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 2.3% in April 2021 and was 3.7% below the pre-pandemic level in February 2020.  

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 grew by 3.4% in April 2021.  It is 4.1% lower than it was in February 2020.

Manufacturing output was down 0.3% in April, and is down 2.4% on February 2020.  Manufacturing is part of the wider production sector; the production sector fell by 1.3% in April, and is 3.1% lower than it was in February 2020. 

Construction sector output was down 2.0% in April, and is up 0.3% compared with February 2020.

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 Jan-Mar 2021, household consumption was down 3.9% on the quarter, and was 12.8% below Oct-Dec 2019.

Government consumption was up 2.6% on the quarter and investment was down 2.3%. Exports were down 7.5% and imports were down 13.9%.