Gross Domestic Product by Industry: Fourth Quarter and Annual 2018
Wholesale trade; mining; and information were the leading contributors to the increase in U.S. economic growth in the fourth quarter of 2018. According to gross domestic product (GDP) by industry statistics released by the Bureau of Economic Analysis, 15 of 22 industry groups contributed to the overall 2.2 percent increase in real GDP in the fourth quarter.
- For the wholesale trade industry group, real value added—a measure of an industry’s contribution to GDP—increased 9.1 percent in the fourth quarter, after increasing 7.4 percent in the third quarter.
- Mining increased 38.0 percent in the fourth quarter, after no increase in the third. This was the largest increase since the fourth quarter of 2008 and primarily reflected an increase in oil and gas extraction.
- Information services increased 8.9 percent, after increasing 7.6 percent. The fourth quarter growth reflected increases to data processing, internet publishing, and other information services; broadcasting and telecommunications; and publishing industries.
- Real GDP growth slowed to 2.2 percent in the fourth quarter from 3.4 percent in the third quarter. Finance and insurance was the leading contributor to the deceleration with real value added for the industry group decreasing 6.2 percent in the fourth quarter, after increasing 5.5 percent in the third quarter.
- Retail trade decreased 2.5 percent in the fourth quarter, after increasing 6.3 percent, and was the second leading contributor to the slowdown. The deceleration was primarily attributed to other retail, which includes health and personal care stores, gasoline stations, and nonstore retailers.
- Construction decreased 2.1 percent, after increasing 2.9 percent.
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 2.3 percent in the fourth quarter. This reflected an increase of 1.5 percent for the private goods-producing sector, 2.9 percent for the private services-producing sector, and 0.8 percent for the government sector. Overall, 18 of 22 industry groups contributed to the increase in real gross output.
- Real gross output for mining increased 9.5 percent in the fourth quarter, after increasing 12.7 percent in the third quarter. The fourth quarter increase was primarily attributed to oil and gas extraction.
- Information increased 5.3 percent, after increasing 6.8 percent, primarily reflecting increases in data processing, internet publishing, and other information services.
- Finance and insurance increased 5.1 percent, after increasing 1.3 percent. The fourth quarter growth primarily reflected an increase in securities, commodity contracts, and investments.
2018 GDP by industry
Real GDP increased 2.9 percent in 2018 (that is, from the 2017 annual level to the 2018 annual level). The private goods- and services-producing sectors, as well as the government sector, contributed to the increase. Growth was widespread, with 19 of 22 industry groups contributing to the increase. Information; professional, scientific, and technical services; and durable goods manufacturing were the leading contributors to the increase in real GDP.
- For information services, real value added increased 8.5 percent in 2018, after increasing 7.1 percent in 2017, primarily reflecting an increase in data processing, internet publishing, and other information services.
- Professional, scientific, and technical services increased 5.5 percent, after increasing 3.4 percent. This was the largest increase since 2008.
- Durable goods manufacturing increased 5.4 percent, after increasing 3.2 percent. The growth primarily reflected increases in motor vehicles, bodies and trailers, and parts as well as computer and electronic products.
Next release – July 19, 2019 at 8:30 A.M. EDT for:
Gross Domestic Product by Industry: First Quarter 2019