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

Household final consumption expenditure, etc. (% of GDP) in Sri Lanka was 67.61 as of 2016. Its highest value over the past 56 years was 82.56 in 1975, while its lowest value was 64.45 in 2009.

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 75.18
1961 70.29
1962 72.26
1963 71.05
1964 73.80
1965 72.75
1966 75.25
1967 73.89
1968 73.97
1969 74.37
1970 72.32
1971 72.38
1972 71.83
1973 76.52
1974 80.22
1975 82.56
1976 76.12
1977 73.33
1978 75.25
1979 77.06
1980 80.27
1981 80.88
1982 79.83
1983 78.08
1984 72.35
1985 77.91
1986 77.65
1987 77.24
1988 78.14
1989 77.29
1990 75.92
1991 77.41
1992 75.35
1993 74.82
1994 75.11
1995 73.24
1996 74.13
1997 72.32
1998 71.07
1999 71.47
2000 72.05
2001 73.97
2002 70.50
2003 71.85
2004 70.94
2005 69.01
2006 67.66
2007 67.15
2008 69.95
2009 64.45
2010 68.45
2011 71.27
2012 65.18
2013 67.59
2014 67.39
2015 70.10
2016 67.61

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