The 2017 Annual Update of the Industry Economic Accounts: Initial Statistics for the Second Quarter of 2017 Revised Statistics for 2014-2016 and the First Quarter of 2017

ON NOVEMBER 2nd, the Bureau of Economic Analysis (BEA) released estimates of real gross domestic product (GDP) by industry for the second quarter of 2017 and revised quarterly and annual estimates beginning with 2014. These estimates reflect newly available source data for the second quarter of 2017...

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Bibliographic Details
Published in:Survey of Current Business 2017-12, Vol.97 (12), p.A1-14
Main Authors: Barefoot, Kevin B, Gilmore, Teresa L, Nelson, Chelsea K
Format: Article
Language:English
Subjects:
Accounts
Analysis
Censuses
Economic analysis
Economic aspects
Economic growth
Economic statistics
Economics
Estimates
Floor coverings
Forecasts and trends
GDP
Gross Domestic Product
Incorporation
International trade
Market trend/market analysis
National income
National income and product accounts
NIPA
Nondurable goods
Retailing industry
Revisions
Statistics
Technical services
Value added
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Summary:ON NOVEMBER 2nd, the Bureau of Economic Analysis (BEA) released estimates of real gross domestic product (GDP) by industry for the second quarter of 2017 and revised quarterly and annual estimates beginning with 2014. These estimates reflect newly available source data for the second quarter of 2017 as well as new and revised data for 2014 through the first quarter of 2017, which were incorporated as part of this year's annual update of the industry economic accounts (IEAs).The revisions to the statistics for 2014 through the first quarter of 2017 also reflect the results from the 2017 annual update of the national income and product accounts (NIPAs) and the 2017 annual update of BEA's international transactions accounts (ITAs).1The statistics show that 17 of 22 major industry groups contributed to an overall 3.1 percent increase in real GDP in the second quarter. Economic growth was led by mining; professional, scientific, and technical services; health care and social assistance; and information. Together, these industries contributed 1.44 percentage points (46 percent) to overall growth (chart 1).Estimates of real gross output and real intermediate inputs are available for both annual and quarterly IEA statistics. Annual statistics are available for 1947 forward. Quarterly statistics for the 22 major industry groups are available for the first quarter of 2005 for1.For ward. In addition, quarterly statistics for 71 industries are available as part of the underlying detail for the IEAs beginning with the first quarter of 2012.3
ISSN:0039-6222
1937-4534