Components of GDP: Key Economic Indicators

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.

GDP increased by 1.2% in December 2020 and was 6.3% below the February 2020 level.  

GDP by Industry

Services are the largest part of the economy – in 2019, they accounted for 79% of output, production for 13%, construction for 7% and agriculture for 1%.

Service sector output rose by 1.7% in December.  It is 7.4% lower than it was in February.

Manufacturing output was up 0.3% in December, but is down 3.4% on February.  Manufacturing is part of the wider production sector, which increased by 0.2% in December, and is 3.6% lower than it was in February. 

Construction sector output was down 2.9% in December, and is down 3.5% compared with February.

GDP by Expenditure

Household consumption is the largest element of expenditure across the economy, accounting for 58% of the total in 2020. Government consumption accounted for 23% and investment for 18%.

In Oct-Dec 2020, household consumption was down 0.2% on the quarter, and is 8.4% below Oct-Dec 2019.

Government consumption was up 6.4% on the quarter and investment was up 2.1%. Exports were up 0.1% and imports were up 8.9%.