BEA: Most Business Sectors Contributed to 2010 GDP Growth

April 26th, 2011
in econ_news

Econintersect:  According to advance data, 20 of 22 industry groups contributed to real GDP growth in 2010.  The summary:

  • Manufacturing value added—a measure of an industry’s contribution to GDP—rose 5.8 percent in 2010, a sharp return to growth after declining two consecutive years. Durable-goods manufacturing turned up, increasing 9.9 percent after declining 12.7 percent in 2009. Nondurable-goods manufacturing rose 0.8 percent, after declining 3.4 percent in 2009.

    Follow up:

  • Retail trade value added grew 5.2 percent in 2010, reflecting increased consumer purchases following two consecutive years of contraction.
  • Information-communications-technology-producing industries increased 16.3 percent in 2010, returning to double-digit growth for the first time since 2005.

The largest contributors to this growth was durable goods and Information-communications-technology-producing industries.  The economic drags were construction and state / local governments.

source: BEA

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