Economic Developments  Pent-Up Demand and Labor Market Conditions Private Consumption and Disposable Income 120  Employee Income  s.a., CY 2015 = 100  y/y % chg.  4  115  3  110  2  105  1  100  0  95  -1 -2  90 Consumption Activity Index (travel balance adjusted, real)  85  Total cash earnings Number of employees Employee income Real employee income  -3  Disposable income, etc.
(SNA, real) 80 CY 12  14  16  18  20  22  -4 12/Q1  14/Q1  16/Q1  18/Q1  20/Q1  22/Q1  Notes: 1. In the left-hand chart, figures for the Consumption Activity Index (CAI) are based on staff calculations. The CAI figures (travel balance adjusted) exclude inbound tourism consumption and include outbound tourism consumption.