Hong Kong SAR, China | 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
Hong Kong Special Administrative Region of the People's Republic of China
Records
63
Source
Hong Kong SAR, China | General government final consumption expenditure (constant 2015 US$)
1960
1961 1676192586.946
1962 1750898765.9694
1963 1933732309.3686
1964 2124429661.086
1965 2295685931.1278
1966 2553225653.5504
1967 2816663232.2116
1968 2973830179.0165
1969 3243602492.1563
1970 3408414808.1596
1971 3512719487.9363
1972 3740769929.1654
1973 4128936245.3188
1974 4506180605.4746
1975 4809046445.2871
1976 5105031452.821
1977 5551848672.6813
1978 6074573486.7247
1979 6688387413.7878
1980 7203576078.1928
1981 8724240011.7335
1982 9223701059.5021
1983 9813268244.2506
1984 10221421739.879
1985 10522321627.612
1986 11187687186.984
1987 11564822327.58
1988 12028022481.436
1989 12657564025.136
1990 13324895536.587
1991 14405404643.426
1992 16350495787.032
1993 16779073340.376
1994 17445858754.028
1995 18016967833.14
1996 18750486397.937
1997 19288501950.376
1998 19503992142.208
1999 20182136390.097
2000 20676136459.867
2001 21985351325.295
2002 22616203503.714
2003 23153782177.914
2004 23474669245.123
2005 22871668054.497
2006 23075690192.532
2007 23805167633.609
2008 24287262771.341
2009 24851381798.615
2010 25684508602.11
2011 26314705463.169
2012 27251481629.08
2013 27988495219.796
2014 28845977985.164
2015 29833650466.024
2016 30860205110.235
2017 31736145981.239
2018 33082058618.819
2019 34759015742.685
2020 37507853628.152
2021 39706224931.341
2022 42942728152.099

Hong Kong SAR, China | 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
Hong Kong Special Administrative Region of the People's Republic of China
Records
63
Source