Components of GDP: Key Economic Indicators

GDP can be analysed in terms of the output produced by different industries, or in terms of spending by households, business and government.

GDP rose by 0.1% in November 2022. It is 0.3% below the level it was in February 2020, ahead of the pandemic hitting the UK economy.

GDP by Industry

Services are the largest part of the economy – making up 82% of output in 2021.

Service sector output increased by 0.2% in November 2022.

Manufacturing output decreased by 0.5% in November 2022.

Manufacturing is part of the wider production sector; production sector output was down 0.2% in November 2022.

Construction sector output was flat (0.0% growth) in November 2022.

GDP by Expenditure

Household consumption is the largest element of expenditure across the economy, accounting for 60% of the total in 2021.

In Jul-Sep 2022, household consumption was down 1.1% on the quarter.

Government consumption was up 0.5% on the quarter and investment (GFCF) was up 1.1%. Exports were up 8.9% and imports were down 3.6%.