The Bureau of Economic Analysis released today – for the first time – gross domestic product (GDP) by industry for 22 industry sectors on a quarterly basis. These new statistics fill an important gap in U.S. federal economic statistics by providing timely information on how individual industries contributed to U.S. economic growth in a given quarter.
- Real GDP increased 2.6 percent in the fourth quarter of 2013, with both the private goods- and services- producing sectors contributing to the increase. Overall, 15 out of 22 industry groups contributed to economic growth. The leading contributors to the increase were nondurable-goods manufacturing; professional, scientific and technical services; and wholesale trade.
- Growth in real GDP in the fourth quarter decelerated from 4.1 percent in the third to 2.6 percent in the fourth. The deceleration reflected a slowdown in the private services-producing sector and a larger decrease in the government sector that was partly offset by a pickup in growth in the goods-producing sector.
- Overall, 17 out of 22 industry groups contributed to the slowdown in real GDP growth. The leading contributors to the slowdown were real estate, rental, and leasing; construction; and retail trade.