South Korea: Household consumption, percent of GDP

The latest value from 2023 is 48.93 percent, an increase from 48.08 percent in 2022. In comparison, the world average is 63.66 percent, based on data from 131 countries. Historically, the average for South Korea from 1960 to 2023 is 58.95 percent. The minimum value, 45.96 percent, was reached in 2021 while the maximum of 85.11 percent was recorded in 1960. See the global rankings for that indicator or use the country comparator to compare trends over time.

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.