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

Household final consumption expenditure, etc. (% of GDP) in United Kingdom was 66.36 as of 2016. Its highest value over the past 51 years was 67.29 in 2001, while its lowest value was 53.63 in 1976.

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
1965 63.26
1966 62.63
1967 61.96
1968 61.34
1969 61.28
1970 57.69
1971 57.43
1972 59.12
1973 57.51
1974 57.57
1975 56.05
1976 53.63
1977 53.82
1978 54.33
1979 55.51
1980 55.80
1981 56.82
1982 57.06
1983 57.28
1984 57.47
1985 57.28
1986 59.22
1987 59.31
1988 59.66
1989 59.81
1990 60.72
1991 61.82
1992 62.44
1993 63.23
1994 62.24
1995 64.32
1996 64.65
1997 65.73
1998 66.36
1999 67.18
2000 66.90
2001 67.29
2002 67.09
2003 66.40
2004 66.35
2005 65.93
2006 65.28
2007 65.03
2008 65.74
2009 66.13
2010 65.57
2011 65.26
2012 65.71
2013 65.80
2014 65.35
2015 65.57
2016 66.36

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