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MONDAY December 15, 2008 Finance and Insurance Led Slowdown in 2007 Revised Statistics of Gross Domestic Product by Industry A sharp slowdown in finance and insurance, a further contraction in construction, and a deceleration in durablegoods manufacturing were the leading contributors to the economic slowdown in 2007, according to revised statistics of real gross domestic product (GDP) by industry from the Bureau of Economic Analysis. Annual Growth in Real GDP In the services sector, growth in finance and insurance slowed to 0.1 percent in 2007, down from 6.3 percent in 2006. 5.0 4.0 3.9 3.6 3.2 2.9 3.0 In the goods sector, construction continued to decline, dropping 11.2 percent in 2007 after falling 4.1 percent in 2006, reflecting the further decline in residential building. 2.8 2.9 2.7 2.0 P e rc e n t GDP Private services-producing sector Private goods-producing sector 4.4 4.0 2.0 1.0 0.6 0.0 -1.0 Durable-goods manufacturing slowed to 4.8 percent from 8.1 percent. Eight out of 11 durable-goods industries decelerated. -0.7 -2.0 2004 2005 2006 2007 Source: U.S. Bureau of Economic Analysis Growth in the GDP price index slowed in 2007, reflecting slowing price growth across both the goods and services sectors. Annual Growth in Prices In the goods sector, slower growth in prices for construction made the largest contribution to the slowdown in the GDP price index in 2007. 7.0 Prices accelerated sharply in agriculture reflecting sharp increases in grain and livestock prices. 4.0 5.0 In the services sector, utilities made the largest contribution to the slowdown in the GDP price index. 4.0 3.7 3.3 3.0 3.2 2.9 3.2 2.7 2.5 2.7 2.4 1.8 2.0 GDP Private services-producing sector Private goods-producing sector 6.5 6.0 P ercen t 1.0 0.0 2004 2005 2006 2007 Source: U.S. Bureau of Economic Analysis BEA data—including GDP, personal income, the balance of payments, foreign direct investment, the input-output accounts, and economic data for states, local areas, and industries—are available on the BEA Web site: www.bea.gov. E-mail alerts are also available. NOTE. Advance statistics of gross domestic product (GDP) by industry for 2008 will be released on April 28, 2009. Contact: Ralph Stewart 202–606–9690 Bureau of Economic Analysis, U.S. Department of Commerce
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