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

Households and NPISHs final consumption expenditure (% of GDP) in Singapore was 33.01 as of 2020. Its highest value over the past 60 years was 90.45 in 1961, while its lowest value was 33.01 in 2020.

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 89.43
1961 90.45
1962 87.17
1963 83.20
1964 82.17
1965 78.84
1966 76.57
1967 75.70
1968 73.27
1969 68.13
1970 67.14
1971 65.86
1972 61.56
1973 61.56
1974 60.47
1975 60.08
1976 58.22
1977 57.40
1978 56.00
1979 54.07
1980 50.50
1981 47.92
1982 45.74
1983 43.72
1984 43.54
1985 44.75
1986 46.58
1987 47.13
1988 46.46
1989 45.83
1990 44.58
1991 43.24
1992 43.33
1993 43.62
1994 42.97
1995 40.87
1996 40.42
1997 39.78
1998 39.45
1999 41.90
2000 41.86
2001 46.24
2002 46.18
2003 45.54
2004 42.00
2005 39.85
2006 38.11
2007 36.77
2008 39.95
2009 39.10
2010 36.34
2011 36.62
2012 37.31
2013 37.33
2014 37.58
2015 37.16
2016 36.49
2017 35.20
2018 34.53
2019 35.64
2020 33.01

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