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

Households and NPISHs final consumption expenditure (% of GDP) in Greece was 69.84 as of 2020. Its highest value over the past 60 years was 73.93 in 1960, while its lowest value was 53.69 in 1973.

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 73.93
1961 69.91
1962 70.56
1963 67.81
1964 67.01
1965 64.90
1966 64.18
1967 64.59
1968 64.27
1969 61.20
1970 60.98
1971 59.55
1972 56.94
1973 53.69
1974 57.75
1975 58.21
1976 56.78
1977 59.51
1978 59.58
1979 58.95
1980 60.42
1981 61.71
1982 61.42
1983 62.73
1984 60.39
1985 59.52
1986 60.06
1987 64.19
1988 64.38
1989 65.35
1990 66.59
1991 66.40
1992 67.94
1993 68.34
1994 68.18
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 67.26
2011 69.73
2012 70.22
2013 69.79
2014 69.08
2015 68.30
2016 67.99
2017 68.99
2018 69.24
2019 69.09
2020 69.84

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