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

Household final consumption expenditure, etc. (% of GDP) in Kuwait was 45.27 as of 2016. Its highest value over the past 51 years was 90.73 in 1991, while its lowest value was 14.79 in 1974.

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
1965 26.44
1966 27.17
1967 32.11
1968 31.23
1969 30.94
1970 38.60
1971 30.40
1972 29.19
1973 27.34
1974 14.79
1975 21.76
1976 26.82
1977 33.63
1978 34.65
1979 26.03
1980 30.86
1981 38.13
1982 53.39
1983 44.28
1984 42.57
1985 47.81
1986 52.75
1987 45.00
1988 53.41
1989 51.27
1990 56.76
1991 90.73
1992 35.83
1993 43.46
1994 41.40
1995 42.67
1996 44.53
1997 46.47
1998 58.28
1999 52.08
2000 41.53
2001 46.29
2002 49.59
2003 42.74
2004 37.42
2005 32.15
2006 28.57
2007 30.44
2008 28.14
2009 33.46
2010 28.89
2011 24.25
2012 23.65
2013 25.15
2014 28.98
2015 41.55
2016 45.27

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 Thus the estimates quickly become outdated and must be supplemented by estimates using price- and quantity-based statistical procedures.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