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Note:

Chart 1., Annual Percent Changes in Real Value Added, has been corrected from the original release issued December 20 at 10 a.m.

With today’s release of 2003 estimates from the integrated annual GDP-by-industry and input-output (I-O) accounts, BEA has further accelerated the availability of the annual I-O accounts from 18 to 12 months after the reference year. These estimates are now released one year after the end of the reference year – fully two years earlier than in the past.

This release also completes the first revision to the integrated annual GDP-by-industry and I-O accounts, based on the 1997 North American Industry Classification System.

The revised 2001-2003 estimates incorporate the most timely and highest quality source data available, including data from the 2004 annual revision of the national income and product accounts, combined within an I-O framework that balances and reconciles industry production with commodity usage. Previously-published industry estimates for 2003 reflected an abbreviated methodology and limited source data.

The integrated annual GDP-by-industry and I-O accounts show the following results for 2003: a balanced and broad-based pattern of real growth, the strong impact of ICT industries, and the effects of sharp price increases for petroleum products. More specifically:

• Private services-producing industries continue to lead the economic recovery in 2003. Overall, these industries grew 3.2 percent and accounted for two-thirds of the 3.0 percent growth in real GDP.

• Growth in durable-goods manufacturing industries accelerated sharply in 2003 to 6.1 percent. These industries accounted for most of the acceleration in private goods-producing industries, which grew 2.8 percent in 2003—only 0.4 percentage points less than the 2003 growth overall in private services-producing industries.

• ICT industries continued to strongly contribute to economic growth in 2003. The computer and electronic products industry, within durable goods manufacturing, increased 28.4 percent. The information industry group, which includes software publishing and information and data processing, increased 5.7 percent.

• Finance, insurance, real estate, rental and leasing services industries (FIRE) contributed more than any other industry group to the 2003 acceleration in real GDP, mostly due to the strong growth in the securities, commodity contracts, and investments industry. FIRE industries comprise one-fifth of the economy.

• The oil and gas extraction and the petroleum and coal products industries contributed more than one-fourth of GDP price growth in 2003, in part, reflecting the sharp upturn in petroleum prices. The effect of this upturn on industries consuming petroleum products, however, is widespread.

• The upturn in petroleum prices in 2003 accounted for the interruption in the long-term downtrend in the private goods-producing industries’ share of current-dollar GDP. Private goods-producing industries accounted for 19.5 percent of current-dollar GDP in 2003, up from 19.3 percent in 2002. Manufacturing’s share of GDP, however, continued to decline, from 7.4 percent in 2002 to 7.3 percent in 2003.

BEA’s 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 its Web site: