Venezuela: Household consumption, percent of GDP

The latest value from 2014 is 75.29 percent, an increase from 65.09 percent in 2013. In comparison, the world average is 64.02 percent, based on data from 168 countries. Historically, the average for Venezuela from 1960 to 2014 is 60.31 percent. The minimum value, 46.56 percent, was reached in 1974 while the maximum of 78.65 percent was recorded in 1983. 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.