Improved Estimates of the Industry Economic Accounts

On November 1st, the Bureau of Economic Analysis (BEA) released estimates of real gross domestic product (GDP) by industry for the second quarter of 2018, revised annual estimates for 1997 through 2017, and revised quarterly estimates for the first quarter of 2005 through the first quarter of 2018. The revised estimates reflect the results of the 2018 comprehensive update to the Industry Economic Accounts (IEAs). These accounts provide statistics on interactions among industries and the roles these industries play in the economy, including each industry's contribution to GDP. Additionally, the release includes the new 2012 supply-use tables (SUTs) as well as updated 2007 benchmark SUTs. The benchmark SUTs provide a detailed picture of the economy, showing relationships among approximately 405 industries and commodities. They serve as the statistical foundation for other BEA estimates, as they are fully integrated with the annual industry accounts and the National Income and Product Accounts (NIPAs). The full time series of annual SUTs, providing information on 71 industry categories, has been updated to be consistent with the benchmark tables. The statistics show that 16 of 22 major industry groups contributed to an overall 4.2 percent increase in real GDP in the second quarter. Economic growth was led by information; real estate and rental and leasing; and professional, scientific, and technical services. Together, these industries contributed 2.08 percentage points to overall growth (chart 1). Estimates of real gross output and real intermediate inputs are available for both annual and quarterly IEA statistics. Annual statistics are available for 1947 forward.1 In addition, annual statistics for 138 industries are now available as part of the underlying detail for the IEAs for 1997 forward. Quarterly statistics are now available at the expanded 71 industry publication level for the first quarter of 2005 forward.