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Components of GDP: Key Economic Indicators

Published Thursday, August 24, 2017

Components of GDP: data on the components that make up GDP, including household consumption, government spending, investment, trade and output by sector.

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GDP can be analysed in terms of the output produced of different industries of the economy and by expenditure on goods and services made by households, businesses and the government.

Overall, GDP is estimated to have increased by 0.3% in real terms in Q2 2017 compared with the quarter before, up slightly from an increase of 0.2% in Q1.

GDP by Industry

In 2015, the service sector accounted for 80% of economic output, the production sector for 13%, construction for 6% and agriculture for 1%.

In Q2 2017, service sector output increased by 0.5% in real terms compared with Q1, greater than growth of 0.1% in the previous quarter.

Manufacturing output was down by 0.6% (the production sector overall was down by 0.3%). Output in the construction sector was down by 1.3%.

 

Service sector quarterly growth

GDP by Expenditure

Household consumption is the largest element of expenditure, accounting for 62% of the total in 2016. Government consumption accounted for 19% and investment for 17%.

In Q2 2017, household consumption grew by 0.1% in real terms compared with Q1 2017. Government consumption was up 0.6% and investment was up 0.7%. Exports increased by 0.7% and imports increased by 0.7%.

Household consumption quarterly growth

 

 

Commons Briefing papers SN02787

Author: Lorna Booth

Topic: Economic situation

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