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 grew by 0.2% in July 2022 and was 1.1% higher than in February 2020, ahead of the pandemic hitting the UK economy.

GDP by Industry

Services are the largest part of the economy – making up 81% of output in 2020. 

Service sector output grew by 0.4% in July 2022. It is now 1.5% above what it was in February 2020.

Manufacturing output grew by 0.1% in July 2022, and is down 1.1% on February 2020.

Manufacturing is part of the wider production sector; production sector output fell by 0.3% in July 2022, and is down 1.3% on February 2020.

Construction sector output was down 0.8% in July 2022, and is up 2.0% compared with February 2020.

GDP by Expenditure

Household consumption is the largest element of expenditure across the economy, accounting for 59% of the total in 2021. In Jan-Mar 2022, household consumption was up 0.6% on the quarter, and was 0.4% below Oct-Dec 2019.

Government consumption was down 1.3% on the quarter and investment (GFCF) was up 3.8%. Exports were down 4.4% and imports were up 10.4%.