The contribution from the terms of trade is proxied by the differential in the GDP and consumption deflator. Consumption and total disposable income are deflated with the consumption deflator. Latest observation: Q3 2019 for real consumption and Q2 2019 for the rest. Chart 2 Euro area consumer confidence (percentage balances, deviation from mean)  Sources: European Commission and ECB calculations. Latest observation: November 2019.
Chart 3 Household investment (year-on-year percentage changes)  Sources: Eurostat and ECB. Note: The data refer to nominal gross fixed capital formation by households and non-profit institutions serving households. Latest observation: Q2 2019. For monetary policy analysis, an important question is the extent to which easier financial conditions have contributed to these dynamics through a variety of direct and indirect channels.