News releaseFriday, April 21, 2017
Finance and Insurance Led Growth in the Fourth Quarter
Gross Domestic Product by Industry: Fourth Quarter and Annual 2016
For the full release and tables, visit http://www.bea.gov/
Finance and insurance; retail trade; and professional, scientific, and technical services were the leading contributors to the increase in U.S. economic growth in the fourth quarter of 2016. According to gross domestic product (GDP) by industry statistics released by the Bureau of Economic Analysis, 19 of 22 industry groups contributed to the overall 2.1 percent increase in real GDP in the fourth quarter.
- For the finance and insurance industry group, real value added—a measure of an industry’s contribution to GDP—increased 6.3 percent in the fourth quarter, after increasing 9.0 percent in the third quarter. The fourth quarter growth primarily reflected increases in Federal Reserve banks, credit intermediation, and related activities, as well as insurance carriers and related activities.
- Retail trade increased 5.7 percent, after increasing 2.6 percent. The fourth quarter growth primarily reflected an increase in other retail, which includes gasoline stations, as well as building material and garden equipment and supplies stores.
- Professional, scientific, and technical services increased 3.6 percent, after increasing 2.6 percent. This was the eleventh consecutive quarter of growth and primarily reflected increases in miscellaneous professional, scientific, and technical services, which includes industries like architectural and engineering services; scientific research and development services; and management consulting services.
Other highlights
- Real GDP growth slowed to 2.1 percent in the fourth quarter, from 3.5 percent in the third quarter. Nondurable goods manufacturing was the leading contributor to the deceleration in real GDP in the fourth quarter. Real value added for the industry group decreased 7.1 percent, after decreasing 0.4 percent in the third quarter. The larger decrease was primarily attributed to petroleum and coal products manufacturing.
- Information services increased 0.9 percent, after increasing 8.6 percent, and was the second leading contributor to the slowdown. The deceleration was primarily attributed to a slowdown in broadcasting and telecommunications.
- Wholesale trade increased 2.6 percent, after increasing 8.3 percent.
| 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 in the fourth quarter. This reflected increases in real gross output for both the private goods- and services-producing sectors, while the government sector decreased. Overall, real gross output increased in 18 of 22 industry groups. 
2016 GDP by industry Real GDP increased 1.6 percent in 2016 (that is, from the 2015 annual level to the 2016 annual level). The private goods- and services-producing sectors, as well as the government sector, contributed to the increase. Growth was widespread, with 19 of 22 industry groups contributing to the increase. Information services; professional, scientific, and technical services; and health care and social assistance were the leading contributors to the increase in real GDP. 
Next release — July 21, 2017 at 8:30 A.M. EDT for: Gross Domestic Product by Industry: First Quarter 2017 | ||
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| Technical Contact | ||
| Thomas Howells | (301) 278-9586 | industryeconomicaccounts@bea. |
| Edward Morgan | (301) 278-9541 | |
| Media Contact | ||
| Jeannine Aversa | (301) 278-9003 | jeannine.aversa@bea.gov |
| Thomas Dail | thomas.dail@bea.gov | |
| twitter.com/BEA_News | blog.bea.gov | www.bea.gov/_subscribe |
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