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Gross Domestic Product by Industry, 1st quarter 2018

Summary:
Real Estate and Rental and Leasing Led Growth in the First Quarter Real estate and rental and leasing; information; and nondurable goods manufacturing were the leading contributors to the increase in U.S. economic growth in the first quarter of 2018. According to gross domestic product (GDP) by industry statistics released by the Bureau of Economic Analysis, 14 of 22 industry groups contributed to the overall 2.0 percent increase in real GDP in the first quarter. For the real estate and rental and leasing industry group, real value added—a measure of an industry's contribution to GDP—increased 3.3 percent in the first quarter, after increasing 1.9 percent in the fourth quarter. The first quarter growth primarily reflected an increase in the housing services

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Real Estate and Rental and Leasing Led Growth in the First Quarter

Real estate and rental and leasing; information; and nondurable goods manufacturing were the leading contributors to the increase in U.S. economic growth in the first quarter of 2018. According to gross domestic product (GDP) by industry statistics released by the Bureau of Economic Analysis, 14 of 22 industry groups contributed to the overall 2.0 percent increase in real GDP in the first quarter.

Gross Domestic Product by Industry, 1st quarter 2018
  • For the real estate and rental and leasing industry group, real value added—a measure of an industry's contribution to GDP—increased 3.3 percent in the first quarter, after increasing 1.9 percent in the fourth quarter. The first quarter growth primarily reflected an increase in the housing services industry.
  • Information services increased 6.8 percent, after decreasing 0.2 percent. The first quarter growth primarily reflected increases to both broadcasting and telecommunications and the publishing industry.
  • Nondurable goods manufacturing increased 3.8 percent, after increasing 3.1 percent. The first quarter growth primarily reflected increases in petroleum and coal products, as well as food, beverage and tobacco products.
Gross Domestic Product by Industry, 1st quarter 2018

Other highlights

  • Transportation and warehousing increased 6.4 percent, after increasing 5.4 percent, primarily reflecting an increase in air transportation.
  • Real GDP growth slowed to 2.0 percent in the first quarter, from 2.9 percent in the fourth quarter. Wholesale trade was the leading contributor to the deceleration in real GDP growth in the first quarter. Real value added for the industry group increased 0.2 percent, after increasing 4.4 percent in the fourth quarter.
  • Durable goods manufacturing increased 3.2 percent, after increasing 7.2 percent, and was the second leading contributor to the slowdown.

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 2.7 percent in the first quarter. This reflected an increase of 3.2 percent for the private goods-producing sector, 3.0 percent for the private services-producing sector, and 0.3 percent for the government sector. Overall, 13 of 22 industry groups contributed to the increase in real gross output.

Gross Domestic Product by Industry, 1st quarter 2018
  • Real gross output for durable goods manufacturing increased 2.8 percent in the first quarter, after increasing 9.0 percent in the fourth quarter. The increase was primarily attributed to motor vehicles, bodies and trailers, and parts manufacturing.
  • Transportation and warehousing increased 6.5 percent, after increasing 0.7 percent. This was the largest increase since the fourth quarter of 2014 and primarily reflected increases in air and truck transportation.
  • Information services increased 7.2 percent, after increasing 4.2 percent. This industry has increased for seven consecutive quarters.

Upcoming Comprehensive Update of the Industry Economic Accounts

The comprehensive update of the industry economic accounts will be released along with the estimate of quarterly GDP by industry for the second quarter of 2018 on November 1, 2018. Annual statistics will be revised back to 1997 and quarterly estimates will be revised back to the first quarter of 2005. All revisions will be fully consistent with the results of the comprehensive update of the national income and product accounts, which will be released on July 27, 2018.

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Next release — November 1, 2018 at 8:30 A.M. EDT for:
Gross Domestic Product by Industry: Second Quarter 2018
2018 Comprehensive Update: 1997 through First Quarter 2018

Additional Information

Resources

Additional resources available at www.bea.gov:

Definitions

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.

Statistical conventions

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

Bureau of Economic Analysis
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.

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