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

Households and NPISHs final consumption expenditure (% of GDP) in Panama was 53.92 as of 2020. Its highest value over the past 60 years was 76.36 in 1989, while its lowest value was 49.13 in 1973.

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 69.60
1961 66.35
1962 64.04
1963 65.21
1964 66.84
1965 65.85
1966 61.39
1967 59.94
1968 57.32
1969 58.21
1970 55.97
1971 53.38
1972 51.11
1973 49.13
1974 53.38
1975 53.04
1976 51.58
1977 55.60
1978 54.07
1979 56.02
1980 52.72
1981 56.18
1982 49.37
1983 57.07
1984 65.70
1985 65.59
1986 61.82
1987 60.05
1988 64.51
1989 76.36
1990 66.32
1991 68.50
1992 65.28
1993 64.76
1994 62.08
1995 59.97
1996 59.56
1997 58.46
1998 63.18
1999 63.53
2000 60.99
2001 62.72
2002 65.39
2003 63.09
2004 65.19
2005 63.23
2006 61.44
2007 58.14
2008 56.12
2009 55.97
2010 57.36
2011 55.53
2012 53.13
2013 52.59
2014 54.03
2015 51.53
2016 51.99
2017 50.67
2018 51.38
2019 52.36
2020 53.92

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