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

Household final consumption expenditure, etc. (% of GDP) in Jamaica was 78.36 as of 2016. Its highest value over the past 56 years was 89.13 in 2008, while its lowest value was 60.91 in 1968.

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 67.92
1961 66.09
1962 67.29
1963 67.58
1964 70.49
1965 68.88
1966 62.41
1967 62.68
1968 60.91
1969 61.21
1970 60.92
1971 62.62
1972 67.26
1973 61.79
1974 68.03
1975 66.23
1976 69.79
1977 65.66
1978 61.67
1979 62.33
1980 63.82
1981 67.69
1982 67.78
1983 64.96
1984 66.44
1985 70.64
1986 65.85
1987 65.17
1988 66.17
1989 69.25
1990 64.89
1991 65.22
1993 68.53
1994 69.27
1995 70.45
1996 69.02
1997 68.41
2002 74.26
2003 74.46
2004 74.88
2005 78.79
2006 78.17
2007 80.33
2008 89.13
2009 80.33
2010 81.92
2011 85.84
2012 85.46
2013 85.34
2014 85.24
2015 81.20
2016 78.36

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 Thus the estimates quickly become outdated and must be supplemented by estimates using price- and quantity-based statistical procedures.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