A sharp slowdown in finance and insurance, a further contraction in construction, and a deceleration in durable-goods manufacturing were the leading contributors to the economic slowdown in 2007, according to revised statistics of real gross domestic product (GDP) by industry from the Bureau of Economic Analysis.

• Finance and insurance industries value addeda measure of an industrys contribution to GDPslowed to 0.1 percent in 2007 after increasing 6.3 percent in 2006.
• Constructions value added continued to decline, dropping 11.2 percent in 2007 after falling 4.1 percent in 2006, reflecting the further decline in residential building.
• Durable-goods manufacturing value added slowed to 4.8 percent from an 8.1 percent increase. Decelerations were reported in 8 of 11 durable-goods manufacturing industries.

Prices:

Slower growth in the value added price indexes for construction and utilities industries contributed most to the slowdown in the overall GDP price index in 2007. The value added price index, which measures changes in an industrys labor and capital input prices including its profit margin, accelerated sharply in the agriculture, forestry, fishing, and hunting industry group.