalo k umirjanju gospodarske aktivnosti .
Despite the growing uncertainty during the second half of the year , the euro area economy performed well in 2007 , as reflected in the sizeable and steady decline in the unemployment rate .
Kljub vse večji negotovosti v drugi polovici leta je bilo gospodarstvo euroobmočja leta 2007 uspešno , kar se je izražalo v velikem in vztrajnem upadanju stopnje brezposelnosti .
The euro area unemployment rate fell to 7.1% in December , which constitutes the lowest level observed in the past 25 years .
Stopnja brezposelnosti v euroobmočju se je decembra znižala na 7,1% , kar je najnižja raven v zadnjih 25 letih .
This positive trend reflects the strength of the fundamentals
Pozitivni trend je odraz trdnih temeljev gospodarstva euroobmočja ter zlasti dobičkonosnosti podjetij in povečanega ustvarjanja delovnih mest .
For more information , see the box entitled « Recent developments in consumers » inflation perceptions and expectations in the euro area » in the November 2007 issue of the ECB 's Monthly Bulletin . 64
Na gibanje potrošnje v letu 2007 je močno vplivalo povečanje DDV v Nemčiji januarja 2007 , kar je povzročilo , da so potrošniki nakupe opravili prej ( zlasti dražjih izdelkov , kot je trajno potrošno blago ) in se tako izognili povišanju davka .
Table 3 Composition of real GDP growth ( percentage changes , unless otherwise indicated ;
Tabela 3 Sestava rasti realnega BDP ( spremembe v odstotkih , razen če ni navedeno drugače ;
seasonally adjusted ) 2005 Real gross domestic product of which : Domestic demand 3 ) Private consumption Government consumption Gross fixed capital formation Changes in inventories 4 ) Net exports 3 ) Exports 5 ) Imports 5 ) Real gross value added of which : Industry excluding construction Construction Purely market-related services 6 ) 1.7 1.9 1.6 1.5 3.0 0.0 - 0.2 4.9 5.7 2006 2.9 2.7 1.8 2.1 5.3 0.1 0.2 8.1 7.8 2007 2.6 2.2 1.4 2.1 4.8 0.0 0.4 5.9 5.2 Annual rates 1 ) 2006 2007 2007 Q4 Q1 Q2 3.2 2.4 2.1 2.2 5.7 - 0.4 0.8 9.0 7.1 3.1 2.9 1.4 2.2 6.9 0.1 0.3 6.6 6.0 2.4 2.0 1.6 2.1 4.1 - 0.2 0.4 5.8 5.0 2007 Q3 2.6 2.1 1.6 2.2 4.5 - 0.2 0.5 7.1 5.9 2007 Q4 2.2 2.0 1.1 1.8 3.7 0.1 0.3 4.4 3.8 2006 Q4 0.8 0.2 0.4 0.3 1.5 - 0.5 0.6 3.1 1.6 Quarterly rates 2 ) 2007 2007 2007 Q1 Q2 Q3 0.8 1.0 0.0 1.1 1.7 0.3 - 0.2 0.9 1.4 0.3 0.1 0.6 0.2 0.0 - 0.3 0.2 0.8 0.3 0.8 0.9 0.5 0.7 1.2 0.2 - 0.1 2.1 2.5 2007 Q4 0.4 0.0 - 0.1 - 0.1 0.8 - 0.1 0.4 0.5 - 0.4
desezonirano ) 2005 Realni bruto domači proizvod od tega : Domače povpraševanje 3 ) Zasebna potrošnja Državna potrošnja Bruto investicije v osnovna sredstva Spremembe v zalogah 4 ) Neto izvoz 3 ) Izvoz 5 ) Uvoz 5 ) Realna bruto dodana vrednost od tega : Industrija brez gradbeništva Gradbeništvo Čiste tržne storitve 6 ) 1,7 1,9 1,6 1,5 3,0 0,0 - 0,2 4,9 5,7 2006 2,9 2,7 1,8 2,1 5,3 0,1 0,2 8,1 7,8 Letne stopnje rasti 1 ) 2007 2006 2007 2007 IV I II 2,6 2,2 1,4 2,1 4,8 0,0 0,4 5,9 5,2 3,2 2,4 2,1 2,2 5,7 - 0,4 0,8 9,0 7,1 3,1 2,9 1,4 2,2 6,9 0,1 0,3 6,6 6,0 2,4 2,0 1,6 2,1 4,1 - 0,2 0,4 5,8 5,0 2007 III 2,6 2,1 1,6 2,2 4,5 - 0,2 0,5 7,1 5,9 2007 IV 2,2 2,0 1,1 1,8 3,7 0,1 0,3 4,4 3,8 Četrtletne stopnje rasti 2 ) 2006 2007 2007 2007 2007 IV I II III IV 0,8 0,2 0,4 0,3 1,5 - 0,5 0,6 3,1 1,6 0,8 1,0 0,0 1,1 1,7 0,3 - 0,2 0,9 1,4 0,3 0,1 0,6 0,2 0,0 - 0,3 0,2 0,8 0,3 0,8 0,9 0,5 0,7 1,2 0,2 - 0,1 2,1 2,5 0,4 0,0 - 0,1 - 0,1 0,8 - 0,1 0,4 0,5 - 0,4
Notes : The figures reported are seasonally and partly working day-adjusted , as not all euro area countries report quarterly national account series adjusted for the number of working days .
Opomba : Podatki v tabeli so desezonirani in deloma prilagojeni glede na število delovnih dni , saj vse države euroobmočja ne poročajo serij četrtletnih nacionalnih računov , ki so prilagojene glede na število delovnih dni .
Data refer to the euro area including Cyprus and Malta .
Podatki se nanašajo na euroobmočje vključno s Ciprom in Malto .
4 ) Including acquisitions less disposals of valuables .
4 ) Vključno s postavko pridobitve manj odtujitve vrednostnih predmetov .
Since intra-euro area trade is not cancelled out in import and export figures used in national accounts , these data are not fully comparable with balance of payments data .
Ker trgovina znotraj euroobmočja ni izključena iz podatkov za izvoz in uvoz v nacionalnih računih , ti podatki niso popolnoma primerljivi s podatki plačilne bilance .
6 ) Includes trade and repairs , hotels and restaurants , transport and communication , financial intermediation , real estate , renting and business activities . of the euro area economy and , in particular , the profitability of firms and robust job creation .
6 ) Vključuje trgovino in popravila , gostinstvo , promet in zveze , finančno posredništvo , poslovanje z nepremičninami , najem in poslovne storitve .
Private consumption grew by 1.4% in 2007 , down from 1.8% in 2006 . The consumption growth path in 2007 was strongly influenced by a VAT increase in Germany in January 2007 .
euroobmočju v prvem četrtletju leta 2007 močno zmanjšala , in sicer na 1,4% v primerjavi z 2,1% v zadnjem četrtletju leta 2006 .
As a result , the annual growth rate of euro area private consumption declined sharply to 1.4% in the first quarter of 2007 , from 2.1% in the fourth quarter of 2006 . Household consumption rebounded in subsequent months , in line with improvements in real household disposable income which were mainly driven by the positive developments in employment and , to a lesser extent , by growth in household real wealth .
Potrošnja gospodinjstev se je v poznejših mesecih povečala , skladno z izboljšanjem realnega razpoložljivega dohodka gospodinjstev , k čemur so prispevala predvsem pozitivna gibanja zaposlenosti in delno tudi rast realnega premoženja gospodinjstev .
The second half of the year witnessed a progressive weakening in consumer confidence , which appears to have been linked to the turmoil in financial markets , concerns about the external environment and the rise in inflation ( see Chart 31 ) .
V drugi polovici leta je prišlo do postopnega slabšanja zaupanja potrošnikov , kar je bilo povezano s pretresi na finančnih trgih , zaskrbljenostjo glede zunanjega okolja in povišanjem inflacije ( glej graf 31 ) .