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

Household final consumption expenditure, etc. (% of GDP) in Dominican Republic was 69.70 as of 2016. Its highest value over the past 56 years was 85.04 in 1992, while its lowest value was 67.30 in 1960.

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 67.30
1961 70.95
1962 73.11
1963 73.10
1964 74.41
1965 75.31
1966 78.13
1967 78.29
1968 79.37
1969 76.81
1970 76.65
1971 80.12
1972 76.16
1973 73.45
1974 77.98
1975 71.62
1976 80.92
1977 78.25
1978 77.48
1979 73.37
1980 77.05
1981 71.05
1982 75.16
1983 73.72
1984 74.88
1985 83.86
1986 82.20
1987 81.85
1988 78.61
1989 76.97
1990 80.42
1991 82.99
1992 85.04
1993 82.48
1994 80.96
1995 81.26
1996 80.23
1997 78.75
1998 77.34
1999 77.15
2000 77.78
2001 77.76
2002 78.00
2003 78.22
2004 78.11
2005 82.26
2006 82.41
2007 70.89
2008 73.50
2009 74.27
2010 74.50
2011 76.42
2012 75.16
2013 73.11
2014 71.17
2015 70.19
2016 69.70

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