Sri Lanka - Households and NPISHs final consumption expenditure (% of GDP)

Households and NPISHs final consumption expenditure (% of GDP) in Sri Lanka was 70.73 as of 2020. Its highest value over the past 60 years was 77.03 in 1960, 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 77.03
1961 72.39
1962 73.29
1963 73.43
1964 75.27
1965 75.16
1966 75.06
1967 74.95
1968 74.85
1969 74.74
1970 74.64
1971 74.53
1972 74.43
1973 74.32
1974 74.22
1975 74.11
1976 74.01
1977 73.90
1978 73.80
1979 73.69
1980 73.59
1981 73.48
1982 73.38
1983 73.27
1984 73.17
1985 73.06
1986 72.96
1987 72.85
1988 72.74
1989 72.64
1990 72.53
1991 72.43
1992 72.32
1993 72.22
1994 72.11
1995 72.01
1996 71.90
1997 71.80
1998 71.69
1999 71.59
2000 71.48
2001 71.38
2002 71.27
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 67.36
2016 70.98
2017 67.10
2018 68.41
2019 69.84
2020 70.73

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