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The BEA Advisory Committee advises the Director of BEA on matters related to the development and improvement of BEA’s national, regional, industry, and international economic accounts, especially in areas of new and rapidly growing economic activities arising from innovative and advancing technologies, and provides recommendations from the perspectives of the economics profession, business, and government.

Articles by BEA

Gross Domestic Product by Industry, First Quarter 2019

2 days ago

Finance and insurance; retail trade; and health care and social assistance were the leading contributors to the increase in U.S. economic growth in the first quarter of 2019. According to gross domestic product (GDP) by industry statistics released by the Bureau of Economic Analysis, 16 of 22 industry groups contributed to the overall 3.1 percent increase in real GDP in the first quarter.

For the finance and insurance industry group, real value added—a measure of an industry’s contribution to GDP—increased 9.5 percent in the first quarter, after decreasing 6.2 percent in the fourth quarter. The first quarter growth primarily reflected an increase in insurance carriers and related activities.
Retail trade increased 11.9 percent in the first quarter, after decreasing 2.5 percent in the

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U.S. International Trade in Goods and Services, May 2019

18 days ago

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $55.5 billion in May, up $4.3 billion from $51.2 billion in April, revised.

U.S. International Trade in Goods and Services Deficit
Deficit:
$55.5 Billion
+8.4%°
Exports:
$210.6 Billion
+2.0%°
Imports:
$266.2 Billion
+3.3%°

Next release: August 2, 2019

(°) Statistical significance is not applicable or not measurable.Data adjusted for seasonality but not price changes

Source: U.S. Census Bureau, U.S. Bureau of Economic Analysis; U.S. International Trade in Goods and Services, July 3, 2019

Exports, Imports, and Balance (exhibit 1)

May exports were $210.6 billion, $4.2 billion more than April exports. May imports were

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New Foreign Direct Investment in the United States, 2018

19 days ago

Expenditures by foreign direct investors to acquire, establish, or expand U.S. businesses totaled $296.4 billion (preliminary) in 2018. Expenditures were up 8.7 percent from $272.8 billion (revised) in 2017 but were below the annual average of $338.1 billion for 2014–2017. As in previous years, acquisitions of existing businesses accounted for a large majority of total expenditures.

In 2018, expenditures for acquisitions were $287.3 billion, expenditures to establish new U.S. businesses were $5.3 billion, and expenditures to expand existing foreign-owned businesses were $3.8 billion. Planned total expenditures, which include both first-year and planned future expenditures, were $318.1 billion. 

Expenditures by industry, country, and state in 2018

By industry, expenditures for new

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Personal Income and Outlays, May 2019

23 days ago

Personal income increased $88.6 billion (0.5 percent) in May according to estimates released today by the Bureau of Economic Analysis. Disposable personal income (DPI) increased$72.6 billion (0.5 percent) and personal consumption expenditures (PCE) increased $59.7 billion (0.4 percent).

Real DPI increased 0.3 percent in May, and real PCE increased 0.2 percent. The PCE price indexincreased 0.2 percent. Excluding food and energy, the PCE price index increased 0.2 percent.

 
2019
Jan.
Feb.
Mar.
Apr.
May
Percent change from preceding month
Personal income:
 
     Current dollars
-0.1
0.2
0.1
0.5
0.5
Disposable personal income:
 
     Current dollars
-0.2
0.1
0.0
0.5
0.5
     Chained (2012) dollars
-0.2
0.1
-0.2

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Gross Domestic Product, First Quarter 2019 (Third Estimate); Corporate Profits, First Quarter 2019 (Revised Estimate)

24 days ago

Real gross domestic product (GDP) increased at an annual rate of 3.1 percent in the first quarter of 2019 (table 1), according to the "third" estimate released by the Bureau of Economic Analysis. In the fourth quarter of 2018, real GDP increased 2.2 percent.

The GDP estimate released today is based on more complete source data than were available for the "second" estimate issued last month. In the second estimate, the increase in real GDP was also 3.1 percent. Upward revisions to nonresidential fixed investment, exports, state and local government spending, and residential fixed investment were offset by downward revisions to personal consumption expenditures (PCE) and inventory investment and an upward revision to imports (see "Updates to GDP" on page 2).

Real gross domestic income

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U.S. Net International Investment Position, First Quarter 2019, Year 2018, and Annual Update

25 days ago

First Quarter 2019

The U.S. net international investment position decreased to −$9.93 trillion (preliminary) at the end of the first quarter of 2019 from −$9.55 trillion (revised) at the end of the fourth quarter of 2018, according to statistics released by the Bureau of Economic Analysis (BEA). The $374.4 billion decrease reflected a $1.90 trillion increase in U.S. assets and a $2.27 trillion increase in U.S. liabilities (table 1).

The $374.4 billion decrease in the net investment position also reflected net financial transactions of –$30.2 billion and net other changes in position, such as price and exchange-rate changes, of –$344.2 billion (table A).

The net investment position decreased 3.9 percent in the first quarter of 2019, compared with an increase of 1.5 percent in the

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State Quarterly Personal Income, first quarter 2019

26 days ago

State personal income increased 3.4 percent at an annual rate in the first quarter of 2019, a deceleration from the 4.1 percent increase in the fourth quarter of 2018, according to estimates released today by the Bureau of Economic Analysis (table 1). Personal income increased in all states except South Dakota. The percent change in personal income across all states ranged from 5.6 percent in West Virginia to -0.6 percent in South Dakota.

Increases in earnings and transfer receipts contributed to personal income growth nationally and in most states, while property income (dividends, interest, and rent) decreased in every state (table 2).

Earnings. Earnings increased 2.8 percent in the first quarter of 2019, after increasing 3.2 percent in the fourth quarter of 2018. Earnings increased

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U.S. International Transactions, First Quarter 2019 and Annual Update

June 20, 2019

Current-Account Balance

The U.S. current-account deficit decreased to $130.4 billion (preliminary) in the first quarter of 2019 from $143.9 billion (revised) in the fourth quarter of 2018, according to statistics released by the Bureau of Economic Analysis (BEA). The deficit was 2.5 percent of current-dollar gross domestic product in the first quarter, down from 2.8 percent in the fourth quarter.

The $13.5 billion decrease in the current-account deficit mostly reflected a decrease in the deficit on goods that was partly offset by an increase in the deficit on secondary income.

Current-Account Transactions (tables 1-5)

Exports of goods and services and income receipts

Exports of goods and services and income receipts increased $7.2 billion in the first quarter to $945.9 billion.

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U.S. International Trade in Goods and Services, April 2019

June 6, 2019

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $50.8 billion in April, down $1.1 billion from $51.9 billion in March, revised.

U.S. International Trade in Goods and Services Deficit
Deficit:
$50.8 Billion
-2.1%°
Exports:
$206.8 Billion
-2.2%°
Imports:
$257.6 Billion
-2.2%°

Next release: July 3, 2019

(°) Statistical significance is not applicable or not measurable.Data adjusted for seasonality but not price changes

Source: U.S. Census Bureau, U.S. Bureau of Economic Analysis; U.S. International Trade in Goods and Services, June 6, 2019

Exports, Imports, and Balance (exhibit 1)

April exports were $206.8 billion, $4.6 billion less than March exports. April imports

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Personal Income and Outlays, April 2019

May 31, 2019

Personal income increased $92.8 billion (0.5 percent) in April according to estimates released today by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $69.3 billion (0.4 percent) and personal consumption expenditures (PCE) increased $40.8 billion (0.3 percent).

Real DPI increased 0.1 percent in April and Real PCE decreased less than 0.1 percent. The PCE price index increased 0.3 percent. Excluding food and energy, the PCE price index increased 0.2 percent.

 
2018
2019
Dec.
Jan.
Feb.
Mar.
Apr.
Percent change from preceding month
Personal income:
 
   Current dollars
0.9
-0.1
0.2
0.1
0.5
Disposable personal income:
 
   Current dollars
1.0
-0.2
0.2
0.1
0.4
   Chained (2012) dollars
1.0

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Gross Domestic Product, 1st quarter 2019 (second estimate); Corporate Profits, 1st quarter 2019 (preliminary estimate)

May 30, 2019

Real gross domestic product (GDP) increased at an annual rate of 3.1 percent in the first quarter of 2019 (table 1), according to the "second" estimate released by the Bureau of Economic Analysis. In the fourth quarter, real GDP increased 2.2 percent.

The GDP estimate released today is based on more complete source data than were available for the "advance" estimate issued last month.  In the advance estimate, the increase in real GDP in the first quarter was 3.2 percent. Today’s estimate reflects downward revisions to nonresidential fixed investment and private inventory investment and upward revisions to exports and personal consumption expenditures (PCE). Imports, which are a subtraction in the calculation of GDP, were revised up; the general picture of economic growth remains the same

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Real Personal Income for States and Metropolitan Areas, 2017

May 16, 2019

Real state personal income grew 2.6 percent in 2017, after increasing 1.5 percent in 2016, according to estimates released today by the Bureau of Economic Analysis. Real state personal income is a state’s current-dollar personal income adjusted by the state’s regional price parity and the national personal consumption expenditures price index. The percent change in real state personal income ranged from 4.5 percent in New York to -1.3 percent in North Dakota (table 1). Across metropolitan areas, the percent change ranged from 14.8 percent in Midland, MI to -5.9 percent in Enid, OK (table 4).

Real Personal Income in 2017

States with the fastest growth in real personal income were New York (4.5 percent), Oklahoma (3.9 percent), and Rhode Island (3.8 percent).
Two states had declines in

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U.S. International Trade in Goods and Services, March 2019

May 9, 2019

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $50.0 billion in March, up $0.7 billion from $49.3 billion in February, revised.

U.S. International Trade in Goods and Services Deficit
Deficit:
$50.0 Billion
+1.5%°
Exports:
$212.0 Billion
+1.0%°
Imports:
$262.0 Billion
+1.1%°

Next release: June 6, 2019

(°) Statistical significance is not applicable or not measurable.Data adjusted for seasonality but not price changes

Source: U.S. Census Bureau, U.S. Bureau of Economic Analysis; U.S. International Trade in Goods and Services, May 9, 2019

Exports, Imports, and Balance (exhibit 1)

March exports were $212.0 billion, $2.1 billion more than February exports. March

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Gross Domestic Product by State, 4th quarter 2018 and annual 2018 (preliminary)

May 1, 2019

Quarterly GDP by state in 2018:Q4

Real gross domestic product (GDP) increased in 49 states and the District of Columbia in the fourth quarter of 2018, according to statistics released today by the U.S. Bureau of Economic Analysis. The percent change in real GDP in the fourth quarter ranged from 6.6 percent in Texas to 0.0 percent in Delaware (table 1).

Wholesale trade, mining, and information services were the leading contributors to the increase in real GDP nationally (table 2). Mining and wholesale trade were the leading contributors to the increase in real GDP in Texas, the fastest growing state.

Other highlights

Wholesale trade increased 9.1 percent nationally and contributed to growth in all 50 states (GDP by Industry table 1).
Mining increased 38.0 percent nationally and

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Personal Income and Outlays, March 2019

April 29, 2019

Due to the recent partial federal government shutdown, this report combines estimates for February and March 2019. Personal Income is updated for January and February and new estimates are available for March. Personal consumption expenditures are updated for January and new estimates are available for February and March.

Personal Income and Outlays, March 2019

Personal income increased $11.4 billion (0.1 percent) in March according to estimates released today by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $0.6 billion, (less than 0.1 percent) and personal consumption expenditures (PCE) increased $123.5 billion (0.9 percent).

Real DPI decreased 0.2 percent in March, and real PCE increased 0.7 percent. The PCE price index increased 0.2 percent. Excluding

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Gross Domestic Product, 1st quarter 2019 (advance estimate)

April 26, 2019

Real gross domestic product (GDP) increased at an annual rate of 3.2 percent in the first quarter of 2019 (table 1), according to the "advance" estimate released by the Bureau of Economic Analysis. In the fourth quarter of 2018, real GDP increased 2.2 percent.

The Bureau’s first-quarter advance estimate released today is based on source data that are incomplete or subject to further revision by the source agency (see “Source Data for the Advance Estimate” on page 2). The "second" estimate for the first quarter, based on more complete data, will be released on May 30, 2019.

The increase in real GDP in the first quarter reflected positive contributions from personal consumption expenditures (PCE), private inventory investment, exports, state and local government spending, and

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Gross Domestic Product by Industry, 4th quarter 2018 and annual 2018

April 19, 2019

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

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U.S. International Trade in Goods and Services, February 2019

April 17, 2019

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $49.4 billion in February, down $1.8 billion from $51.1 billion in January, revised.

U.S. International Trade in Goods and Services Deficit
Deficit:
$49.4 Billion
-3.4%°
Exports:
$209.7 Billion
+1.1%°
Imports:
$259.1 Billion
+0.2%°

Next release: May 9, 2019

(°) Statistical significance is not applicable or not measurable.Data adjusted for seasonality but not price changes

Source: U.S. Census Bureau, U.S. Bureau of Economic Analysis; U.S. International Trade in Goods and Services, April 17, 2019

Exports, Imports, and Balance (exhibit 1)

February exports were $209.7 billion, $2.3 billion more than January exports.

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U.S. International Investment Position, 4th quarter and Year 2018

March 29, 2019

Fourth Quarter 2018

The U.S. net international investment position decreased to −$9,717.1 billion (preliminary) at the end of the fourth quarter of 2018 from −$9,634.8 billion (revised) at the end of the third quarter, according to statistics released by the Bureau of Economic Analysis (BEA). The $82.4 billion decrease reflected a $1,695.4 billion decrease in U.S. assets and a $1,613.0 billion decrease in U.S. liabilities (table 1).

The $82.4 billion decrease in the net investment position also reflected net financial transactions of −$199.2 billion and net other changes in position, such as price and exchange-rate changes, of $116.8 billion (table A).

The net investment position decreased 0.9 percent in the fourth quarter, compared with a decrease of 8.9 percent in the third quarter

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Personal Income, February 2019; Personal Outlays, January 2019

March 29, 2019

Due to the recent partial government shutdown, this report combines estimates for January and February 2019. January estimates include both personal income and outlays measures, while February estimates are limited to personal income. Estimates of outlays for February will be available with the next release on April 29, 2019.
Personal Income and Outlays, January 2019
Personal income decreased $22.9 billion (-0.1 percent) in January according to estimates released today by the Bureau of Economic Analysis. Disposable personal income decreased $34.9 billion (-0.2 percent), and personal consumption expenditures increased $8.6 billion (0.1 percent).
Real DPI decreased 0.2 percent in January, and real PCE increased 0.1 percent. The PCE price index decreased 0.1 percent. Excluding food

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Gross Domestic Product, 4th quarter and annual 2018 (third estimate); Corporate Profits, 4th quarter and annual 2018

March 28, 2019

Real gross domestic product (GDP) increased at an annual rate of 2.2 percent in the fourth quarter of 2018 (table 1), according to the "third" estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 3.4 percent.

The GDP estimate released today is based on more complete source data than were available for the "initial" estimate issued last month. In the initial estimate, the increase in real GDP was 2.6 percent. With this estimate for the fourth quarter, the general picture of economic growth remains the same; personal consumption expenditures (PCE), state and local government spending, and nonresidential fixed investment were revised down; imports, which are a subtraction in the calculation of GDP, were also revised down (see "Updates to GDP" on page

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U.S. International Transactions, 4th quarter and Year 2018

March 27, 2019

Current-Account Balance

The U.S. current-account deficit increased to $134.4 billion (preliminary) in the fourth quarter of 2018 from $126.6 billion (revised) in the third quarter of 2018, according to statistics released by the Bureau of Economic Analysis (BEA). The deficit was 2.6 percent of current-dollar gross domestic product (GDP) in the fourth quarter, up from 2.5 percent in the third quarter.

The $7.8 billion increase in the current-account deficit mainly reflected increases in the deficits on goods and on secondary income and a decrease in the surplus on services.

Current-Account Transactions, Fourth Quarter (tables 1-5)

Exports of goods and services and income receipts

Exports of goods and services and income receipts increased $4.1 billion in the fourth quarter to

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U.S. International Trade in Goods and Services, January 2019

March 27, 2019

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $51.1 billion in January, down $8.8 billion from $59.9 billion in December, revised.

U.S. International Trade in Goods and Services Deficit
Deficit:
$51.1 Billion
-14.6%°
Exports:
$207.3 Billion
+0.9%°
Imports:
$258.5 Billion
-2.6%°

Next release: April 17, 2019

(°) Statistical significance is not applicable or not measurable.

Data adjusted for seasonality but not price changes

Source: U.S. Census Bureau, U.S. Bureau of Economic Analysis; U.S. International Trade in Goods and Services, March 27, 2019

Exports, Imports, and Balance (exhibit 1)

January exports were $207.3 billion, $1.9 billion more than December

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State Quarterly Personal Income, 4th quarter 2018 and State Annual Personal Income, 2018 (preliminary)

March 26, 2019

State personal income increased 4.5 percent in 2018, after increasing 4.4 percent in 2017, according to estimates released today by the Bureau of Economic Analysis (table 1). In 2018, personal income increased in all states and the District of Columbia. The percent change in personal income across all states ranged from 6.8 percent in Washington to 2.9 percent in Hawaii.

Increases in earnings, property income (dividends, interest and rent), and transfer receipts contributed to personal income growth in all states (table 2).

Earnings. Earnings increased 4.4 percent in 2018 and was the leading contributor to growth in the five fastest growing states—Washington, Utah, Nevada, Colorado, and Arizona.

Information was the leading contributor to the earnings increase in Washington (table 3).

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Arts and Cultural Production Satellite Account, U.S. and States 2016

March 19, 2019

The Arts and Cultural Production Satellite Account (ACPSA) released today by the U.S. Department of Commerce’s Bureau of Economic Analysis (BEA) shows that arts and cultural economic activity, adjusted for inflation, increased 2.9 percent in 2016. That compares with a 5.4 percent increase in 2015 (table 1). Arts and cultural economic activity accounted for 4.3 percent of gross domestic product (GDP), or $804.2 billion, in 2016.

Information services was the leading contributor to the national growth in 2016, followed by retail services. Core arts and cultural production industries, which includes performing arts, museums, design services, and fine arts education, grew 1.8 percent. Supporting arts and cultural production industries, including art support services and information services,

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U.S. International Trade in Goods and Services, December 2018

March 6, 2019

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $59.8 billion in December, up $9.5 billion from $50.3 billion in November, revised.

U.S. International Trade in Goods and Services Deficit
Deficit:
$59.8 Billion
+18.8%°
Exports:
$205.1 Billion
-1.9%°
Imports:
$264.9 Billion
+2.1%°

Next release: March 27, 2019

(°) Statistical significance is not applicable or not measurable.

Data adjusted for seasonality but not price changes

Source: U.S. Census Bureau, U.S. Bureau of Economic Analysis; U.S. International Trade in Goods and Services, March 6, 2019

Exports, Imports, and Balance (exhibit 1)

December exports were $205.1 billion, $3.9 billion less than November

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Personal Income and Outlays, December 2018; Personal Income, January 2019

March 1, 2019

Due to the recent partial government shutdown, this report combines estimates for December 2018 and January 2019. December estimates include both income and outlays measures, while January estimates are limited to personal income. Estimates of outlays for January are unavailable due to a delay in the release of the Census Bureau’s Advance Monthly Retail Sales.

Personal Income and Outlays, December 2018

Personal income increased $179.0 billion (1.0 percent) in December according to estimates released today by the Bureau of Economic Analysis. Disposable personal income increased $173.1 billion (1.1 percent), and personal consumption expenditures decreased $76.6 billion (-0.5 percent).

Real DPI increased 1.0 percent in December and real PCE decreased 0.6 percent. The PCE price index

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Initial Gross Domestic Product, 4th quarter and annual 2018

February 28, 2019

Real gross domestic product (GDP) increased at an annual rate of 2.6 percent in the fourth quarter of 2018 (table 1), according to the "initial" estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 3.4 percent.

Due to the recent partial government shutdown, this initial report for the fourth quarter and annual GDP for 2018 replaces the release of the "advance" estimate originally scheduled for January 30th and the "second" estimate originally scheduled for February 28th. See the Technical Note for details.

The Bureau emphasized that the fourth-quarter initial estimate released today is based on source data that are incomplete or subject to further revision by the source agency (see “Source Data for the Initial Estimate” on page 3). Updated

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Gross Domestic Product by State, 3rd quarter 2018

February 26, 2019

Real gross domestic product (GDP) increased in 49 states and the District of Columbia in the third quarter of 2018, according to statistics released today by the U.S. Bureau of Economic Analysis. The percent change in real GDP in the third quarter ranged from 5.8 percent in Washington to 0.0 percent in West Virginia (table 1).

Wholesale trade, information services, finance and insurance, and retail trade were the leading contributors to the increase in real GDP nationally (table 2). Information services and retail trade were the leading contributors to the increase in real GDP in Washington, the fastest growing state.

Other highlights

Nationally, wholesale trade, information services, finance and insurance, and retail trade increased 7.4 percent, 7.6 percent, 5.5 percent, and 6.3

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Gross Domestic Product by Industry, 3rd quarter 2018

February 21, 2019

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