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

Household final consumption expenditure, etc. (% of GDP) in Guinea-Bissau was 82.44 as of 2016. Its highest value over the past 46 years was 100.79 in 1998, while its lowest value was 70.29 in 1981.

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
1970 76.68
1971 80.50
1972 85.74
1973 89.31
1974 92.18
1975 82.47
1976 81.50
1977 84.98
1978 85.50
1979 90.17
1980 73.33
1981 70.29
1982 75.75
1983 78.13
1984 84.72
1985 94.92
1986 89.58
1987 81.68
1988 84.39
1989 87.09
1990 86.88
1991 86.20
1992 87.83
1993 85.94
1994 88.96
1995 94.77
1996 91.70
1997 87.85
1998 100.79
1999 90.37
2000 88.32
2001 86.90
2002 85.53
2003 82.93
2004 88.65
2005 89.47
2006 97.35
2007 90.74
2008 94.99
2009 94.76
2010 93.53
2011 85.20
2012 89.73
2013 87.98
2014 85.34
2015 85.13
2016 82.44

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 Thus the estimates quickly become outdated and must be supplemented by estimates using price- and quantity-based statistical procedures.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