The Gambia - Household final consumption expenditure (constant 2010 US$)

The latest value for Household final consumption expenditure (constant 2010 US$) in The Gambia was 949,542,900 as of 2016. Over the past 50 years, the value for this indicator has fluctuated between 993,087,400 in 2015 and 246,162,000 in 1984.

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. Data are in constant 2010 U.S. dollars.

Source: World Bank national accounts data, and OECD National Accounts data files.

See also:

Year Value
1966 246,458,600
1967 246,458,600
1968 267,301,500
1969 276,275,900
1970 286,553,000
1971 266,263,400
1972 278,040,100
1973 310,897,500
1974 313,251,900
1975 321,227,800
1976 303,929,900
1977 346,458,600
1978 420,494,800
1979 497,288,200
1980 498,063,900
1981 433,840,000
1982 366,214,200
1983 292,369,700
1984 246,162,000
1985 251,892,900
1986 303,385,400
1987 296,407,300
1988 313,398,400
1989 351,012,300
1990 366,121,300
1991 379,601,000
1992 412,958,200
1993 459,100,800
1994 453,026,200
1995 486,736,400
1996 447,556,300
1997 475,672,300
1998 501,702,000
1999 505,096,200
2000 560,215,500
2001 623,658,800
2002 656,089,000
2003 576,018,700
2004 636,333,600
2005 659,813,500
2006 621,667,600
2007 684,737,600
2008 763,708,100
2009 783,055,700
2010 838,027,800
2011 786,938,600
2012 743,819,000
2013 834,860,900
2014 893,831,200
2015 993,087,400
2016 949,542,900

Development Relevance: An economy's growth is measured by the change in the volume of its output or in the real incomes of its residents. The 2008 United Nations System of National Accounts (2008 SNA) offers three plausible indicators for calculating growth: the volume of gross domestic product (GDP), real gross domestic income, and real gross national income. The volume of GDP is the sum of value added, measured at constant prices, by households, government, and industries operating in the economy. GDP accounts for all domestic production, regardless of whether the income accrues to domestic or foreign institutions.

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. Measures of growth in consumption and capital formation are subject to two kinds of inaccuracy. The first stems from the difficulty of measuring expenditures at current price levels. The second arises in deflating current price data to measure volume growth, where results depend on the relevance and reliability of the price indexes and weights used. Measuring price changes is more difficult for investment goods than for consumption goods because of the one-time nature of many investments and because the rate of technological progress in capital goods makes capturing change in quality difficult. (An example is computers - prices have fallen as quality has improved.)

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. Deflators for household consumption are usually calculated on the basis of the consumer price index.

Aggregation method: Gap-filled total

Base Period: 2010

Periodicity: Annual

Classification

Topic: Economic Policy & Debt Indicators

Sub-Topic: National accounts