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GDP can be analysed in terms of the output produced by different industries, or in terms of spending by households, business and government.

GDP grew by 0.1% in February 2024, following growth of 0.3% in January.

GDP by Industry

Services are the largest part of the economy – making up four-fifths of output in 2022. Service sector output grew by 0.1% in February 2024.

Manufacturing output grew by 1.2% in February 2024. Manufacturing is part of the wider production sector; production sector output rose by 1.1% in February 2024.

Construction sector output decreased by 1.9% in February 2024.

Service sector level and monthly growth

GDP by Expenditure

Household consumption is the largest element of expenditure across the economy, accounting for 60% of the total in 2023.

In Oct-Dec 2023, household consumption fell by 0.1% compared with the previous quarter.

Government consumption increased by 0.1% on the quarter and investment (GFCF) increased by 0.9%. Exports were down 0.8% and imports decreased by 0.3%.

Household spending trends and growth

Table of change in GDP spending categories

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