Real Gross Domestic Product increased 5.0 percent in the third quarter of 2014, the US Bureau of Economic Analysis reported today January 22 of 2015. The largest contributor for its expansion was the Finance, insurance, real state, rental and leasing Industry with a significant 20% of the total value added to GDP during the third quarter of 2014. Real State and leasing industry contributed 13 percent while the Finance and Insurance contributed 7.4 percent. The actual change in Value Added of the Finance industry was 21.2 percent when compared to the second quarter 2014, from which it had grown previously only 6.0 percent. Real Value Added is a measure of an Industry’s contribution to GDP given in constant prices (2005) rather than current prices.
Value Added by Industry group as a Percentage of GDP during the third quarter of 2014 was largely driven by the Finance and Insurance Industry. The second contributors for total GDP Value Added were both manufacturing Industry as well as Professional and Business Services Industry, which both contributed with 12 percent each. The public sector contributed with 9 percent of the GDP Value Added for the third quarter 2014. Education and health care also bolstered GDP Value Added largely with 8 percent.
These data point out toward a more convincing signals of a solid path of United States GDP expansion. First quarter of 2014 posed many question about the strength of the economic recovery from the Great Recession.
Take a look at Real Value Added by Industry:
Real Value Added by Construction industry registered a small 2.3 percent change during the third quarter of 2014. Construction as a whole industry enlarged by 4 percent the total GDP Value Added for the same period.
Real Value Added by the Wholesale trade industry registered a 7.3 percent change from period before. Wholesale industry made up 6 percent of the third 2014 quarter change. (Learn more details on Wholesale trade industry during 2014)
Retail trade industry changed 1.1 percent and contributed the 5 percent GDP change by 6 percent. (See more details on Retail trade Industry).
Real Value Added by the Transportation and Warehousing Industry changed 6.7 from preceding period. Such increase represents 3 percent of the total GDP change of third quarter 2014 (Read more on industries related to oil).
Real Value Added by the Professional and Business services Industry experienced a 5.3 percent change during the third quarter of 2014. Professional Services Industry’s Value Added as a percentage of the total GDP represented 12 percent.
Real Value Added by Arts, recreation, Food Services, Entertainment added value at 5.1 percent when compared to the period before the third quarter 2014. This Industry as a group made up 4 percent of the total value added to GDP for the same period.