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

Households and NPISHs final consumption expenditure (% of GDP) in Venezuela was 75.29 as of 2014. Its highest value over the past 54 years was 78.65 in 1983, while its lowest value was 46.56 in 1974.

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 62.74
1961 61.40
1962 61.65
1963 60.46
1964 60.92
1965 63.28
1966 63.92
1967 63.23
1968 62.58
1969 63.35
1970 57.85
1971 56.90
1972 59.48
1973 56.67
1974 46.56
1975 55.72
1976 58.52
1977 60.10
1978 65.60
1979 62.51
1980 62.20
1981 65.82
1982 70.53
1983 78.65
1984 59.05
1985 59.83
1986 66.69
1987 62.58
1988 66.24
1989 62.61
1990 60.09
1991 64.39
1992 67.40
1993 70.57
1994 67.79
1995 67.23
1996 61.20
1997 51.52
1998 57.63
1999 57.41
2000 51.75
2001 54.91
2002 53.54
2003 54.78
2004 49.22
2005 46.75
2006 47.00
2007 51.13
2008 51.50
2009 62.88
2010 55.89
2011 55.16
2012 59.27
2013 65.09
2014 75.29

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