Overview of US Economy
The US economy is rightly the largest in the world. US GDP 2019 is estimated to be about $20.5 trillion (AEI, 2019). Average 2019 GDP growth is about 2.0%. For a layman, GDP accounts for all the goods and services produced within a particular economy during a specific period.
It is considered one of the most efficient tools in assessing the size of an economy. US GDP by year data indicates positive growth for most of the US economic history, with the exceptions of key events like Smoot-Hawley, Truman, Watergate, and recessions of 1938, 1958, 1980, and 2008.
US GDP 2019 also indicates the economic strength of different states. Some states boost higher GDPs than leading economic in Europe. For instance, California had an estimated $3 trillion GDP compared to UK’s $2.8.
Analysis of US Economy by Sector
A good analysis of the US economy by sector entails identifying the most significant industries and comparing their contribution to the US GDP today. In this case, contribution is measured in the % the sectors add to the economy.
No. 1: Real Estate, Renting, and Leasing
US GDP 2019 statistics indicate that this is the largest sector in the US economy. In the first quarter of 2019, it had a gross output of about $4,048.4 billion. This output is a slight improvement from 2018’s last quarter’s gross output of $4,008.6 billion.
No. 2: Durable Manufacturing
Durable manufacturing is one of the largest sectors in the US economy. Data on US economy by sector indicates that it had a gross output of $3,281.3 billion for the first quarter of 2019 financial year. From comparative data, this is an improvement from the $3,248.5 gross output realized in the last quarter of 2018.
No. 3: Finance and Insurance
This another critical sector of the US economy. Statistics on US economy by sector points out that this industry boosted a gross output of $3,036.0 billion for the first quarter of the 2019 financial year. This output was however a small decline compared to 2018’s last quarter’s output of about $3,037.3 billion.
No. 4: Nondurable Manufacturing
The significance of this sector is evidence to the prominence of manufacturing in the US economy. In the first quarter of 2019, nondurable manufacturing had a gross output of $3,020.1 billion. This was however a slight decline from 2018’s last quarter’s gross output of $3,111.o billion.
No. 5: State and Local Government
Data on US GDP by year show that this another quite significant sector in the US economy. State and local governments had an estimated gross output of $2,768.9 billion for the first quarter of 2019. Comparatively, this appears to be equal to the 2018’s last quarter’s output of $2,761.4 billion.
No. 6: Health and Social Care
Equally a major sector of the US economy, data on US GDP today indicates that the health and social care industry had a gross output of $2,686.2 billion for the last quarter of 2019. This was an upward trend compared to 2018’s last quarter’s gross output of $2,632.4 billion.
No. 7: Professional, Scientific, and Technical Services
This is another sector that is quite important to the US GDP today. Its significance is evident in its $2,411.5 gross output for the first quarter of 2019. This amount is an improvement of the $2,399.2 billion gross output realized in the last quarter of the 2018 financial year.
No. 8: Wholesale Trade
Wholesale trade remains a significant industry in the US economy. As reflected by data on US economy by sector, the industry had a gross output of $2,104.6 billion for the first quarter of the 2019 financial year. This was an improvement from the last quarter of 2018 that saw a gross product of $2,092.6 billion.
No. 9: Information
The information industry is a key sector in the US economy. Statistics on US economy by sector indicate that the sector had a $1,936.1 billion gross output for the last quarter of 2019. This was a slight increase compared to the $1,908.1 billion gross output for the last quarter of the 2018 financial year.
No. 10: Retail Trade
As another important sector of the US economy, retail trade accounted for a gross output of $1,903.0 billion for the last quarter of 2019. US GDP by year shows that this figure is a significant improvement from the last quarter of the 2018 financial year that had a gross output of $1,892.8 billion.
No. 11: Construction
US GDP 2019 portrays construction as a very robust industry in the economy. Markedly, the sector had a gross output of $1,717.3 billion for the last quarter of 2019. This figure was an improvement on the $1,667.5 gross output recorded in the last quarter of the 2018 financial year.
No. 12: Federal Government
The federal government is also a key player in the economy. Data on US economy by sector shows that the federal government contributed to gross output of $1,195.6 billion for the first quarter of 2019. This figure was an increase in the $1,188.4 billion gross output it contributed in the last quarter of 2018.
No. 13: Accommodation and Food Services
The accommodation and food services is a significant sector in the US economy. US GDP by year data indicates that the industry had a gross output of $1,125.7 billion in the first quarter of 2019. This figure was however a downward trend compared to the $1,129.2 billion gross output achieved in the last quarter of 2018.
No. 14: Mining
Mining is a key sector in the US economy. Data on US GDP by sector indicates that the industry had a gross output of $612.1 billion for the last quarter of 2019. This figure is nonetheless a decline from the 2018’s last quarter’s gross output of $655.5 billion.
No. 15: Agriculture, Forestry, Hunting, and Fishing
Although lagging behind others, this is one of the most important and significant industries in the US economy. It had a gross output of $445.3 billion in the first quarter of 2019. This is minute decline compared to the $447.0 billion for the last quarter of the 2018 financial year.
No. 16: Educational Services
This sector is also important to the economy. US GDP by sector data shows that educational services had a gross output of $381.5 billion for the first quarter of 2019 compared to that of $377.8 billion for the last quarter of 2018.
No. 17: Arts, Entertainment, and Recreation
The sector is also significant to the US economy. Available data indicates that it had a gross output of $361.6 billion for the first quarter of 2019. This is a slight incline compared to the $357.3 billion for the last quarter of 2018.
