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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.

GDP grew by 1.1% in September 2020 but is 8.2% 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 grew by 1.0% in September.  It is 8.8% lower than it was in February.

Manufacturing output was up 0.2% in September, but is down 8.1% on February.  Manufacturing is part of the wider production sector, which grew by 0.5% in September, and is now 5.6% lower than it was in February. 

Construction sector output was up 2.9% in September, but is down 7.3% compared with February.

Service sector monthly growth

GDP by Expenditure

Household consumption is the largest element of expenditure across the economy, accounting for 62% of the total in 2019. Government consumption accounted for 19% and investment for 18%.

In Jul-Sep 2020, household consumption was up 18.3% on the quarter, but is 12.4% below Oct-Dec 2019

Government consumption was up 7.8% and investment was up 15.1%. Exports were up 5.1% and imports were up 13.2%.

Household spending quarterly growth


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