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 10.5% in 2019, while imports grew by 32.4% largely driven by imports of intellectual property. Fixed capital formation increased by 74.8% in 2019. This was largely driven by the increase in R&D related IP imports. For more information see Capital Formation. Personal consumption increased by 3.2% while government net current expenditure rose by 6.3%.
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 |
---|---|---|---|---|---|
2011 | 84 | 26.5 | 28.6 | 0.8 | 32.2 |
2012 | 84.7 | 26 | 34.3 | 1.2 | 30.6 |
2013 | 85.7 | 25.7 | 33.4 | 0.3 | 33.8 |
2014 | 88.6 | 26.7 | 40.2 | 3.1 | 35.2 |
2015 | 92 | 27.3 | 63.2 | 4.5 | 75.7 |
2016 | 97 | 28.6 | 97 | 4.8 | 42.4 |
2017 | 100.5 | 30.2 | 99.5 | 4.2 | 65.6 |
2018 | 105.6 | 32.2 | 92.7 | 1.4 | 92.8 |
2019 | 111.6 | 34.8 | 162.4 | 1.5 | 43.8 |
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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