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TUESDAY, January 29, 2008 PRIVATE SERVICES LEADS REAL GROWTH IN 2006 Revised Statistics of Gross Domestic Product by Industry Revised industry-level statistics for 2006 from the U.S. Bureau of Economic Analysis show that the 2.9 percent growth in domestic product (GDP) in that year reflected 4.2 percent growth in the private services-producing sector and 0.8 percent growth in the private goods-producing sector. Over one-third of overall real GDP growth was accounted for by finance and insurance industries and by professional, scientific, and technical services industries. Annual Growth in Real GDP 7.0 6.0 5.0 Private services-producing industries’ growth remained about 1 percentage point above overall GDP growth; private goodsproducing industries’ growth remained some 2 percentage points below GDP growth. Growth in construction industries turned down in 2006. P e rc e n t 3.9 4.0 3.3 3.0 4.0 4.2 4.0 3.6 3.1 2.9 2.5 2.0 1.3 1.0 0.8 0.6 0.0 2003 Information-communicationtechnology-producing industries (ICT) experienced double-digit growth for the third consecutive year. 2004 GDP 2005 Private services-producing sector 2006 Private goods-producing sector Source: U.S. Bureau of Economic Analysis GDP price growth remained steady, increasing at a rate of 3.2 percent in 2006. A small acceleration in the private services-producing sector’s value added price index offset a slowdown in the private goods-producing sector’s price index. Annual Growth in Chain-Type Price Indexes for Value Added 7.0 Price accelerations in the utilities and in the transportation industries boosted the private services-producing sector’s value added price index. Price decelerations in the oil and gas extraction (mining) and the petroleum and coal products (manufacturing) industries slowed the private goodsproducing sector’s value added price index. 5.9 6.0 5.0 Pe rce n t 4.1 3.7 4.0 3.2 3.0 3.2 2.9 2.5 2.5 2.2 2.1 2.0 3.2 1.4 1.0 0.0 2003 GDP 2004 Private services-producing sector 2005 2006 Private goods-producing sector 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 estimates of gross domestic product (GDP) by industry for 2007 will be released on April 29, 2008. Contact: Ralph Stewart 202–606–9690 Bureau of Economic Analysis, U.S. Department of Commerce