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The material well-being in Spain decreased less than GDP during the Great Recession and pandemic, thanks to the important value of domestic work and leisure time

Gross domestic product (GDP) is the most popular and carefully constructed measurement of economic activity. However, it was designed to estimate production and income generated in the market and does not take into account other aspects that are important to people’s well-being. For example, GDP does not account for the value of leisure time or productive activities carried out in households (cooking, cleaning,  maintenance and personal care). However, expanded household consumption, a more accurate estimation of household welfare, includes the value of these two activities. Between 2000 and 2022, expanded consumption in Spain fluctuated less than GDP and it was almost twice as high at the end of that period.  According to this indicator of material well-being, Spanish households have suffered less from the impact of the two serious crises experienced during this century.