Analysis of the dynamics and structure of final consumption in the region

Final consumption is one of the most important structural elements of the economy. Its stimulation may ensure the economic growth of the territory. In the Russian Federation, the share of final consumption in the structure of gross domestic product has been remaining very high over a long period of time. It shows that this component of gross domestic product utilization has a great potential. It is particularly important for the regional level, since there is a spatial inequality of this indicator. The Vologda Oblast also has an acute problem of stimulating final consumption. The purpose of the article is to study current trends of the formation of final consumption at the regional level. Its stimulation is considered to be one of means for achieving the economic growth in the region. The research is based on general scientific methods of comparison, generalization, analysis, and synthesis. The information basis includes domestic and foreign economists’ works in the field of methodological and practical issues of final consumption formation, data from state statistics bodies, and materials of expert studies. In this article, an analysis of the dynamics and structure of the region’s final consumption and areas of its stimulation, which contribute to the economic growth, is carried out. It was revealed that a current decline of households’ consumer expenditures may limit the economic growth and development. Priorities of public expenditures shift in favor of service payments. It was determined that a simultaneous reduction of expenditures on purchases of non-food products indicates that the population shifts to the policy of economy. At the end of the article, areas for stimulating final consumption of the region are formulated. The analysis of thedynamics and structure of final consumption in the Vologda Oblast will be useful for development of priority areas and adjustment of economic policy, concerning population’s living standards, by regional authorities.