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B U R E A U O F E C O N O M I C A N A L Y S IS NEW S RELEASE US. DEPARTMENTOFCOMMK ttC F. E M B A R G O E D U N T I L R E L E A S E A T 8 : 3 0 A .M . E D T , T H U R S D A Y , A P R I L 2 7 , 2 0 0 6 T echnical: E rich H. Strassner (202) 606-5307 M edia: R alph Stew art 606-9690 B E A 06-16 S e r v ic e s a n d G o o d s S e c t o r s B o t h S t r o n g D e s p it e S lo w d o w n in 2 0 0 5 A d v a n c e E s ti m a te s o f G r o s s D o m e s tic P r o d u c t (G D P ) b y I n d u s tr y In 2005, both the services-producing and goods-producing sectors continued th eir expansion, although each sector experienced a slow dow n from its pace o f grow th in 2004. N ew ly-available data on the industry d istribution o f real G D P grow th, released to d ay b y the U.S. B u reau o f E conom ic A nalysis, show ed that the services-producing sector grew 4.1 p ercen t and continued to be led by the inform ation and professional and b usiness services industry groups. The goods-producing sector increased 2.6 percent reflecting grow th in m anufacturing and construction th a t m ore than offset declines in m ining and agriculture. D espite slow er grow th in 2005, the m anufacturing industry group continued to show strong grow th, increasing 4.0 percen t after increasing 4.8 percent in 2004. D urable-goods m anufacturing increased 5.7 percent and continued to lead grow th for the goods-producing sector due, in part, to the continued strength o f com puter and electronic products. C hart 1. Annual P e rc e n t Changes in Real V alu e Added 6 .0 1 9 9 5 -2 0 0 0 ■ GDP 2002 2003 s S e r v ic e s - p r o d u c in g s e c t o r S o u r c e : U .S . B u r e a u o f E c o n o m ic A n a ly s is 2004 2005 m G o o d s - p r o d u c in g s e c t o r Price growth in both the goods-producing and services-producing sectors accelerated slightly in 2005, and growth was widespread as value-added prices increased in 19 o f 22 industry groups. Overall, however, price growth in both sectors remained modest by historical standards. Strong energy p rice grow th im pacted both goods-producing and services-producing industries in 2005. In the goods-producing sector, value-added p rices increased 3.4 p e rc en t above 3 percent for the third consecutive year - partly reflecting continued strong price grow th in m ining. In addition, m anufacturing p rices increased for the first tim e since 1995 due, in part, to accelerations in petroleum -related products. Price grow th accelerated to 2.6 percent in the services-producing sector and w as led by transportation and w arehousing at 5.0 percent. C h a r t 2 . A n n u a l P e r c e n t C h a n g e s in C h a in -ty p e P r ic e In d e x e s fo r V a lu e A d d e d 3 .2 - 3 .3 3 .4 2.0 1 9 9 5 -2 0 0 0 ■ GDP 2002 2003 a S e r v ic e s - p r o d u c in g s e c t o r 2004 2005 m G o o d s - p r o d u c in g s e c t o r S o u r c e : U .S . B u r e a u o f E c o n o m ic A n a ly s is O ther highlights o f the advance industry estim ates for 2005 include the follow ing: • Inform ation-com m unications-technology-producing industries experienced double-digit grow th o f 11.9 percen t in 2005, dow n slightly from 12.9 percent grow th in 2004. D espite com prising ju s t 3.9 percen t o f current-dollar G D P in 2005, these industries acco u n ted for 12.8 percent o f real G D P grow th. • G row th in accom m odation and food services accelerated to 4.8 percen t in 2005, exceeding its average annual grow th o f 3.9 percen t over the period 1995-2000. F o r the second consecutive year, professional, scientific, and technical services grow th (7.0 percent) exceeded its average annual grow th o f 6.9 percent over the period 1995-2000. • The finance, insurance, real estate, rental, and leasing (FIR E) industry group co ntinued to contribute m ore th an any other industry group to real G D P grow th - 24 percen t in 2005. O verall, grow th rem ained steady at 4.1 percen t com pared w ith 3.8 percent in 2004. W ithin FIRE, grow th o f real estate and rental and leasing slow ed to 2.5 percen t in 2005, dow n from 5.6 percen t in 2004. This deceleration w as m ore th an offset by faster grow th in finance and insurance o f 6.7 percen t in 2005, up from 1.0 percen t in 2004. A d d itio n a l I n fo r m a tio n : • T h e a d v a n c e G D P - b y - in d u s t r y e s t im a t e s a r e p r e p a r e d fo r b r o a d in d u s tr y g r o u p s b a s e d o n th e 1 9 9 7 N o r th A m e r ic a n In d u str y C la s s ific a tio n S y s te m a n d u s e a m e t h o d o lo g y d e v e lo p e d f o r s u m m a r y s o u r c e d a ta . NOTE: T h e s e e s tim a t e s r e ly h e a v ily o n in d u s tr y d a ta u n d e r ly in g th e “ f in a l” 2 0 0 5 fo u r th q u a rter G D P r e le a s e f r o m th e n a tio n a l in c o m e a n d p r o d u c t a c c o u n t s ( N I P A s ) . D e f in it io n a l a n d c o n c e p tu a l d iff e r e n c e s a f f e c t th e c o m p a r a b ility o f s o m e N I P A a n d G D P - b y - in d u s tr y m easu res. F o r e x a m p le , in th e N I P A s , th e v a lu e a d d e d b y g o o d s -d is tr ib u tio n ( e .g ., tra n sp o rt a n d tr a d e ) in d u s t r ie s is in c lu d e d in th e m a r k e t v a lu e o f g o o d s . In th e G D P - b y - in d u s tr y a c c o u n ts , h o w e v e r , th e v a lu e a d d e d b y g o o d s - d is t r ib u tio n in d u s tr ie s is in c lu d e d in th e s e r v ic e s - p r o d u c in g s e c to r . F o r m o r e in fo r m a tio n , s e e “ G r o s s D o m e s t ic P r o d u c t b y In d u str y fo r 1 9 8 7 - 2 0 0 0 ” in th e N o v e m b e r 2 0 0 4 is s u e o f th e S u r v e y o f C u r r e n t B u s in e s s . B E A ’ s n a t i o n a l , i n t e r n a t i o n a l , r e g i o n a l , a n d i n d u s t r y e s t i m a t e s ; t h e S u r v e y o f C u r r e n t B u s in e s s ', a n d B E A n e w s r e le a s e s a r e a v a ila b le w it h o u t c h a r g e o n B E A ’s W e b s it e a t w w w . b e a . g o v . By v is it in g th e s it e , y o u c a n a ls o s u b s c r ib e to r e c e iv e fr e e e - m a il s u m m a r ie s o f B E A r e le a s e s a n d a n n o u n c e m e n ts. * * * T a b le 1. P e rc en t C h an g es in R eal V a lu e A d d e d by In d u stry G ro u p [P e rc e nt ch an ge] A v e ra g e an nual rate o f change, 2003 2002 G r o s s d o m e s tic p r o d u c t ........................................................................... 1 .6 2004 1995-2000 20 05 2 .7 4 .2 3 .5 4.1 4 .6 P r iv a te in d u s t r ie s .............................................................................................. 1 .4 2 .8 4 .7 3 .8 A g ric u ltu re , fo re s try , fish ing , a n d h u n tin g ....................................................... 5.5 7.6 1 .8 -4.4 6.5 M in in g ................................................................................................................ -6.3 -1.5 2.3 -2 .6 - 1.1 U tilitie s............................................................................................................... 4.3 7.8 1.1 0.4 1.3 C o n s tru c tio n ...................................................................................................... - 2 .0 -1.3 2.5 2.7 3.0 M a n u fa c tu rin g .................................................................................................. 2 .8 1.9 4.8 4.0 5.4 D urable g o o d s .............................................................................................. 1.7 4.3 6.3 5.7 8.9 N o n d u ra b le g o o d s ........................................................................................ 4.2 - 1 .2 2.7 1 .6 0.4 W h o le s a le tra d e ................................................................................................ 1 .0 2 .2 4.6 1 .2 7.2 R e tail tr a d e ....................................................................................................... 2 .2 3.6 6.4 2.9 6.5 T ra n sp o rta tio n and w a re h o u s in g ................................................................... 2 .2 3.7 4.0 3.7 4.4 In fo rm a tio n ....................................................................................................... 2 .1 2.7 1 2 .8 7.4 8 .0 F inance, in su ran ce , real es ta te, rental, and le a s in g ..................................... 0.9 3.4 3.8 4.1 4.4 F in a n ce and in s u ra n c e ................................................................................. 2 .2 5.9 1 .0 6.7 6.5 R eal e s ta te and ren ta l a n d le a s in g .............................................................. 0 .1 1.9 5.6 2.5 3.1 P ro fe ss io na l and b u sin e ss s e rv ic e s ............................................................... -0 .2 3.2 6.4 5.9 5.3 P ro fe ssio na l, scie ntific, a n d te c h n ic a l s e rv ic e s .......................................... -1.5 2.3 7.1 7.0 6.9 M a n a g e m e n t o f c o m p a n ie s an d e n te rp ris e s .............................................. 3.0 3.5 6 .0 0.3 1.3 A d m in is tra tiv e and w a s te m a n a g e m e n t s e rv ic e s ...................................... 1 .2 5.2 5.2 6.9 4.1 E du ca tio n a l se rvices , h ea lth ca re , and so cia l a s s is ta n c e ............................ 4.2 2 .8 3.2 4.3 1.4 E d uc atio na l s e rv ic e s ..................................................................................... 2 .6 1 .1 0 .8 0 .8 2 .1 H e a lth c a re an d s o c ia l a s s is ta n c e .............................................................. 4.4 3.0 3.5 4.8 1.3 A rts, e n te rta in m e n t, rec re ation , a c c o m m o d a tion , a n d fo o d s e rv ic e s .......... 1.7 2.9 3.0 4.1 3.7 A rts, e n te rta in m e n t, and re c re a tio n ............................................................. 3.5 0 .8 2 .0 2 .1 3.1 A c c o m m o d a tio n a n d fo o d s e rv ic e s ............................................................. 1.1 3.8 3.4 4.8 3.9 O th e r se rvices , e x c e p t g o v e rn m e n t............................................................... 0.3 1 .1 1 .2 2.4 0 .1 G o v e r n m e n t....................................................................................................... 1.7 1.3 1.0 1.1 1.2 F e d e ra l.............................................................................................................. 2 .0 1.9 1 .6 1.1 -0 4 S ta te and lo c a l.................................................................................................. 1.5 1 .0 0.7 1 .2 2 0 4.7 Addenda: P rivate g o o d s -p ro d u cin g in d u s trie s 1.............................................................. 1.3 1 .2 3.9 2 .6 P rivate se rv ic e s -p ro d u c in g in d u s trie s 21 ........................................................... 1.5 3.2 4.9 4.1 4.6 In fo rm a tio n -co m m u n ic a tio n s-te c h n o lo q y-p ro d u c in q in d u s trie s 3 .................. 2 .0 6.7 12.9 11.9 2 2 .1 1. C o n s i s t s o f a g r i c u l t u r e , f o r e st r y , f i sh i n g , a n d h u n t i n g ; m i n i n g ; c o n st r u c t i o n ; a n d m a n u f a c t u r i n g . 2. C o n s i s t s o f u t i l i t i e s; w h o l e s a l e t r a d e ; r e t a i l t r a d e ; t r a n s p o r t a t i o n a n d w a r e h o u s i n g ; i n f o r m a t i o n ; f i n a n c e , i n s u r a n c e , r e a l e s t a t e , r e n t a l , a n d l e a si n g ; p r o f e ssi o n a l a n d b u s i n e s s se r v i c e s; e d u c a t i o n a l se r v i c e s, a c c o m m o d a t i o n , a n d f o o d se r v i c e s; 3. h e a l t h c a r e , a n d so c i a l a ssi st a n c e ; a r t s, e n t e r t a i n m e n t , recreat ion, a n d o t h e r se r v i c e s, e x c e p t g o v e r n m e n t . C o n s i s t s o f c o m p u t e r a n d e l e c t r o n i c p r o d u c t s w i t h i n d u r a b l e - g o o d s m a n u f a c t u r i n g ; p u b l i sh i n g i n d u st r i e s ( i n c l u d e s so f t w a r e ) a n d i n f o r m a t i o n a n d d a t a p r o c e s s i n g s e r v i c e s w i t h i n i n f o r m a t i o n ; a n d c o m p u t e r s y s t e m s d e s i g n a n d r e l a t e d s e r v i c e s w i t h i n p r o f e ssi o n a l , sc i e n t i f i c , a n d t e c h n i c a l se r v i c e s. S ource: U.S. B ureau o f E co n o m ic A na ly sis T a b le 2. P e rc en t C h an g e in C h ain -T yp e P ric e In d ex es fo r V a lu e A d d e d by In d u stry G ro u p [P e rc e nt ch an ge] A v e ra g e a nn ual rate 2003 2002 G r o s s d o m e s tic p r o d u c t............................................................................ 1.7 2004 2 .0 o f ch an ge, 19 95-2000 2005 2 .6 1.7 2 .8 P r iv a te in d u s t r ie s .............................................................................................. 1.5 1.9 2.5 2 .8 1.4 A g ric u ltu re , fo re s try , fish ing , and h u n tin g ....................................................... -7.5 1 1 .2 2 1 .8 - 1 2 .0 -5.1 M in in g ................................................................................................................ -4.2 35.6 18.1 27.5 1 1 .6 U tilitie s............................................................................................................... -1 .7 -0.4 4.5 1.1 -0.4 C o n s tru c tio n ...................................................................................................... 4.8 5.3 7.0 5.1 5.6 M a n u fa c tu rin g .................................................................................................. -1.9 - 0 .6 - 1 .0 1.4 -1.4 -3.6 D urable g o o d s .............................................................................................. -2 .2 -2 .8 -1.3 -0.3 N o nd u ra b le g o o d s ......................................................................................... -1.4 2.3 - 0 .6 3.7 1.9 W h o le s a le tra d e ................................................................................................ 0.4 0 .6 4.9 4.3 -1.7 -1.3 R e tail tra d e ........................................................................................................ 1 .8 0 .8 - 1.1 1 .8 T ra n s p o rta tio n and w a re h o u s in g ................................................................... 0.3 1.9 -0.5 5.0 1.4 In fo rm a tio n ........................................................................................................ -0.9 - 0 .8 -2.9 - 0 .1 0.3 F ina nc e, in su ran ce , real es tate, rental, and le a s in g ..................................... 3.1 2 .0 2 .8 2.5 2.4 F in a n ce and in s u ra n c e ................................................................................. 2 .8 1 .6 3.7 2 .2 1.9 R eal e s ta te an d ren ta l a n d le a s in g ............................................................. 3.2 2.3 2 .2 2.7 2 .8 P ro fe ss io na l a n d b u sin e s s s e rv ic e s ................................................................ 2 .1 0.7 2 .8 2 .6 3.5 P rofes sio nal, s cie ntific, and te c h n ic a l s e rv ic e s .......................................... 2.5 0 .8 0.7 2.7 2.5 M a n a g e m e n t o f c o m p a n ie s and e n te rp ris e s .............................................. 0.4 0.7 8.7 4.2 6 .1 A d m in is tra tiv e and w a ste m a n a g e m e n t s e rv ic e s ....................................... 2.4 0.5 3.9 1.3 4.3 E du ca tio n a l s e rv ic es , he alth care, and s o c ia l a s s is ta n c e ............................ 3.8 3.5 3.6 3.1 3.5 E d uc atio na l s e rv ic e s ..................................................................................... 6 .8 5.6 5.8 5 .5 5.0 H ea lth c a re a n d so cia l a s s is ta n c e ............................................................... 3.4 3.2 3.3 2 .8 3.4 A rts, e n te rta in m e n t, rec re ation , a c c o m m o d a tion , a n d fo o d s e rv ic e s .......... 3.7 1.5 3.3 3.2 3.3 A rts, en te rta in m e n t, and re c re a tio n ............................................................. 3.4 3.0 2.9 3.5 4.1 A c c o m m o d a tio n and fo o d s e rv ic e s ............................................................. 3.9 1 .0 3.4 3.1 3.1 O th e r se rv ic es , e x c e p t g o v e rn m e n t................................................................ 4.2 3.5 3.8 3.6 4.8 G o v e r n m e n t........................................................................................................ 4 .6 4 .4 3.9 3.5 2 .7 F e d e ra l.............................................................................................................. 6 .1 5.2 4.8 2.9 2.7 S ta te and lo c a l.................................................................................................. 4.0 4.0 3.4 3.8 2.7 P riv ate g o o d s -p ro d u cin g in d u s trie s 1............................................................... - 0 .8 3.2 3.3 3.4 0.3 P rivate se rv ic e s -p ro d u c in g in d u strie s 21 ........................................................... 2 .2 1.5 2.3 2 .6 1 .8 In form ation -c orn m u n ic a tio n s-te c h n o lo g y -p ro d u cing in d u strie s 3 .................. -3.7 -5.3 -6.3 -3 .5 -9.0 Addenda: 1. C o n s i s t s o f a g r i c u l t u r e , f o r e st r y , f i sh i n g , a n d h u n t i n g ; m i n i n g ; c o n st r u c t i o n ; a n d m a n u f a c t u r i n g . 2. C o n s i s t s o f u t i l i t i e s; w h o l e s a l e t r a d e ; r e t a i l t r a d e ; t r a n s p o r t a t i o n a n d w a r e h o u s i n g ; i n f o r m a t i o n ; f i n a n c e , i n s u r a n c e , l e a si n g ; p r o f e ssi o n a l a n d b u s i n e s s se r v i c e s; e d u c a t i o n a l se r v i c e s, r e a l e st a t e , r e n t a l , a n d h e a l t h c a r e , a n d s o c i a l a s s i s t a n c e ; a r t s, e n t e r t a i n m e n t , r e c r e a t i o n , a c c o m m o d a t i o n , a n d f o o d se r v i c e s; a n d o t h e r se r v i c e s, e x c e p t g o v e r n m e n t . 3. C o n s i s t s o f c o m p u t e r a n d e l e c t r o n i c p r o d u c t s w i t h i n d u r a b l e - g o o d s m a n u f a c t u r i n g ; p u b l i sh i n g I n d u st r i e s ( i n c l u d e s so f t w a r e ) a n d i n f o r m a t i o n a n d d a t a p r o c e ssi n g se r v i c e s w it h in in f o r m a t io n ; a n d c o m p u t e r sy st e m s d e si g n a n d t e c h n i c a l se r v i c e s. S ource: U.S. B ureau o f E co n o m ic A n a ly sis r e l a t e d s e r v i c e s w i t h i n p r o f e ssi o n a l , sc i e n t i f i c , a n d