UK’s GDP by sector

26th August 2019 / NewsBits

Updated last March 2019: The sectors that contribute most to the U.K.’s GDP are services, manufacturing, construction, and tourism.

 

  • According to the U.K. Office for National Statistics (ONS), the services sector is the largest sector in the U.K., accounting for more than three-quarters of the GDP.
  • The service industry in the U.K. comprises many industries, including finance and business services, consumer-focused industries, such as retail, food and beverage, and entertainment. Manufacturing and production contribute less than 21% of the GDP, and agriculture contributes less than 0.60%.
  • After two flat years, the U.K. manufacturing sector grew 2.5%, and construction output grew 7.1% in 2017, according to The Blue Book: 2018 from the U.K. ONS.
  • The food products division is the largest within the U.K. manufacturing sector, contributing to 18.3% of total U.K. manufacturing in 2017 – a 7% increase from 2016.
  • At the same time, growth in the service sector slowed, caused by weakness in consumer-focused industries, which declined from 4.5% in 2016 to 1.8% in 2017.
  • The distribution, hotels and restaurants sector of consumer-focused industries grew at its weakest annual since 2012 at only 2.1%. Business and finance services were the largest contributors to the growth of the services sector in 2017.
  • Tourism is another big money-maker for the U.K. In 2017, visitors who are residents of other countries spent £24.5 billion, or $31.76 on travel and tourism in the U.K., according to the ONS. However, visits in June 2018, peak season for tourism, fell by 9% on a yearly basis. Overseas visitors spent £2.0 billion, 11% less than the previous year, according to ONS.

  • U.K. exports were worth £629.4 billion in 2018, or 29.8% of GDP. Cars were the biggest goods product group by value at £33.3 billion. Financial services accounted for £58.5 billion of total exports in 2018. The EU is the country’s largest single trading partner and accounted for 44% of exports in 2017.

    (Source – Investopedia)

     

 

 

 

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