Belize - Household final consumption expenditure (constant 2010 US$)

The latest value for Household final consumption expenditure (constant 2010 US$) in Belize was 1,165,076,000 as of 2015. Over the past 35 years, the value for this indicator has fluctuated between 1,165,076,000 in 2015 and 282,213,200 in 1986.

Definition: Household final consumption expenditure (formerly private consumption) is the market value of all goods and services, including durable products (such as cars, washing machines, and home computers), purchased by households. It excludes purchases of dwellings but includes imputed rent for owner-occupied dwellings. It also includes payments and fees to governments to obtain permits and licenses. Here, household consumption expenditure includes the expenditures of nonprofit institutions serving households, even when reported separately by the country. Data are in constant 2010 U.S. dollars.

Source: World Bank national accounts data, and OECD National Accounts data files.

See also:

Year Value
1980 462,634,800
1981 363,218,800
1982 402,771,400
1983 370,464,100
1984 322,478,400
1985 311,432,200
1986 282,213,200
1987 355,854,600
1988 433,890,800
1989 476,175,300
1990 480,807,600
1991 565,020,200
1992 587,825,300
1993 608,985,700
1994 568,480,000
1995 589,712,600
1996 603,621,500
1997 617,591,900
1998 659,010,900
1999 714,954,200
2000 758,834,900
2001 832,441,300
2002 888,261,500
2003 921,100,500
2004 918,911,800
2005 900,294,300
2006 878,292,300
2007 907,618,200
2008 890,336,600
2009 927,668,800
2010 980,582,800
2011 1,026,257,000
2012 1,062,053,000
2013 1,112,799,000
2014 1,119,892,000
2015 1,165,076,000

Development Relevance: An economy's growth is measured by the change in the volume of its output or in the real incomes of its residents. The 2008 United Nations System of National Accounts (2008 SNA) offers three plausible indicators for calculating growth: the volume of gross domestic product (GDP), real gross domestic income, and real gross national income. The volume of GDP is the sum of value added, measured at constant prices, by households, government, and industries operating in the economy. GDP accounts for all domestic production, regardless of whether the income accrues to domestic or foreign institutions.

Limitations and Exceptions: Because policymakers have tended to focus on fostering the growth of output, and because data on production are easier to collect than data on spending, many countries generate their primary estimate of GDP using the production approach. Moreover, many countries do not estimate all the components of national expenditures but instead derive some of the main aggregates indirectly using GDP (based on the production approach) as the control total. Household final consumption expenditure is often estimated as a residual, by subtracting all other known expenditures from GDP. The resulting aggregate may incorporate fairly large discrepancies. When household consumption is calculated separately, many of the estimates are based on household surveys, which tend to be one-year studies with limited coverage. Thus the estimates quickly become outdated and must be supplemented by estimates using price- and quantity-based statistical procedures. Complicating the issue, in many developing countries the distinction between cash outlays for personal business and those for household use may be blurred. Informal economic activities pose a particular measurement problem, especially in developing countries, where much economic activity is unrecorded. A complete picture of the economy requires estimating household outputs produced for home use, sales in informal markets, barter exchanges, and illicit or deliberately unreported activities. The consistency and completeness of such estimates depend on the skill and methods of the compiling statisticians. Measures of growth in consumption and capital formation are subject to two kinds of inaccuracy. The first stems from the difficulty of measuring expenditures at current price levels. The second arises in deflating current price data to measure volume growth, where results depend on the relevance and reliability of the price indexes and weights used. Measuring price changes is more difficult for investment goods than for consumption goods because of the one-time nature of many investments and because the rate of technological progress in capital goods makes capturing change in quality difficult. (An example is computers - prices have fallen as quality has improved.)

Statistical Concept and Methodology: Gross domestic product (GDP) from the expenditure side is made up of household final consumption expenditure, general government final consumption expenditure, gross capital formation (private and public investment in fixed assets, changes in inventories, and net acquisitions of valuables), and net exports (exports minus imports) of goods and services. Such expenditures are recorded in purchaser prices and include net taxes on products. Deflators for household consumption are usually calculated on the basis of the consumer price index.

Aggregation method: Gap-filled total

Base Period: 2010

Periodicity: Annual


Topic: Economic Policy & Debt Indicators

Sub-Topic: National accounts