Widespread Growth across Industries in 2nd Quarter ‘14 Revised GDP Stats
14 Nov, 2014
Real gross domestic product (GDP) increased at an annual rate of 4.6 percent in the second quarter of 2014, after decreasing 2.1 percent in the first quarter. Both private goods- and services-producing industries contributed to the increase, while the government sector decreased. Durable‐goods manufacturing; finance and insurance; and retail trade were the leading contributors.
- Durable‐goods manufacturing real value added—a measure of an industry’s contribution to GDP—increased 8.0 percent in the second quarter, after decreasing 4.5 percent in the first quarter.
- Finance and insurance increased 6.0 percent, after decreasing 9.8 percent.
- Retail trade increased 7.2 percent, after increasing 4.3 percent.
- Real value added for agriculture, forestry and fishing turned up in the second quarter, increasing 14.2 percent following a decrease of 44.3 percent. This industry group was the second leading contributor to the upturn in real GDP.
- The 8.0 percent increase in durable-goods manufacturing, which includes motor vehicle manufacturing and computer and electronic products manufacturing, was the largest increase since the fourth quarter of 2011.
- Mining increased 11.5 percent, following a decrease of 7.5 percent. This was the largest increase since the fourth quarter of 2011.
2013 GDP by industry
Real GDP increased 2.2 percent in 2013, with 20 of 22 industry groups contributing to the increase. Finance and insurance; real estate and rental and leasing; and information were the leading contributors.
- Finance and insurance increased 4.6 percent in 2013, after increasing 4.2 percent. This was the third consecutive annual increase.
- The real estate and rental and leasing group increased 1.6 percent, reflecting an increase in housing.
- Information services increased 4.4 percent in 2013, after increasing 1.7 percent. This was the largest increase since 2008.
Annual Revision of the Industry Economic Accounts
The estimates r reflect the results of the annual revision of the industry economic accounts in conjunction with newly available statistics for GDP by industry for the second quarter of 2014. This year’s “flexible” annual revision includes revised estimates beginning with 1997, though the most notable revisions are generally limited to the period beginning with 2011. The reference year remains 2009. The revision incorporates source data that are more complete and reliable than those previously available. Major changes introduced with this revision include:
- Results from the 2014 annual revision of the national income and product accounts.
- Incorporation of the comprehensive restructuring of BEA’s 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).
- Revised 2007 benchmark input-output accounts that are fully integrated with both the revised industry economic accounts and the national income and product accounts.
Additional information on this revision will be available in an article in the December 2014 issue of the Survey of Current Business.
BEA's national, international, regional, and industry estimates; BEA news releases; and related articles in the Survey of Current Business are available for free on BEA's Web site at www.bea.gov. The entire historical time series for these estimates can be accessed in BEA's Interactive Data Application at www.bea.gov/itable/. Stay informed about BEA developments by signing up for our email subscription service or following us on Twitter @BEA_News. You also can access BEA data by registering for our Data Application Programming Interface, or API. (www.bea.gov/API/signup/index.cfm).