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Components of GDP: Key Economic Indicators

Published Friday, April 27, 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 0.1% in real terms in Q1 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 Q1 2018, service sector output increased by 0.3% in real terms compared with Q4 2017.

Manufacturing output was up by 0.2% (the production sector overall was up by 0.7%). Output in the construction sector was down by 3.3%.

 

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 2016. Government consumption accounted for 18% and investment for 17%.

In Q4 2017, household consumption grew by 0.3% in real terms – growth has been at around this level for about a year. Government consumption was up 0.4% and investment was up 1.1%. Exports decreased by 0.9% and imports increased by 0.4%.

Household spending quarterly growth

 

 

Commons Briefing papers SN02787

Author: Lorna Booth

Topic: Economic situation

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