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Economic Indicators June 9, 2017 Number 02787 A3: Components of GDP GDP can be analysed in terms of the output produced by different industries in the economy and by expenditure on goods and services made by households, businesses and the government. Overall, GDP is estimated to have increased by 0.2% in real terms in Q1 2017 compared with the prior quarter, down from 0.7% in Q4 2016. GDP by Industry In 2015, the service sector accounted for 80% of economic output, the production sector for 13%, construction for 6% and agriculture for 1%. Service sector quarterly growth (%) 1.5 1.0 0.5 0.0 2013 2014 2015 2016 2017 In Q1 2017, service sector output increased by 0.2% in real terms compared with Q4 2016, slower than the growth of 0.8% recorded in the previous quarter. Manufacturing output was up by 0.3% (the production sector overall was up by 0.1%). Output in the construction sector was up by 0.2%. GDP by Expenditure Household consumption is the largest element of expenditure, accounting for 62% of the total in 2016. Government consumption accounted for 19% and investment for 17%. Household Consumption quarterly growth (%) 1.5 1.0 0.5 0.0 In Q1 2017, household consumption grew by 0.3% in real terms compared with Q4 2016. Government consumption was up 0.8% and investment was up 1.2%. -0.5 2013 2014 2015 2016 2017 Subject Specialist Daniel Harari x2464 Exports decreased by 1.6% while imports increased by 2.7%. Updates GDP by expenditure % change on previous quarter (real terms) Household consumption Government consumption Investment Exports Imports GDP 2015 * 2016 * 2.5 2.8 1.3 0.8 3.4 0.5 6.1 1.8 5.5 2.8 2.2 1.8 2016 Q1 Q2 Q3 Q4 2017 Q1 0.7 0.8 0.8 0.7 0.3 0.4 0.2 -0.1 0.0 0.8 0.0 0.2 0.6 0.1 1.2 -2.9 1.3 -2.1 4.6 -1.6 0.4 0.3 2.3 -1 2.7 0.2 0.6 0.5 0.7 0.2 Source: ONS series ABJR, NMRY, NPQT, IKBK, IKBL and ABMI Note: * annual % change ONS, Gross Domestic Product: Preliminary Estimate, 26 Jul 2017 ONS, Second Estimate of GDP, 24 Aug 2017 ONS, Quarterly National Accounts, 30 Jun 2017 www.parliament.uk/commons-library | intranet.parliament.uk/commons-library | [email protected] | @commonslibrary