Components of GDP: Key Economic Indicators

Components of GDP: data on the components that make up GDP, including household consumption, government spending, investment, trade and output by sector.

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 growth is estimated to have been flat (0.0% growth) in Nov-Jan 2020 compared to the previous quarter (Aug-Oct 2019).

GDP by Industry

Services are the sector that account for the largest part of the economy – in 2018, they accounted for 80% of economic output, the production sector for 14%, construction for 6% and agriculture for 1%.

In Nov-Jan 2020, service sector output was flat (growth was 0.0%) in real terms compared with the previous quarter.

Manufacturing output was down 1.2% (the production sector was down 1.0% overall), and construction sector output was up 1.4%.

GDP by Expenditure

Household consumption is the largest element of expenditure across the economy, accounting for 63% of the total in 2019. Government consumption accounted for 19% and investment for 17%.

In Oct-Dec 2019, household consumption was flat (0.0% growth) in real terms. Government consumption was up 1.5% and investment was down 1.2%. Exports were up 5.0% and imports were up 0.4% compared with the previous quarter.