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.

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.
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				-  Tables 1-2 follow  -