Gross Domestic Product by Industry

Estimates of real gross domestic product at basic prices are derived for detailed industries according to the North American Industrial Classification System (NAICS 2017 version 3.0). The detailed estimates are aggregated to the total economy, as well as special aggregates such as the goods-producing industries and the services-producing industries.

The estimates are derived by taking a benchmark estimate of output by industry (obtained from the supply and use tables) and projecting this estimate forward in time to the latest reference period using a series of output volume indicators. The estimate for a given industry is then multiplied by a benchmark 'value added' ratio to derive a measure of real value added for the industry.

For example, assume the estimate of transportation industry output in the benchmark period is $1 billion. Assume that the monthly manufacturing survey reported that sales volumes (sales deflated by industry prices) increased by 2% in the month following the benchmark period. Assume further that in the benchmark period the ratio of value added to output was 30% (30 cents of value added for every dollar of output). The estimate of real GDP for the transportation industry for the current period would then be $1 billion x 1.02 x .30 = $306 million.

The following table includes estimates of gross domestic product at basic prices using the production approach.

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