Gross Domestic Product by Industry, 2nd quarter 2017 and annual update
Mining Led Growth in the Second Quarter
Mining; professional, scientific, and technical services; and health care and social assistance were the leading contributors to the increase in U.S. economic growth in the second quarter of 2017. According to gross domestic product (GDP) by industry statistics released by the Bureau of Economic Analysis, 17 of 22 industry groups contributed to the overall 3.1 percent increase in real GDP in the second quarter.
- For the mining industry, real value added—a measure of an industry's contribution to GDP—increased 28.6 percent in the second quarter, after increasing 12.1 percent in the first quarter. This was the largest increase since the fourth quarter of 2014 and primarily reflected increases in both oil and gas extraction and support activities for mining.
- Professional, scientific, and technical services increased 5.1 percent, after increasing 0.1 percent. This was the largest increase since the third quarter of 2014.
- Health care and social assistance increased 4.7 percent, after increasing 3.7 percent. The second quarter growth primarily reflected an increase in ambulatory health care services.
- Real GDP growth increased to 3.1 percent in the second quarter, from 1.2 percent in the first quarter. Professional, scientific, and technical services was the leading contributor to the acceleration in real GDP in the second quarter. The larger increase was primarily attributed to miscellaneous professional, scientific, and technical services, which includes industries like specialized design services; architectural services; and translation and interpretation services.
- Retail trade increased 5.6 percent, after decreasing 0.3 percent, and was the second leading contributor to the acceleration.
- Information services increased 7.0 percent, after increasing 1.6 percent. The second quarter increase was primarily attributed to the broadcasting and telecommunications industry.
Gross output by industry
Economy-wide, real gross output—principally a measure of an industry's sales or receipts, which includes sales to final users in the economy (GDP) and sales to other industries (intermediate inputs)—increased 2.5 percent in the second quarter. This reflected an increase of 3.8 percent in real gross output for the private services-producing sector and 1.3 percent for the government sector, while the private goods-producing sector decreased 0.2 percent. Overall, 18 of 22 industry groups contributed to the increase in real gross output.
- Real gross output for mining increased 20.7 percent, after increasing 39.0 percent in the first quarter.
- Retail trade increased 2.0 percent, after increasing 0.6 percent. This primarily reflected increases in other retail, which includes nonstore retailers.
- Arts, entertainment, and recreation increased 12.5 percent, after decreasing 5.1 percent.
Annual Update of the Industry Economic Accounts
The estimates released today reflect the results of the annual update of the industry economic accounts in conjunction with newly available statistics for GDP by industry for the second quarter of 2017. Additional information on this revision will be available in an article in the December 2017 issue of the Survey of Current Business.
This year's annual update includes revised estimates beginning with the first quarter of 2014. The update incorporates source data that are more complete and reliable than those previously available. Major improvements introduced with this update include:
- Results from the 2017 annual update of the national income and product accounts and international transactions accounts.
- Incorporation of newly available and revised source data (e.g., Census Bureau's Service Annual Survey, the Bureau of Labor Statistics' Quarterly Census of Employment and Wages, and the Department of Treasury's Statistics of Income).
- New supply-use tables (SUTs) for 2016, and revised SUTs for 2014 and 2015.
- Industry-specific estimates of value added, intermediate inputs, and gross output, in real and current dollars, are now accessible in consolidated data tables via Industry Facts.