National Accounts: Household Consumption Expenditure

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National Accounts, Climate and Environment, Economic Statistics
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National Accounts Household Consumption Expenditure 2024

Household final consumption expenditure (HFCE) is a central component of the national accounts and reflects households’ purchases of goods and services. The national accounts provide a comprehensive description of the economy as well as the transactions occurring between households, businesses, public institutions, and abroad.

Consistent time series for annual HFCE figures are available from 1966, and quarterly figures are available from Q1 1990.

Statistical presentation

The statistics cover household consumption of goods and services, as well as services provided by NPISHs and public institutions. The figures are presented in StatBank and Nyt fra Danmarks Statistik, giving users the opportunity to analyze consumption patterns and the contribution of different sectors to total household consumption.

Statistical processing

A set of economic statistics is used for the households final consumption expenditure. The first estimate for a period is prepared before all information is available and is based on the structure of the most recent final national accounts, with imputations using indicators such as short-term economic statistics. New sources are continuously incorporated according to a set schedule, and three years after the reference period, the national accounts and their functional distribution are considered final.

Relevance

Household final consumption expenditure (HFCE) is relevant for all analyzing private consumption and its economic significance. This includes ministries and public authorities, which use HFCE for planning, trends, forecasts, and modelling; industry and interest organizations for analyzing consumption patterns; and researchers, journalists, and the public seeking insight into household consumption over time. User feedback is continuously considered to keep the statistics relevant and useful.

Accuracy and reliability

Household final consumption expenditure depends on the uncertainty of sources and the assumptions used. Some components, like retail trade, are measured accurately, while others, such as imputed rent and undeclared work, are more uncertain. Early estimates are less precise, and ongoing revisions improve HFCE’s accuracy and reliability.

Timeliness and punctuality

The first version of a preliminary annual national account for Households final consumption expenditure (HFCE) is published at the end of February the following year. The annual accounts are then revised in March and June, and again in June of the subsequent year. The final national accounts for HFCE are published two and a half years after the reference year.

Comparability

Household final consumption expenditure (HFCE) is part of the national accounts and compiled according to international guidelines, ensuring cross-country comparability. Covering the period from 1966, it reflects households’ purchases of goods and services and is based on various underlying sources. Direct comparisons with other statistics can be difficult due to differing definitions, but HFCE is fully consistent with the overall national accounts.

Accessibility and clarity

Information on household consumption is published in StatBank under the subjects Economy and National Accounts. The releases are accompanied by Nyt fra Danmarks Statistik, which provides current perspectives and selected commentary.