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

Household final consumption expenditure, etc. (% of GDP) in Luxembourg was 30.26 as of 2016. Its highest value over the past 51 years was 55.98 in 1981, while its lowest value was 30.05 in 2015.

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 50.63
1966 50.16
1967 37.98
1968 40.20
1969 37.91
1970 47.26
1971 51.22
1972 50.49
1973 45.70
1974 41.84
1975 52.92
1976 52.25
1977 54.82
1978 53.79
1979 52.96
1980 54.00
1981 55.98
1982 55.39
1983 54.75
1984 52.53
1985 52.38
1986 49.94
1987 50.47
1988 48.90
1989 46.23
1990 46.16
1991 45.95
1992 44.91
1993 43.20
1994 42.79
1995 42.80
1996 41.74
1997 41.48
1998 41.38
1999 39.06
2000 37.88
2001 38.87
2002 38.99
2003 39.08
2004 37.81
2005 36.30
2006 33.96
2007 32.30
2008 32.91
2009 34.16
2010 32.19
2011 31.33
2012 32.19
2013 31.67
2014 30.28
2015 30.05
2016 30.26

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 Thus the estimates quickly become outdated and must be supplemented by estimates using price- and quantity-based statistical procedures.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