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Components of GDP: Key Economic Indicators

Published Thursday, October 10, 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 grown by 0.3% in June-August 2019 compared to the previous quarter (March-May 2019).

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 June-August 2019, service sector output increased by 0.4% in real terms compared with the previous quarter.

Manufacturing output fell by 1.1% (the production sector overall fell by 0.4%), and construction sector output grew by 0.1%.

GDP by Expenditure

Household consumption is the largest element of expenditure across the economy, accounting for 63% of the total in 2018. Government consumption accounted for 19% and investment for 17%.

In April-June 2019, household consumption grew by 0.4% in real terms - similar growth to that seen in recent quarters. Government consumption was up 1.1% and investment was down 0.9%. Exports were down 6.6% and imports were down 13.0% compared with the previous quarter (which had seen a 10.3% rise in imports).                                 

Household consumption quarterly growth

Commons Briefing papers SN02787

Author: Lorna Booth

Topic: Economic situation

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