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

Household final consumption expenditure, etc. (% of GDP) in Uruguay was 65.67 as of 2016. Its highest value over the past 56 years was 81.25 in 1970, while its lowest value was 54.27 in 1973.

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 74.48
1961 66.48
1962 70.10
1963 69.96
1964 71.64
1965 65.57
1966 64.62
1967 65.65
1968 69.99
1969 68.74
1970 81.25
1971 66.58
1972 69.22
1973 54.27
1974 71.62
1975 70.59
1976 65.16
1977 68.54
1978 66.76
1979 68.31
1980 75.80
1981 67.99
1982 67.46
1983 69.13
1984 69.07
1985 68.52
1986 68.54
1987 70.04
1988 68.83
1989 69.80
1990 70.27
1991 70.08
1992 72.21
1993 72.62
1994 72.87
1995 72.86
1996 72.14
1997 74.90
1998 74.56
1999 75.92
2000 76.50
2001 75.88
2002 73.37
2003 69.70
2004 68.78
2005 69.44
2006 70.63
2007 70.02
2008 69.38
2009 66.63
2010 66.96
2011 66.76
2012 67.03
2013 67.00
2014 67.10
2015 66.83
2016 65.67

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