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Value of household production

Producer:	Statistics Finland
Data:	Latest release: Value of household production grew - some effects of the coronavirus period will be visible in calculations only later 11 Nov 2021 The gross value added of household production was EUR 102.1 billion in Finland in 2020 (change EUR +2.6 billion compared with the previous year). Over the same period, gross domestic product stood at EUR 236.2 billion (change EUR -3.9 billion from the previous year).
Description:	Unpaid household work – that is, services produced by households for themselves, such as cleaning, cooking, doing the laundry and childcare – based on international agreements remains outside the production boundary of national accounts, that is, it is not included in gross domestic product, for example. The statistics on the value of household production supplement the core system of national accounts in describing the economic significance of household production not included in national accounts. In addition to the value of household production, we can talk about the Household Production Satellite or the household satellite. The value of household production describes the monetary value of the goods and services produced by households for their own use. The data have been calculated by function and they are released on the web in the database tables of the statistics on value of household production. When household production not belonging to national accounts is integrated into national accounts, the extent of household production comes into view relative to production (gross domestic product) included in national accounts and the share of household production in the total supply of services and goods and households’ total consumption. When times series can be used for household production, it is possible to analyse the mutual interaction of production included in national accounts and household production excluded from it as well as changes there. The calculations of the statistics on the value of household production are based on the data of the Time Use Survey, Household Budget Survey, statistics on wages and salaries and national accounts. The data of the statistics on wages and salaries and national accounts are available yearly, the data of the Time Use Survey and Household Budget Survey on those years when the surveys have been made. The most recent data available are used. The concepts and definitions used in the statistics on the value of household production are as a rule congruent with the national accounts. However, in the statistics on the value of household production part of consumption expenditure is calculated as intermediate consumption of household production, part as fixed capital formation and only part as final consumption, while in national accounts all household consumption expenditure is final consumption. The international recommendation on compiling these statistics is presented in a manual published by UNECE: “Guide on Valuing Unpaid Household Service Work”. Read full description >>>
Keywords:	consumption expenditure, consumption of fixed capital, final consumption, fixed capital formation, household, household production, intermediate consumption, national accounts, time use, unpaid household work. Statistics by keywords >>>