Finance and insurance; professional, scientific, and technical services; and wholesale trade were the leading contributors to the increase in U.S. economic growth in the second quarter of 2015, according to statistics on the breakout of gross domestic product (GDP) by industry released today by the Bureau of Economic Analysis (BEA). Overall, 18 of 22 industry groups contributed to the 3.9 percent increase in real GDP in the second quarter.
Real gross output—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 in the second quarter. This reflected increases in real gross output for both the private goods- and services-producing sectors, as well as the government sector.
Annual Revision of the Industry Economic Accounts
The estimates released today 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 2015. Additional information on this revision will be available in an article in the December 2015 issue of theSurvey of Current Business.
This year's annual revision includes revised estimates beginning with the first quarter of 2012. The revision incorporates source data that are more complete and reliable than those previously available. Major improvements introduced with this revision include:
- Results from the 2015 annual revision 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).
- Expansion of quarterly GDP by industry detail. Estimates of value added and gross output are now available in an underlying detail interactive data application for 71 industries.
- Expansion of the annual components of value added. Estimates of net operating surplus are now available in an underlying detail excel file.