Chile - Household final consumption expenditure, etc. (% of GDP)

Household final consumption expenditure, etc. (% of GDP) in Chile was 64.03 as of 2016. Its highest value over the past 56 years was 80.78 in 1973, while its lowest value was 54.77 in 2006.

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. This item also includes any statistical discrepancy in the use of resources relative to the supply of resources.

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

See also:

Year Value
1960 78.88
1961 78.66
1962 78.03
1963 77.93
1964 77.19
1965 73.70
1966 71.63
1967 71.63
1968 71.91
1969 71.73
1970 70.34
1971 71.37
1972 75.46
1973 80.78
1974 62.73
1975 73.37
1976 69.44
1977 73.10
1978 71.14
1979 71.23
1980 71.07
1981 74.95
1982 76.00
1983 72.02
1984 69.14
1985 68.55
1986 66.85
1987 65.23
1988 60.93
1989 60.60
1990 62.04
1991 63.28
1992 64.46
1993 64.80
1994 63.76
1995 61.53
1996 62.64
1997 63.11
1998 64.94
1999 64.76
2000 64.05
2001 63.86
2002 63.23
2003 62.24
2004 59.39
2005 58.88
2006 54.77
2007 55.17
2008 60.05
2009 58.78
2010 58.32
2011 60.13
2012 61.65
2013 62.65
2014 62.97
2015 63.59
2016 64.03

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.

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.

Aggregation method: Weighted average

Periodicity: Annual

Classification

Topic: Economic Policy & Debt Indicators

Sub-Topic: National accounts