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

Household final consumption expenditure, etc. (% of GDP) in Greece was 69.88 as of 2016. Its highest value over the past 51 years was 95.25 in 1968, while its lowest value was 47.77 in 1965.

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
1965 47.77
1966 87.66
1967 71.92
1968 95.25
1969 80.84
1970 58.25
1971 56.56
1972 53.34
1973 49.10
1974 55.16
1975 55.77
1976 54.00
1977 57.52
1978 57.82
1979 57.45
1980 59.70
1981 62.16
1982 60.24
1983 61.59
1984 58.94
1985 57.50
1986 58.65
1987 64.37
1988 64.01
1989 64.64
1990 65.53
1991 65.30
1992 67.71
1993 68.15
1994 68.50
1995 67.99
1996 67.96
1997 66.71
1998 67.00
1999 66.74
2000 66.89
2001 66.16
2002 66.15
2003 64.77
2004 64.02
2005 66.16
2006 64.19
2007 64.83
2008 67.37
2009 68.13
2010 69.37
2011 69.88
2012 69.91
2013 70.77
2014 70.21
2015 69.75
2016 69.88

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 Thus the estimates quickly become outdated and must be supplemented by estimates using price- and quantity-based statistical procedures.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