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News Release: Gross Domestic Product by Industry for 2003


The tables in this release are available in an XLS spreadsheet and the entire release is available in PDF format.
Also available: a brief summary of highlights.

EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, THURSDAY, JUNE 17, 2004

Technical:	Brian C. Moyer:	(202)	606-5307	       		           		BEA 04-29
Media:      	Ralph Stewart:		606-9690

GROSS DOMESTIC PRODUCT (GDP) BY INDUSTRY FOR 2003:

Improved Annual Input-Output Accounts and GDP-by-Industry Account

	With this release of data on GDP-by-industry for 2003, the U.S. Bureau of Economic 
Analysis (BEA) has completed an important step in improving the accuracy of its industry data.  
This step introduces annual GDP-by-industry and input-output (I-O) accounts that are released 
concurrently and present identical estimates of gross output, intermediate inputs, and value added 
by industry.  The estimates are produced using a new methodology.  This methodology 
incorporates the most timely and highest quality source data within an I-O framework that 
balances and reconciles industry production with commodity usage.  The new estimates present 
the same general economic trends as the previously published data, but estimates for individual 
industries differ for a number of reasons, including the new methodology, the adoption of the 
1997 North American Industry Classification System (NAICS), and the incorporation of results 
from the 2003 comprehensive revision of the national income and product accounts (NIPAs).  
 
	The next step in improving the industry accounts will further integrate the annual GDP-
by-industry and I-O accounts with the NIPAs.  This process will incorporate expanded data on 
intermediate inputs by industry from the U.S. Census Bureau.

	Today's release of the annual I-O accounts for 1998-2002 accelerates the availability of 
these data from 36 to 18 months after the reference year.  This fall, these accounts will, for the 
first time, be made available fully two years earlier than in the past - one year after the end of the 
reference year instead of 3 years as in the past.

	The new GDP-by-industry data for 1998-2003 show:  the information-technology-based 
expansion of the late 1990s, the downturn in private goods-producing industries in 2001, and the 
stronger growth in private services-producing industries in 2001-2003.  More specifically: 

	.  The services sector led real GDP growth in 2001-2003.  Services sector industries 
	   increased 2.2 percent in 2001, moderating the economic slowdown.  They increased 
	   2.6 percent in 2002 and 3.6 percent in 2003, leading the economic recovery.

	.  In 2002 and 2003, growth in the services sector was led by strong growth in both the 
	   retail trade and information industries.  Retail trade grew 7.9 percent in 2002 
	   and information increased 9.3 percent in 2003.  The strong growth in information 
	   continued a trend spanning the entire 1998-2003 period.

	.  The goods sector - consisting primarily of manufacturing - continued its recovery in 
	   2003, growing 1.1 percent after increasing 0.9 percent in 2002.  Manufacturing 
	   increased 2.4 percent in 2002 and 1.7 percent in 2003, after declining 5.4 percent in 
	   2001.

	.  The services sector increased its share of current-dollar GDP in 1998-2003, 
	   accounting for 68.1 percent of the economy by 2003; the goods sector continued its 
	   long-term decline in share, accounting for 19.2 percent of the economy by 2003.  
	   Manufacturing's share of current-dollar GDP declined 2.7 percentage-points, from 
	   15.4 percent in 1998 to 12.7 percent in 2003.  

	All of these data are available without charge on BEA's Web site:

                                      <www.bea.gov>

	Summary BEA estimates are available on recorded messages at the time of public 
release at the following telephone numbers:

                             (202)  606-5306   Gross domestic product
                                    606-5303   Personal income and outlays
                                    606-5362   U.S. international transactions

	Most of BEA's estimates and analyses appear in the Survey of Current Business, BEA's 
monthly journal.  Subscriptions and single copies of the printed Survey are for sale
by the Superintendent of Documents, U.S. Government Printing Office.  Internet:
<bookstore.gpo.gov>; phone: 202-512-1800; fax: 202-512-2250; mail: Stop SSOP, Washington, 
DC 20402-0001.
				*          *          *


				-  Tables 1-2 follow  -
				

Table 1.--Percent Changes in Real Value Added by Industry Group
             
  1999 2000 2001 2002 2003 Average Annual Rate of Change 1998-2000
  Gross domestic product 4.5 3.7 0.5 2.2 3.1 4.1
             
Private industries 4.9 4.0 0.6 2.2 3.0 4.4
 Agriculture, forestry, fishing, and hunting 3.3 12.2 -0.2 2.2 1.8 7.7
 Mining 2.6 -4.1 -5.3 -0.2 -2.2 -0.8
 Utilities 4.6 5.6 -8.4 5.2 2.8 5.1
 Construction 2.4 0.6 -2.1 -3.1 0.1 1.5
 Manufacturing 4.4 6.3 -5.4 2.4 1.7 5.3
  Durable goods 6.2 11.6 -5.2 2.0 3.4 8.9
  Nondurable goods 1.5 -1.3 -5.8 2.9 -0.6 0.1
 Wholesale trade 5.2 -0.4 5.9 2.2 2.5 2.4
 Retail trade 5.8 4.5 6.9 7.9 5.0 5.2
 Transportation and warehousing 4.2 4.9 -3.4 -0.6 3.0 4.6
 Information 16.1 4.7 3.5 3.1 9.3 10.3
 Finance, insurance, real estate, rental, and leasing 5.3 5.3 2.4 1.7 3.8 5.3
 Professional and business services 5.4 3.2 0.5 2.4 1.9 4.3
 Educational services, health care, and social assistance 1.8 2.8 2.2 3.9 3.1 2.3
 Arts, entertainment, recreation, accommodation, and food services 3.6 3.3 0.7 1.9 1.9 3.4
 Other services, except government -1.6 -0.2 2.3 -4.0 2.8 -0.9
Government 1.1 2.0 0.9 1.2 1.4 1.6
             
Addenda:            
 Goods-sector industries/1/ 3.8 4.8 -4.4 0.9 1.1 4.3
 Services-sector industries/2/ 5.3 3.7 2.2 2.6 3.6 4.5
1.  Consists of agriculture, forestry, fishing, and hunting; mining; construction; and manufacturing
2.  Consists of utilities; wholesale trade; retail trade; transportation and warehousing; information; finance, insurance, real estate, rental, and leasing; professional and business services; educational services, health care, and social assistance; arts, entertainment, recreation, accommodation, and food services; and other services, except government.
Source:  U.S. Bureau of Economic Analysis            

 

Table 2.--Percent Changes in Real Value Added by Industry
           
  1999 2000 2001 2002 2003 Average Annual Rate of Change 1998-2000
  Gross domestic product 4.5 3.7 0.5 2.2 3.1 4.1
           
Private industries 4.9 4.0 0.6 2.2 3.0 4.4
 Agriculture, forestry, fishing, and hunting 3.3 12.2 -0.2 2.2 1.8 7.7
  Farms 2.1 13.7 -4.2 1.9
....
7.8
  Forestry, fishing, and related activities 7.2 8.0 11.8 3.1
....
7.6
 Mining 2.6 -4.1 -5.3 -0.2 -2.2 -0.8
  Oil and gas extraction 1.0 -11.5 -2.4 1.6
....
-5.5
  Mining, except oil and gas 9.0 1.1 -5.3 -5.8
....
5.0
  Support activities for mining -6.1 21.4 -20.7 1.9
....
6.8
 Utilities 4.6 5.6 -8.4 5.2 2.8 5.1
 Construction 2.4 0.6 -2.1 -3.1 0.1 1.5
 Manufacturing 4.4 6.3 -5.4 2.4 1.7 5.3
  Durable goods 6.2 11.6 -5.2 2.0 3.4 8.9
   Wood products 1.7 3.2 -2.6 4.2
....
2.5
   Nonmetallic mineral products 2.2 1.4 -1.8 -2.3
....
1.8
   Primary metals 4.9 0.1 -8.2 -3.7
....
2.5
   Fabricated metal products 0.4 5.9 -9.0 -1.8
....
3.1
   Machinery -7.8 4.1 -8.1 -5.9
....
-2.0
   Computer and electronic products 30.3 48.0 0.5 11.4
....
38.8
   Electrical equipment, appliances, and components 7.7 5.3 -5.3 -3.5
....
6.5
   Motor vehicles, bodies and trailers, and parts 2.5 3.1 -8.4 15.5
....
2.8
   Other transportation equipment -1.3 -4.4 -1.9 -6.7
....
-2.9
   Furniture and related products 4.2 3.9 -9.4 -3.3
....
4.1
   Miscellaneous manufacturing 3.3 10.5 -4.7 0.0
....
6.8
  Nondurable goods 1.5 -1.3 -5.8 2.9 -0.6 0.1
   Food and beverage and tobacco products 1.3 -0.2 -2.5 -0.4
....
0.6
   Textile mills and textile product mills -2.7 3.5 -17.3 0.6
....
0.4
   Apparel and leather and allied products -7.5 2.7 -8.9 2.9
....
-2.5
   Paper products 1.7 -8.9 -10.5 -1.0
....
-3.8
   Printing and related support activities 1.6 1.1 -6.6 -1.4
....
1.3
   Petroleum and coal products -8.2 -21.6 -12.7 31.6
....
-15.2
   Chemical products 4.9 0.0 -2.6 7.1
....
2.4
   Plastics and rubber products 3.6 3.2 -8.1 -2.1
....
3.4
 Wholesale trade 5.2 -0.4 5.9 2.2 2.5 2.4
 Retail trade 5.8 4.5 6.9 7.9 5.0 5.2
 Transportation and warehousing 4.2 4.9 -3.4 -0.6 3.0 4.6
  Air transportation 8.6 9.1 -0.7 2.6
....
8.9
  Rail transportation 1.6 2.9 -3.9 -7.3
....
2.3
  Water transportation -9.1 13.4 -3.5 -7.5
....
1.5
  Truck transportation 1.1 1.0 -6.3 -0.5
....
1.0
  Transit and ground passenger transportation 3.2 -1.9 4.6 1.0
....
0.6
  Pipeline transportation 11.3 12.7 -5.0 -7.6
....
12.0
  Other transportation and support activities 5.7 6.1 -4.2 0.8
....
5.9
  Warehousing and storage 6.7 6.5 -1.9 -1.3
....
6.6
 Information 16.1 4.7 3.5 3.1 9.3 10.3
  Publishing industries (includes software) 20.2 -3.7 -1.2 1.6
....
7.6
  Motion picture and sound recording industries 9.9 0.8 -1.8 -1.1
....
5.3
  Broadcasting and telecommunications 14.3 9.3 6.0 3.6
....
11.7
  Information and data processing services 21.6 4.2 5.6 7.9
....
12.6
 Finance, insurance, real estate, rental, and leasing 5.3 5.3 2.4 1.7 3.8 5.3
  Finance and insurance 6.9 9.2 2.9 1.6 7.2 8.0
   Federal Reserve banks, credit intermediation, and related activities 7.4 -2.9 5.9 -0.2
....
2.1
   Securities, commodity contracts, and investments 23.3 47.6 7.8 3.8
....
34.9
   Insurance carriers and related activities -1.7 6.3 -4.2 2.6
....
2.2
   Funds, trusts, and other financial vehicles -20.6 -24.1 -1.2 2.9
....
-22.4
  Real estate and rental and leasing 4.4 2.9 2.0 1.7 1.8 3.6
   Real estate 4.1 2.9 2.2 1.2
....
3.5
   Rental and leasing services and lessors of intangible assets 7.1 2.6 0.2 6.8
....
4.8
 Professional and business services 5.4 3.2 0.5 2.4 1.9 4.3
  Professional, scientific, and technical services 6.5 8.2 1.1 0.5 1.9 7.3
   Legal services 2.3 2.7 -0.5 0.5
....
2.5
   Computer systems design and related services 12.7 11.8 6.8 -5.1
....
12.3
   Miscellaneous professional, scientific, and technical services 6.3 9.0 -0.1 2.3
....
7.7
  Management of companies and enterprises 0.8 -1.2 4.2 8.0 4.4 -0.2
  Administrative and waste management services 5.7 -4.9 -3.1 3.5 0.2 0.2
   Administrative and support services 5.2 -5.5 -3.9 3.9
....
-0.3
   Waste management and remediation services 10.4 2.1 4.9 0.0
....
6.2
   Educational services, health care, and social assistance 1.8 2.8 2.2 3.9 3.1 2.3
  Educational services 2.0 2.7 1.2 0.5 0.5 2.4
  Health care and social assistance 1.8 2.8 2.3 4.4 3.4 2.3
   Ambulatory health care services 2.0 4.2 4.3 7.4
....
3.1
   Hospitals and nursing and residential care facilities 0.7 0.4 -0.3 1.2
....
0.5
   Social assistance 5.4 5.5 2.6 1.2
....
5.4
 Arts, entertainment, recreation, accommodation, and food services 3.6 3.3 0.7 1.9 1.9 3.4
  Arts, entertainment, and recreation 3.8 0.9 2.3 1.6 2.3 2.3
   Performing arts, spectator sports, museums, and related activities 1.9 -0.4 0.9 1.9
....
0.8
   Amusements, gambling, and recreation industries 5.3 2.0 3.3 1.3
....
3.6
  Accommodation and food services 3.6 4.1 0.2 2.1 1.8 3.8
   Accommodation 3.9 4.2 -4.5 2.0
....
4.0
   Food services and drinking places 3.4 4.1 2.7 2.1
....
3.7
 Other services, except government -1.6 -0.2 2.3 -4.0 2.8 -0.9
Government 1.1 2.0 0.9 1.2 1.4 1.6
 Federal -0.7 1.5 -1.4 1.1
....
0.4
  General government -0.8 0.9 0.2 1.7
....
0.0
  Government enterprises -0.1 4.9 -9.5 -1.9
....
2.4
 State and local 2.0 2.3 2.0 1.3
....
2.1
  General government 1.8 2.1 2.3 1.6
....
1.9
  Government enterprises 4.1 4.0 -1.8 -1.9
....
4.0
           
Addenda:            
 Goods-sector industries/1/ 3.8 4.8 -4.4 0.9 1.1 4.3
 Services-sector industries/2/ 5.3 3.7 2.2 2.6 3.6 4.5
1.  Consists of agriculture, forestry, fishing, and hunting; mining; construction; and manufacturing.
2.  Consists of utilities; wholesale trade; retail trade; transportation and warehousing; information; finance, insurance, real estate, rental, and leasing; professional and business services; educational services, health care, and social assistance; arts, entertainment, recreation, accommodation, and food services; and other services, except government.
Source:  U.S. Bureau of Economic Analysis