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Components of GDP: Key Economic Indicators

Published Friday, January 11, 2019

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 Sep-Nov 2018 compared with the quarter before.

GDP by Industry

Services are the sector that account for the largest part of the economy – in 2017, they accounted for 79% of economic output, the production sector for 14%, construction for 6% and agriculture for 1%.

In Sept-Nov 2018, service sector output increased by 0.3% in real terms compared with the previous quarter.

Manufacturing output fell by 0.8% (the production sector overall also fell by 0.8%). Output in the construction sector was up by 2.1%.

Service sector quarterly growth

GDP by Expenditure

Household consumption is the largest element of expenditure across the economy, accounting for 63% of the total in 2017. Government consumption accounted for 18% and investment for 17%.

In Q3 2018, household consumption grew by 0.5% in real terms. Government consumption was down 0.3% and investment was up 0.5%. Exports were up 1.1% and imports were up 0.8% compared with the previous quarter.

Household quarterly growth

Commons Briefing papers SN02787

Author: Lorna Booth

Topic: Economic situation

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