Industry economic accounts: results of the comprehensive revision revised statistics for 1997-2012

On Jan 23, 2014, the Bureau of Economic Analysis released revised statistics on real gross domestic product (GDP) by industry for 1997-2012 that reflect the results of the 2014 comprehensive revision of the industry economic accounts. These accounts provide statistics on interactions among industries and the roles these industries play in the economy, including each industry's contribution to GDP. The revised statistics show that economic growth in 2012 was widespread across industries. Among the leading contributors to real GDP growth were professional and business services; finance, insurance, real estate, rental, and leasing; mining; and manufacturing. Although these statistics incorporate many significant statistical and definitional changes, the revised statistics confirm the broad shifts in the previously published statistics: the downturn in the private goods-producing sector in 2008; the 2009 declines in both private goods-producing industries and private services-producing industries; and the expansion of the private sector, particularly in information communications technology-producing industries, beginning with 2010.