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

Household final consumption expenditure, etc. (% of GDP) in Singapore was 37.50 as of 2016. Its highest value over the past 56 years was 94.79 in 1960, while its lowest value was 35.52 in 2010.

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 94.79
1961 94.13
1962 85.54
1963 87.37
1964 80.72
1965 78.99
1966 74.96
1967 75.24
1968 70.50
1969 70.07
1970 68.98
1971 67.79
1972 62.71
1973 59.30
1974 60.28
1975 60.05
1976 56.96
1977 55.64
1978 55.07
1979 53.80
1980 52.24
1981 49.23
1982 44.83
1983 42.23
1984 42.62
1985 45.16
1986 48.09
1987 48.95
1988 47.11
1989 45.12
1990 44.80
1991 43.59
1992 43.57
1993 43.96
1994 42.93
1995 41.32
1996 39.86
1997 38.63
1998 37.52
1999 40.96
2000 42.08
2001 44.25
2002 44.91
2003 43.27
2004 40.01
2005 38.62
2006 37.53
2007 36.54
2008 38.13
2009 38.52
2010 35.52
2011 36.25
2012 37.53
2013 37.11
2014 36.81
2015 36.68
2016 37.50

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