Cuba - Households and NPISHs final consumption expenditure (% of GDP)

Households and NPISHs final consumption expenditure (% of GDP) in Cuba was 50.62 as of 2020. Its highest value over the past 50 years was 70.51 in 1995, while its lowest value was 48.10 in 2009.

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
1970 54.59
1971 54.58
1972 54.59
1973 54.60
1974 54.63
1975 54.56
1976 54.54
1977 54.60
1978 54.67
1979 54.76
1980 54.23
1981 54.46
1982 54.88
1983 55.00
1984 55.23
1985 51.58
1986 55.62
1987 56.94
1988 55.63
1989 56.40
1990 53.90
1991 59.39
1992 61.05
1993 61.94
1994 67.96
1995 70.51
1996 59.55
1997 61.12
1998 63.12
1999 62.01
2000 60.72
2001 60.54
2002 58.37
2003 58.45
2004 54.99
2005 52.90
2006 55.80
2007 51.70
2008 49.06
2009 48.10
2010 50.32
2011 52.86
2012 54.35
2013 54.28
2014 55.09
2015 55.72
2016 55.85
2017 55.98
2018 55.96
2019 54.67
2020 50.62

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 Thus the estimates quickly become outdated and must be supplemented by estimates using price- and quantity-based statistical procedures.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