The size refers to the width.
The shapes dimensions are below:
H: 28 mm / 1.1 inch - W: 32 mm / 1.25 inch
H: 33 mm / 1.3 inch - W: 38 mm / 1.5 inch
H: 28 mm / 1.1 inch - W: 32 mm / 1.25 inch
H: 33 mm / 1.3 inch - W: 38 mm / 1.5 inch
All sizes are for the final product (clay piece after the cut), and not the size of the tool.