The Expenditure approach uses all spending on final demand to produce an estimate for Gross Domestic Product. We do this by estimating:
The value of exports is then added and imports are deducted.
The following tables show the contributions of the different components of the Expenditure approach to Gross Domestic Product at current market prices and at constant market prices.
Exports grew by 7.8% in 2017, while imports reduced by 9.4%. Physical capital formation decreased 31.9% in 2017. This was largely driven by the decrease in R&D related IP imports following the increase in 2016. For more information see Capital Formation. Government net current expenditure rose by 3.9%.
Figure 5.1 below shows the relative contributions of each of the components of expenditure.
X-axis label | Personal consumption of goods and services | Net expenditure by local and central government on goods and services | Gross domestic fixed capital formation | Value of physical changes in stocks | Net exports of goods and services |
---|---|---|---|---|---|
2009 | 85.8 | 29.6 | 35.9 | -1.5 | 22.9 |
2010 | 84.8 | 26.6 | 29.5 | -0.6 | 27.9 |
2011 | 84.2 | 26.4 | 28.8 | 0.8 | 32.2 |
2012 | 84.8 | 25.7 | 34.5 | 1 | 30.6 |
2013 | 85.9 | 25.5 | 33.6 | 0.2 | 33.8 |
2014 | 88.7 | 26.2 | 40.4 | 3.2 | 35.2 |
2015 | 92.4 | 26.8 | 63.3 | 2.3 | 75.7 |
2016 | 96.9 | 27.8 | 97.6 | 6.4 | 42.4 |
2017 | 99.9 | 29.6 | 69 | 3.5 | 89.3 |
For a further breakdown of Personal consumption of goods and services go to Consumption of Personal Income.
For a further breakdown of Gross domestic fixed capital formation go to Capital Formation.
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