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 is estimated to have fallen by 10.4% in Feb-Apr 2020 compared to the previous quarter (Nov-Jan), as the economic effects of the coronavirus pandemic were felt.  GDP fell by 20.4% in April alone, compared with March.

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 Feb-Apr 2020, service sector output fell by 9.9% in real terms compared with Nov-Jan 2020.  Between March and April it fell 19.0%.

Manufacturing output was down 10.5% over the quarter, with a fall from March to April of 24.3%.  Manufacturing is part of the wider production sector, which saw a fall of 9.5% over the quarter and a fall of 20.3% over the month.  Construction sector output was down 18.2% in Feb-Apr 2020, and down 40.1% in April alone.

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 Jan-Mar 2020, household consumption was down 2.9% in real terms, on the quarter. Government consumption was down 4.1% and investment was down 1.1%. Exports were down 13.5% and imports were down 9.4%.