Korea, Rep. | Households and NPISHs final consumption expenditure (% of GDP)

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. 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 Thus the estimates quickly become outdated and must be supplemented by estimates using price- and quantity-based statistical procedures.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.
Publisher
The World Bank
Origin
Republic of Korea
Records
63
Source
Korea, Rep. | Households and NPISHs final consumption expenditure (% of GDP)
1960 85.11404562
1961 83.85813722
1962 83.11013938
1963 80.5978785
1964 82.77680141
1965 83.44960308
1966 78.59487853
1967 79.15651644
1968 75.43859649
1969 72.21042166
1970 73.7359651
1971 75.40430483
1972 72.75113059
1973 68.72433195
1974 68.8627451
1975 69.10068667
1976 64.36556851
1977 61.05674411
1978 59.69786718
1979 59.99481518
1980 62.72281253
1981 62.77758316
1982 61.58263887
1983 58.45584833
1984 56.55180662
1985 55.94595239
1986 53.2473409
1987 50.76164072
1988 48.87999359
1989 50.60222507
1990 50.22906298
1991 50.33163409
1992 50.92775549
1993 51.11486627
1994 51.75157466
1995 51.96231574
1996 53.24971392
1997 53.3992876
1998 50.31457593
1999 52.61227857
2000 54.50010006
2001 55.4002687
2002 56.09577322
2003 54.0668048
2004 51.59404174
2005 52.31730649
2006 53.03071843
2007 52.47594617
2008 52.53397435
2009 51.6704516
2010 50.43517702
2011 51.1987727
2012 51.26770748
2013 50.50608698
2014 49.93590559
2015 48.54056078
2016 47.95580095
2017 47.54547343
2018 48.02337234
2019 48.63261751
2020 46.3909283
2021 45.95799872
2022 48.08078218

Korea, Rep. | Households and NPISHs final consumption expenditure (% of GDP)

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. 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.
Publisher
The World Bank
Origin
Republic of Korea
Records
63
Source