Trinidad and Tobago - Household final consumption expenditure, etc. (% of GDP)

Household final consumption expenditure, etc. (% of GDP) in Trinidad and Tobago was 65.33 as of 2015. Its highest value over the past 55 years was 66.71 in 1965, while its lowest value was 29.16 in 2006.

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 60.45
1961 58.66
1962 58.60
1963 61.59
1964 63.44
1965 66.71
1966 58.95
1967 61.73
1968 59.27
1969 66.59
1970 59.98
1971 55.34
1972 59.30
1973 54.00
1974 42.32
1975 42.57
1976 47.55
1977 47.85
1978 51.97
1979 51.27
1980 45.71
1981 51.51
1982 59.10
1983 64.65
1984 58.76
1985 53.98
1986 60.46
1987 59.54
1988 62.44
1989 58.78
1990 53.21
1991 58.72
1992 57.84
1993 60.17
1994 52.16
1995 50.64
1996 49.23
1997 58.86
1998 57.84
1999 58.77
2000 57.39
2001 48.84
2002 58.24
2003 47.97
2004 53.15
2005 31.39
2006 29.16
2007 47.81
2008 52.21
2009 54.30
2010 50.33
2011 48.64
2012 54.73
2013 48.28
2014 51.35
2015 65.33

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