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

Household final consumption expenditure, etc. (% of GDP) in Puerto Rico was 59.06 as of 2013. Its highest value over the past 53 years was 83.54 in 1960, while its lowest value was 54.62 in 2001.

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 83.54
1961 79.89
1962 79.64
1963 78.41
1964 79.90
1965 78.56
1966 77.59
1967 75.00
1968 74.58
1969 75.35
1970 74.42
1971 75.64
1972 74.85
1973 74.75
1974 75.17
1975 78.96
1976 83.51
1977 83.13
1978 79.60
1979 75.82
1980 74.51
1981 74.57
1982 74.81
1983 76.98
1984 73.39
1985 74.21
1986 71.68
1987 70.34
1988 68.80
1989 66.77
1990 64.79
1991 63.37
1992 62.14
1993 61.80
1994 61.55
1995 60.78
1996 61.38
1997 62.28
1998 59.13
1999 58.80
2000 58.56
2001 54.62
2002 54.82
2003 55.35
2004 55.10
2005 56.09
2006 57.46
2007 58.18
2008 58.26
2009 57.19
2010 57.72
2011 58.06
2012 60.05
2013 59.06

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