Posts Tagged 'GDP by industry'



BEA Readies 2014 Rollout of New Economic Statistics

BEA is releasing several new statistical products this year, part of an ongoing effort to better measure the dynamic U.S. economy and give businesses, policymakers and ordinary Americans additional tools to make informed decisions. Each report will be released at 8:30 a.m. eastern time on the date indicated.

REAL PERSONAL INCOME FOR STATE AND METROPOLITAN AREAS
• Annual report covers 2012 back to 2008
• Release date: April 24
• Report provides statistics on people’s incomes adjusted for inflation and broken out by state and metro area
• Adjusting regional personal income data for differences in the cost of consumer goods and services provides insight into the relative purchasing power of consumers in different states and metro areas
• BEA has previously released prototype statistics of this kind. This year, for the first time, BEA will start releasing annual reports on a regular basis

QUARTERLY GDP BY INDUSTRY
• Quarterly report covers the fourth quarter of 2013 back to the first quarter of 2005. Report also provides annual statistics for 2013
• Release date: April 25
• Statistics show how much how much economic activity is generated by different industries and how much individual industries contributed to overall U.S. economic growth
• For the first time, BEA is releasing GDP by industry statistics on a quarterly basis. Previously, these statistics were available only annually
• Quarterly statistics will provide a more timely snapshot of how individual industries are faring and can serve as a better barometer for potential turning points in the U.S. economy

PERSONAL CONSUMPTION EXPENDITURES BY STATE
• Annual report covers 2012 back to 1997
• Release date: Aug. 7
• Prototype statistic, meaning refinements in methodology may be made before this becomes a regular BEA product
• BEA, for the first time, will produce annual statistics on consumer spending broken out by state. Currently, BEA provides consumer spending figures only on the national level
• These statistics will offer for the first time a detailed look at consumer behavior in each of the country’s 50 states. Report will provide a gauge of how consumers in different states are faring, offering a richer picture of economic activity across entire United States

QUARTERLY GDP BY STATE
• Quarterly report covers the fourth quarter of 2013 back to the first quarter of 2007
• Release date: Aug. 20
• Prototype statistic, meaning refinements in methodology may be made before this becomes a regular BEA product
• BEA, for the first time, will produce quarterly statistics showing overall economic activity generated by each state as well as the main forces either supporting or restraining growth. Currently, BEA provides GDP-by-state statistics only at the national level
• These statistics will offer a more up-to-date picture of how states’ economies are faring and will provide a more detailed view of economic activity across the entire United States. The statistics will also serve as a better barometer for potential turning points for the overall U.S. economy

Widespread Growth Across Industries in 2012

Professional and business services; finance, insurance, real estate, rental, and leasing; mining; and manufacturing were the leading contributors to U.S. economic growth in 2012, according to revised statistics on the breakout of real gross domestic product (GDP) by industry from the Bureau of Economic Analysis.gdp_indy1

• Professional, scientific, and technical services increased 4.2 percent in 2012, primarily reflecting strong growth in computer systems design and related services.

• Mining value added rose 14.0 percent in 2012 after increasing 9.9 percent in 2011, reflecting strong growth for oil and gas extraction.

GDP prices modestly decelerated in 2012, increasing 1.7 percent after increasing 2.0 percent in 2011.gdp_indy2

• Value-added prices for the private goods-producing sector decelerated in 2012, increasing 1.8 percent after increasing 6.0 percent in 2011. Mining was the leading contributor to the deceleration in the GDP price index for 2012.

• Value-added prices for the private services-producing sector increased 2.2 percent in 2012 after increasing 1.2 percent in 2011, reflecting accelerated growth in prices for real estate and rental and leasing.

For more, read the full report.

Durable-Goods Manufacturing Led Growth in 2012

gdp_indy1Durable-goods manufacturing, finance and insurance, and wholesale trade services were the leading contributors to U.S. economic growth in 2012, according to advance statistics on the breakout of real gross domestic product (GDP) by industry from the Bureau of Economic Analysis.

  • Manufacturing value added rose 6.2 percent after increasing 2.5 percent in 2011. Durable-goods manufacturing led the growth in 2012, increasing 9.1 percent.
  • The services-producing sector grew 2.4 percent, matching the 2011 growth rate. The leading contributors to the increase were finance and insurance services and wholesale trade services, which increased 3.6 percent and 4.8 percent, respectively.

GDP prices decelerated, increasing 1.8 percent in 2012 after increasing 2.1 percent in 2011.

  • gdp_indy2Value-added prices for the private goods-producing sector decelerated in 2012, increasing 0.9 percent after increasing 5.6 percent in 2011. Nondurable-goods manufacturing was the leading contributor to the deceleration in the GDP price index for 2012.
  • Value-added prices for the private services-producing sector increased 1.7 percent in 2012 after increasing 1.5 percent in 2011, reflecting accelerated growth in prices for finance and insurance and for professional, scientific, and technical services.

To learn more about GDP by industry, read the full report.