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Components of GDP: Key Economic Indicators

Published Monday, January 29, 2018

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 0.5% in real terms in Q4 2017 compared with the quarter before.

GDP by Industry

In 2016, the service sector accounted for 79% of economic output, the production sector for 14%, construction for 6% and agriculture for 1%.

In Q4 2017, service sector output increased by 0.6% in real terms compared with Q3, up from 0.4% in the previous quarter.

Manufacturing output was up by 1.3% (the production sector overall was up by 0.6%). Output in the construction sector was down by 1.0%.

GDP by Expenditure 

Household consumption is the largest element of expenditure across the economy, accounting for 63% of the total in 2016. Government consumption accounted for 19% and investment for 16%.

In Q3 2017, household consumption grew by 0.5% in real terms. Government consumption was down 0.2% and investment was up 0.3%. Exports increased by 0.8% and imports increased by 0.9%.

Commons Briefing papers SN02787

Author: Lorna Booth

Topic: Economic situation

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