Gross Domestic Product by Industry: Second Quarter 2017
Annual Update: 2014 through First Quarter 2017
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.
Next release — January 19, 2018 at 8:30 A.M. EST for:
Gross Domestic Product by Industry: Third Quarter 2017
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- Industry Concepts and Methods: Concepts and Methods of the U.S. Input-Output Accounts
Gross domestic product (GDP) or value added is the value of the goods and services produced by the nation's economy less the value of the goods and services used up in production. GDP is also equal to the sum of personal consumption expenditures, gross private domestic investment, net exports of goods and services, and government consumption expenditures and gross investment.
Gross output (GO) is the value of the goods and services produced by the nation's economy. It is principally measured using industry sales or receipts, including sales to final users (GDP) and sales to other industries (intermediate inputs).
Current-dollar estimates are valued in the prices of the period when the transactions occurred—that is, at "market value." Also referred to as "nominal estimates" or as "current-price estimates."
Real values are inflation-adjusted estimates—that is, estimates that exclude the effects of price changes.
Annual rates. Quarterly values are expressed at seasonally-adjusted annual rates (SAAR), unless otherwise specified. Dollar changes are calculated as the difference between these SAAR values. For detail, see the FAQ "Why does BEA publish estimates at annual rates?"
Quantities and prices. Quantities, or "real" measures, and prices are expressed as index numbers with a specified reference year equal to 100 (currently 2009). Quantity and price indexes are calculated using a Fisher-chained weighted formula that incorporates weights from two adjacent periods (quarters for quarterly data and annuals for annual data). "Real" dollar series are calculated by multiplying the published quantity index by the current-dollar value in the reference year (2009) and then dividing by 100. Percent changes calculated from chained-dollar levels and quantity indexes are conceptually the same; any differences are due to rounding.
Chained-dollar values are not additive because the relative weights for a given period differ from those of the reference year. In tables that display chained-dollar values, the value of the "Not allocated by industry" line reflects the difference between the first line and the sum of the most detailed lines. For the real value added by industry table, this value also reflects differences in source data used to estimate GDP by industry and the expenditures measure of real GDP.
List of News Release Tables
Table 1. Real Value Added by Industry Group: Percent Change from Preceding Period
Table 2. Contributions to Percent Change in Real GDP by Industry Group
Table 3. Chain-Type Price Indexes for Value Added by Industry Group: Percent Change from Preceding Period
Table 4. Contributions to Percent Change in the GDP Price Index by Industry Group
Table 5. Value Added by Industry Group
Table 5a. Value Added by Industry Group as a Percentage of GDP
Table 6. Real Gross Output by Industry Group: Percent Change from Preceding Period
Table 7. Chain-Type Price Indexes for Gross Output by Industry Group: Percent Change from Preceding Period
Table 8. Gross Output by Industry Group