Colombia | General government final consumption expenditure (constant 2015 US$)

General government final consumption expenditure (formerly general government consumption) includes all government current expenditures for purchases of goods and services (including compensation of employees). It also includes most expenditures on national defense and security, but excludes government military expenditures that are part of government capital formation. Data are in constant 2015 prices, expressed in U.S. dollars. 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. 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.) To obtain government consumption in constant prices, countries may deflate current values by applying a wage (price) index or extrapolate from the change in government employment. Neither technique captures improvements in productivity or changes in the quality of government services. 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.
Publisher
The World Bank
Origin
Republic of Colombia
Records
63
Source
Colombia | General government final consumption expenditure (constant 2015 US$)
1960 2024638313.9795
1961 2135858471.2981
1962 2314161565.1015
1963 2447517802.5602
1964 2480451866.3837
1965 2642027490.6888
1966 2752444612.8399
1967 2824418398.7541
1968 2918622995.7284
1969 3065272655.1774
1970 3354273198.4129
1971 4234171154.8877
1972 4034216677.963
1973 4445056804.1826
1974 4342991588.9242
1975 4443214471.8549
1976 4611726475.7891
1977 4830349921.0063
1978 5273000986.8279
1979 5926414879.9837
1980 6677103923.9083
1981 6925573154.0743
1982 7247244392.0589
1983 7203765347.2285
1984 7500749331.0006
1985 7838264627.4411
1986 7947944816.6611
1987 8392438214.8104
1988 9219154176.0253
1989 9737463692.5259
1990 10038132340.953
1991 10364347998.777
1992 11459184735.959
1993 11852829759.603
1994 13657824227.677
1995 14648967350.062
1996 18155842486.728
1997 21016596603.425
1998 21448547037.844
1999 22228736192.22
2000 22166376840.606
2001 22657402653.992
2002 22528033463.034
2003 22938263647.908
2004 24404127191.99
2005 25667616373.538
2006 27005797325.218
2007 28239666542.862
2008 29566176251.573
2009 30974384661.069
2010 32593040170.351
2011 34704076242.394
2012 36372334534.296
2013 39607821921.147
2014 41459902289.812
2015 43471003343.932
2016 44263918413.148
2017 45876373574.603
2018 49248998066.342
2019 51846579079.661
2020 51452309903.11
2021 56504134477.033
2022 56676413354.797

Colombia | General government final consumption expenditure (constant 2015 US$)

General government final consumption expenditure (formerly general government consumption) includes all government current expenditures for purchases of goods and services (including compensation of employees). It also includes most expenditures on national defense and security, but excludes government military expenditures that are part of government capital formation. Data are in constant 2015 prices, expressed in U.S. dollars. 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. 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.) To obtain government consumption in constant prices, countries may deflate current values by applying a wage (price) index or extrapolate from the change in government employment. Neither technique captures improvements in productivity or changes in the quality of government services. 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.
Publisher
The World Bank
Origin
Republic of Colombia
Records
63
Source