components of GDP in the UK from 1992 to 2000
The chart illustrates the contribution in percentage of two different sectors from 1992 to 2000.
Overall, the IT industry maintained its dominance over the years given, despite fluctuations in some stages. On the time scale, both categories rose substantially at different rates.
To begin, the IT sector only started with over 6% of total GDP while the service industry accounted for 4% in 1992. Both grew by exactly 2% two years later, giving rise to an upward trajectory. Surprisingly, the year 1996 experienced a curb in both sectors with a slight deduction in the IT industry.
From then, the IT industry grew drastically to 12%, which outstripped the proportion of the service industry by over 4%. In 2000, the IT industry surged even more, with almost 15% contribution to the total GDP whereas the service industry increased marginally by less than 1%.
Overall, the IT industry had gained momentum over the years, peaking at 15%, which almost doubled that of the service industry. This pattern expressed rising interests in the IT industry of the society.
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