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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.

As the economic effects of the coronavirus pandemic were felt, overall GDP fell by 6.9% in March 2020 and 20.0% in April, and then grew by 2.4% in May, 8.7% in June and 6.6% in July.  Note that these estimates are subject to more uncertainty than usual. 

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 March, service sector output fell by 7.5% and by 18.5% in April. It grew by 1.5% in May, 7.7% in June and 6.1% in July.

Manufacturing output was down 5.2% in March and 24.6% in April; it was up 8.3% in May, 11.0% in June and 6.3% in July.  Manufacturing is part of the wider production sector, which saw falls of 4.3% and 20.4%, followed by rises of 6.2% 9.3% and 5.2%.  Construction sector output was down 5.4% in March and 40.2% in April, and then up 7.6% in May, 23.5% in June and 17.6% in July.

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 2019. Government consumption accounted for 19% and investment for 17%.

In Apr-June 2020, household consumption was down 23.1% on the quarter. Government consumption was down 14.0% and investment was down 25.5%. Exports were down 11.3% and imports were down 23.4%.

Household spending quarterly growth

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