// definition
Precommitted spending
Expenditure under contracts that are hard to renegotiate quickly
Short definition
A statistical category of spending undertaken under contracts that are difficult to renegotiate in the short term. It includes housing and associated charges, certain subscriptions, insurance excluding life insurance, and financial services. The national-accounts scope includes imputed rents for owner-occupiers and some indirectly measured financial services. Essential purchases such as groceries can fall outside this category.
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