Household consumption expenditure on education in the United States attained a value of $293.6 billion in 2020. It recorded a decline of 4.5% in 2020 compared to the previous year. Between 2010-2020, the household consumption expenditure on education in the United States increased by 23.7%. The indicator in the United States was highest in the year 2019 and lowest in the year 2010, between 2010 and 2020.
This indicator refers to household consumption expenditure on education. Education includes expenses on educational goods, schools, colleges, and other vocational educational services. Data is primarily sourced from household budget surveys, consumer expenditure, and national accounts datasets, hence there may be definitional or methodological differences between countries.
According to GlobalData, the countries with the highest household consumption expenditure on education in 2020 were the United States, Australia, Germany, Canada, Spain, Mexico, Italy, Colombia, France, and Hong Kong.
Montenegro, Estonia, Iceland, Malta, Lithuania, Bosnia and Herzegovina, Luxembourg, Slovenia, Croatia, and Mongolia are the countries with the lowest household consumption expenditure on education in 2020.
Between 2010 and 2021, Mongolia, Bulgaria, Singapore, Namibia, Austria, Thailand, Iceland, Azerbaijan, Australia, and Hungary were some of the countries with the highest growth in household consumption expenditure on education. Romania, Greece, Italy, the Czech Republic, Portugal, Norway, Ukraine, Estonia, Turkey, and Mexico are the countries with the lowest growth in household consumption expenditure on education.
The expenditure on education as a % of GDP in the US was 6.4% in 2020, an increase of 3.8% from the previous year. Between 2010-2020, the expenditure on education as a % of GDP in the United States decreased by 16.7%. In 2020, the US spent more than $1.3 trillion on education, with private education expenditure of $354 billion and public education expenditure of $984 billion.
The fight against poverty depends heavily on education. Spending on education contributes to economic growth and raises a nation's GDP. It contributes to lowering neonatal mortality, raising the average lifespan, and lowering school and college dropout rates.
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