Hong Kong SAR, China - Households and NPISHs final consumption expenditure (% of GDP)

Households and NPISHs final consumption expenditure (% of GDP) in Hong Kong SAR, China was 66.52 as of 2020. Its highest value over the past 60 years was 77.29 in 1961, while its lowest value was 55.68 in 1989.

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 70.68
1961 77.29
1962 74.13
1963 68.18
1964 65.99
1965 63.37
1966 70.19
1967 69.21
1968 71.80
1969 69.05
1970 66.23
1971 66.20
1972 63.34
1973 65.61
1974 65.20
1975 65.47
1976 58.49
1977 61.37
1978 64.56
1979 60.56
1980 60.04
1981 59.76
1982 61.21
1983 64.13
1984 60.80
1985 61.46
1986 60.49
1987 57.24
1988 56.61
1989 55.68
1990 57.45
1991 59.15
1992 59.00
1993 58.53
1994 59.92
1995 62.16
1996 61.54
1997 61.11
1998 61.44
1999 60.24
2000 58.64
2001 59.61
2002 58.03
2003 57.53
2004 58.58
2005 57.48
2006 57.78
2007 59.51
2008 60.12
2009 61.09
2010 61.38
2011 63.30
2012 64.55
2013 66.08
2014 66.49
2015 66.43
2016 66.25
2017 67.09
2018 68.29
2019 69.38
2020 66.52

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