Real gross domestic product (GDP) by industry, or value added, is a measure of an industry’s contribution to GDP. In the second quarter, value added increased 7.7 percent for private goods-producing industries, 1.0 percent for private services-producing industries, and 1.0 percent for government (table 1). Overall, 13 of 22 industry groups contributed to the 2.1 percent annualized growth rate in real GDP in the second quarter of 2023 (table 2).
Comprehensive Updates to the National, Industry, and State Economic Accounts
As part of this first-ever synchronization of the national, industry, and state comprehensive updates, updated annual industry GDP estimates for 2017–2022 were released September 28. Today, BEA released the initial results of the 2023 comprehensive update of quarterly GDP by industry. The release includes new estimates for the second quarter of 2023 and revised estimates for the first quarter of 2018 through the first quarter of 2023. These updates incorporate new and revised source data that are more complete and more detailed than previously available. For details, refer to Information on 2023 Comprehensive Updates to the National, Industry, and State Economic Accounts.
- Within private goods-producing industries, the increase was led by mining, durable goods manufacturing, and nondurable goods manufacturing.
- Within private services-producing industries, the increase was led by utilities and professional, scientific, and technical services. These increases were partly offset by decreases in several industries, led by wholesale trade and accommodation and food services.
- The increase in government reflected an increase in federal government that was partly offset by a decrease in state and local government.
Gross Output by Industry
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 1.4 percent in the second quarter, reflecting increases of 3.5 percent for private goods-producing industries, 1.8 percent for government, and 0.6 percent for private services-producing industries (table 5). Overall, 12 of 22 industry groups contributed to the second-quarter increase in real gross output.
First Quarter 2018 through First Quarter 2023
The average annual growth rate in real GDP over the revision period (calculated from the first quarter of 2018 through the first quarter of 2023) is 2.0 percent, 0.1 percentage point higher than previously published. Real value added for private goods-producing industries is now estimated to have decreased less than one tenth of one percent; in the previously published estimates, private goods-producing industries decreased 0.2 percent. Private services-producing industries is now estimated to have increased 2.7 percent, an upward revision of 0.1 percentage point. Government is now estimated to have increased 0.6 percent, a downward revision of 0.1 percentage point.
Real gross output is now estimated to have increased 1.9 percent over the revision period, the same as previously published. Private goods-producing industries is now estimated to have decreased 0.5 percent, an upward revision of 0.1 percentage point. Private services-producing industries is now estimated to have increased 2.7 percent, a downward revision of 0.2 percentage point. Government is now estimated to have increased 1.6 percent, an upward revision of 0.1 percentage point.
Next release, December 21, 2023, at 8:30 a.m. EST
Gross Domestic Product (Third Estimate)
Corporate Profits (Revised Estimate)
Gross Domestic Product by Industry
Third Quarter 2023
