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

Household final consumption expenditure, etc. (% of GDP) in Guatemala was 85.10 as of 2016. Its highest value over the past 56 years was 89.27 in 2008, while its lowest value was 75.29 in 1977.

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 83.94
1961 84.91
1962 86.11
1963 84.49
1964 82.99
1965 82.16
1966 81.89
1967 82.61
1968 79.38
1969 80.38
1970 78.43
1971 80.01
1972 80.05
1973 79.15
1974 78.12
1975 78.85
1976 77.80
1977 75.29
1978 77.01
1979 78.69
1980 78.91
1981 81.58
1982 82.01
1983 82.88
1984 82.91
1985 82.58
1986 81.11
1987 84.63
1988 84.15
1989 83.76
1990 83.63
1991 83.90
1992 84.48
1993 84.77
1994 86.08
1995 85.61
1996 87.01
1997 86.96
1998 85.01
1999 84.68
2000 83.92
2001 83.41
2002 83.22
2003 84.51
2004 85.52
2005 87.73
2006 87.76
2007 87.28
2008 89.27
2009 85.92
2010 86.09
2011 85.32
2012 85.94
2013 86.53
2014 85.85
2015 84.99
2016 85.10

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