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

Household final consumption expenditure, etc. (% of GDP) in Equatorial Guinea was 52.01 as of 2016. Its highest value over the past 54 years was 271.48 in 1981, while its lowest value was 13.98 in 2005.

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
1962 56.20
1963 45.37
1964 47.67
1965 58.81
1966 54.40
1967 54.10
1968 49.66
1969 56.59
1970 67.31
1971 59.69
1972 63.72
1973 71.80
1974 75.63
1975 65.59
1976 63.65
1977 63.30
1980 175.33
1981 271.48
1982 180.79
1983 88.02
1984 140.64
1985 97.63
1986 123.51
1987 156.56
1988 166.89
1989 140.98
1990 91.22
1991 147.10
1992 102.16
1993 80.22
1994 34.40
1995 141.11
1996 207.23
1997 105.35
1998 159.12
1999 100.16
2000 52.38
2001 49.80
2002 43.58
2003 47.68
2004 43.57
2005 13.98
2006 20.11
2007 19.60
2008 16.04
2009 23.00
2010 23.41
2011 20.36
2012 20.14
2013 25.82
2014 27.78
2015 41.77
2016 52.01

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