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TUESDAY April 24, 2007 Private Goods and Private Services Sectors Accelerated in 2006 Advance Estimates of Gross Domestic Product (GDP) by Industry In 2006, the pace of real growth accelerated in both the private goods- and private services-producing sectors while real growth in government slowed slightly. Annual Percent Changes in Real Value Added 7.0 Real growth in the private goods sector accelerated to 2.5 percent, up from 2.1 percent in 2005, as four of five private goods-sector industry groups experienced improved real growth. The private services sector increased 4.1 percent, up from 3.7 percent in 2005, primarily due to more rapid growth in “finance, insurance, real estate, rental, and leasing.” Information-communications-technologyproducing industries comprised 3.9 percent of the economy and accounted for 14.2 percent of real GDP growth. Private services-producing sector Private goods-producing sector 6.0 Government 5.0 Percent 4.0 3.0 2.0 1.0 0.0 -1.0 2002 2003 2004 2005 2006 Source: U.S. Bureau of Economic Analysis Growth in the GDP value-added price index remained stable as a sharp slowdown in the private goodsproducing sector offset accelerating growth in the private services-producing sector. Value-added price growth for government slowed slightly in 2006. Annual Percent Changes in Chain-type Price Indexes for Value Added Prices in the goods sector slowed sharply to 3.4 percent in 2006 from 6.1 percent in 2005. 7.0 6.0 Slower value-added price growth in mining, largely due to slowing crude petroleum prices, was the primary contributor to the deceleration in private goods-sector price growth. Private goods-producing sector Government 5.0 4.0 Percent Private services-producing sector 3.0 2.0 Value-added prices in the private services sector accelerated to 2.6 percent, up from 2.3 percent in 2005, due to more rapid growth in “real estate and rental and leasing” and “transportation and warehousing.” 1.0 0.0 -1.0 2002 2003 2004 2005 2006 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. The advance estimates of GDP by industry are published for broad industry groups on the 1997 North American Industry Classification System and are prepared using a methodology that differs from the methodology used to prepare the integrated annual industry accounts. Contact: Ralph Stewart 202–606–2649 Bureau of Economic Analysis, U.S. Department of Commerce
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